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  "documentTitle": "Elliott Management | Activist Presentation Deck | 39 slides",
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  "authorName": "Elliott Management",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2017-05-01 00:00:00",
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  "pageNumber": 17,
  "pageCount": 39,
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  "slideType": "expose_contradiction",
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  "density": "dense",
  "nDataPoints": 6,
  "notes": "Uses a combination of a bar/line chart for historical capex and a single-bar comparison for total exploration spend vs. current valuation.",
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  "slideHref": "/slides/019de06f-8253-71ea-99e9-82a4c73e226c/17",
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      "kind": "chart",
      "text": "Petroleum Capex, Exploration and M&A as % of FCF",
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      "kind": "chart",
      "text": "Cumulative petroleum exploration - since DLC merger",
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      "text": "In aggregate, despite more than doubling the average portion of BHP’s annual free cash flow that is allocated to investing and re-investing in petroleum to 57%, both reserves and production have continued to decline. In addition to their failures with US onshore petroleum, management’s exploration initiatives have been equally bad – c.US$8 billion spent since inception of the DLC and with not a single asset to which analysts assign any material value",
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      "kind": "source-note",
      "text": "Source: Company filings. (1) Asset values based on analyst consensus. (2) Based on the average value ascribed to both discovered assets and exploration assets within the sum-of-the-parts valuations of major international brokers",
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      "kind": "title",
      "text": "Management’s misguided and failed attempts to diversify risk through its involvement in the petroleum sector have destroyed significant shareholder value",
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      "kind": "title",
      "text": "Clear Value Destruction Through Failed Petroleum Investment",
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