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  "documentTitle": "Elliott Management | Activist Presentation Deck | 39 slides",
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  "authorName": "Elliott Management",
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  "presentationDate": "2017-05-01 00:00:00",
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  "notes": "Uses a CEO quote to set up a contradiction with market performance data.",
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      "kind": "chart",
      "text": "US Onshore Consensus Valuation (September 2016 vs. Current)",
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      "text": "Current Haynesville Brokers Valuations vs. Comparable Transaction Valuation",
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      "text": "Management claims that the market has all the information it needs to value the US petroleum business. They have totally missed the point. Providing more information to the market on the US petroleum business will not increase its market valuation without the benefit of more holistic change. In fact, following management’s last major information release as part of the October 2016 Petroleum Day, analysts’ average valuations of BHP’s US onshore business actually fell by c.9.1%. The intrinsic value of BHP’s US petroleum business is obscured by bundling it with BHP’s other assets within an overly complex group structure while managed from a great distance, with insufficient focus. Current brokers’ valuations of BHP’s Haynesville assets are a case in point – comparable transactions show a valuation for these assets of up to four times analysts’ consensus valuation levels could be achieved.",
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      "text": "(1) Only three of the major international brokers include a separate Haynesville valuation in their sum-of-the-parts valuations",
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      "kind": "title",
      "text": "Value Remains Obscured and Management’s Attempts to Improve Investor Understanding Are Not the Solution",
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