{
  "docId": "019f6b8f-4e1f-7768-8a46-f21823518002",
  "docSlug": "jarvis-palliser-capricorn-presentation-october-2022",
  "documentTitle": "Palliser Capricorn Presentation October 2022",
  "authorId": "palliser-capricorn-presentation-october-2022",
  "authorName": null,
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-10-01 00:00:00",
  "orientation": null,
  "aspectRatio": null,
  "pageNumber": 22,
  "pageCount": 30,
  "prevPage": 21,
  "nextPage": 23,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "Uses a bar chart to visually separate legacy returns from current management returns, highlighting the discrepancy.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019f6b8f-4e1f-7768-8a46-f21823518002/22",
  "deckHref": "/decks/019f6b8f-4e1f-7768-8a46-f21823518002",
  "deckJsonHref": "/decks/019f6b8f-4e1f-7768-8a46-f21823518002.json",
  "deckAnchorHref": "/decks/019f6b8f-4e1f-7768-8a46-f21823518002#slide-22",
  "components": [
    {
      "bbox": {
        "h": 0.06,
        "w": 0.92,
        "x": 0.04,
        "y": 0.15
      },
      "kind": "callout",
      "text": "Shareholder returns delivered by the current management team have been nowhere near the often cited US$5.5 billion amount",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4ba96f68-7433-4530-9a15-bd6e6f50b462",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.92,
        "x": 0.04,
        "y": 0.5
      },
      "kind": "chart",
      "text": "Annual Cash Return to Capricorn Shareholders (US$ million)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c39fc13a-45bd-4741-9bd0-e5e05b8deef5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.43,
        "x": 0.53,
        "y": 0.27
      },
      "kind": "list",
      "text": "Management should not be credited for the Cairn India success which was led by an entirely different group of executives. The vast majority of headline capital returns took place in two tranches which were returned to shareholders over a decade ago.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4abb3176-47b8-482b-b64e-c1606c85c561",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.45,
        "x": 0.04,
        "y": 0.27
      },
      "kind": "quote",
      "text": "We continue to see a commitment to shareholder returns as being a strong differentiator in our E&P investor offering. Since 2007, we have returned, or have committed to return more than US$5.5bn from monetisation of exploration and production successes...",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5cbbf421-6d35-4b7f-b9d1-5bae519a59d9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.04,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Source: Company disclosures. Note: Total annual cash returns to shareholders include dividends, tender offers and completed on-market share buybacks",
      "attrs": null,
      "subkind": "source-note",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d06d5c75-2c7b-401f-bfe6-533241bfe07c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.04,
        "y": 0.04
      },
      "kind": "title",
      "text": "A Spurious Track Record of Shareholder Returns",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4e22cc51-f071-46af-809d-4816f80e30e1",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "expose_contradiction",
      "slug": null,
      "matchId": "9cc19928-1ccf-4bbc-abff-e19fff9abe8f",
      "evidence": "Contrasts management claim with reality using data",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 23,
      "from": 11,
      "beatId": "456b6620-f162-47ed-9b1a-afc7ec455980",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The document agitates the problems, highlighting Capricorn's chronic underperformance, abysmal exploration track record, and lack of cost discipline",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [
    {
      "to": 23,
      "from": 17,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "a8d1716d-02d4-4874-b7de-e1a272b3a625",
      "evidence": "The document highlights the consequences of inaction, including chronic underperformance and wasted resources",
      "position": 1,
      "objective": "What are the consequences of inaction?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}