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Campaigns / Elliott Management → Hess Corporation
Elliott Management vs. Hess Corporation

Hess Corporation · HES

3 decks published between 2013-01-29 and 2013-04-15 — 280 pages, 280 analysed slides total. Outcome: partial win.

proxy fight

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2013-01-29 proxy fight

    2013 01 Elliott Hess Presentation Jan 2013

    48pp · full_deck

    Hess trades at a steep discount because its unfocused portfolio and poor execution mask premier Bakken acreage; spin the resource co., replace the board, and unlock ~150% upside to $126.

    N 5 V 4 C 4
    ⌂ ◫ ” ⇌ ⚑
  2. 2013-03-01 proxy fight

    2013 03 Elliott Hess Presentation Mar 2013

    71pp · full_deck

    Hess underperformed peers by 460% over 17 years of restructurings; splitting the conglomerate into a Bakken pure-play and an international E&P unlocks $128/share.

    N 5 V 4 C 4
    ⌂ ◫ ” ⇌ ⚑
  3. 2013-04-15 proxy fight

    2013 04 Elliott Hess Presentation Apr 2013

    161pp · full_deck

    Hess's world-class assets are squandered by 17 years of John Hess's undisciplined, unaccountable leadership; electing Elliott's five nominees unlocks $96-128 per share of intrinsic value.