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Elliott Management Calls for Change to Hess Board’s Rubber-Stamping Status Quo



  Elliott Management Calls for Change to Hess Board’s Rubber-Stamping Status
  Quo

Elliott Urges Hess Shareholders to Vote GREEN Proxy Card for Highly-Qualified
         Independent Directors Who Will Bring Accountability to Hess

Business Wire

NEW YORK -- April 17, 2013

Elliott Management Corporation (“Elliott”) today issued the following
communication to shareholders of Hess Corporation (NYSE: HES):

  Vote the GREEN Card for A Board That Evaluates All Options, Not Just John
                                 Hess’s Plan

    Don’t Let John Hess Avoid Accountability with His Hand-Picked Nominees

John Hess only owns 10% of Hess stock, but he runs the company as if the
company’s outside Shareholders do not exist. The result? Unrelenting
underperformance against any relevant benchmark:

                John                                                   
                Hess
                Tenure
                17          5-Year     4-Year     3-Year     2-Year     1-Year
                Years
                                                                         
vs Proxy
Peers used      (333)%      (31)%      (43)%      (29)%      (40)%      (17)%
by Hess*
                                                                         
vs Revised
Proxy           (460)%      (45)%      (63)%      (44)%      (47)%      (20)%
Peers**
                                                                         

 
The simple fact is the market doesn’t trust Hess to run its business well, and
thus places a discount on everything the company controls.
Morningstar (January 29, 2013)
 
This is the most undermanaged major oil company in the world.
Jim Cramer, CNBC Faber Report (January 29, 2013)
 

                 This Year Shareholders Finally Have a Choice

Elliott’s stake in Hess is valued at over $1 billion and represents the
largest initial equity investment in our 36-year history. Our belief in the
company’s bright potential is demonstrated by the substantial investment we
have made. Together, Shareholders can bring accountability to Hess and put in
place an experienced and independent board that looks out for all
Shareholders, not just John Hess and his family’s interests.

 
Hess’s Nominees = Rubber Stamp for John Hess
“[Hess Nominees] agreed to join our board, because they believe … that our
plan is the right plan.” – John Hess, March 4, 2013
Vs.
“Shareholder Nominees will form their own, independent view on the Company,
its assets, and its strategy.” – Elliott Associates, January 29, 2013
 

 
Elliott’s nominees assure greater accountability and are more likely to
continue to explore all avenues to enhance shareholder value while providing
more pertinent E&P experience.
Hess Shareholder David Batchelder, Relational Investors LLC (March 27, 2013)
 
We currently believe the best way for Hess shareholders to maximize their
value is through the election of Elliott Management’s nominees to the board.
Citigroup (April 5, 2013)
 

     Shareholder Nominees (GREEN Card) Acknowledge Problems And Fix Them

Rodney Chase (Former Deputy Group CEO, BP): Managed every major business at
BP.

Harvey Golub (Former CEO, American Express): Led turnaround resulting in 750%
share appreciation.

Karl Kurz (Former COO, Anadarko): Helped lead a successful transformation of
Anadarko.

David McManus (Former EVP, Pioneer): Executed “a text book repositioning of a
portfolio.”

Mark Smith (SVP/CFO, Ultra): Manages lowest-cost operator in resource play
environment.

Please visit www.ReassessHess.com for more information.

Additional Information

Elliott Associates, L.P. and Elliott International, L.P. (“Elliott”) filed a
definitive proxy statement and an accompanying proxy card with the Securities
and Exchange Commission (“SEC”) on April 3, 2013. Stockholders are advised to
read the definitive proxy statement, and other materials filed with the SEC,
because they contain important information concerning Elliott’s solicitation
of proxies for the 2013 Hess Annual Meeting of Stockholders, including
information concerning the participants in that solicitation. These materials
are available for no charge at the SEC’s website at www.sec.gov or by
directing a request to Elliott’s proxy solicitor, Okapi Partners, at its
toll-free number (877) 796-5274 or via email at info@okapipartners.com.

Cautionary Statement Regarding Forward-Looking Statements

The information herein contains “forward-looking statements.” Specific
forward-looking statements can be identified by the fact that they do not
relate strictly to historical or current facts and include, without
limitation, words such as “may,” “will,” “expects,” “believes,” “anticipates,”
“plans,” “estimates,” “projects,” “targets,” “forecasts,” “seeks,” “could” or
the negative of such terms or other variations on such terms or comparable
terminology. Similarly, statements that describe our objectives, plans or
goals are forward-looking. Our forward-looking statements are based on our
current intent, belief, expectations, estimates and projections regarding the
Company and projections regarding the industry in which it operates. These
statements are not guarantees of future performance and involve risks,
uncertainties, assumptions and other factors that are difficult to predict and
that could cause actual results to differ materially. Accordingly, you should
not rely upon forward-looking statements as a prediction of actual results and
actual results may vary materially from what is expressed in or indicated by
the forward-looking statements.

About Elliott Management:

Elliott’s two funds, Elliott Associates, L.P. and, Elliott International,
L.P., together have more than $21 billion of assets under management. Founded
in 1977, Elliott is one of the oldest hedge funds under continuous management.
The Elliott funds’ investors include large institutions, high-net-worth
individuals and families, and employees of the firm.

* Peers used by Hess for mgmt compensation: Anadarko, Apache, BP, Chevron,
ConocoPhillips, Devon, EOG, Exxon, Marathon, Murphy, Occidental, Shell,
Statoil, Talisman and Total.

** Excludes Devon & Talisman due to high North America gas weighting; excludes
BP, Shell, Statoil, Total due to European super major status; includes Noble
as additional relevant competitor.

Contact:

Media:
Sloane & Company
Elliot Sloane, 212-446-1860
646-623-4819 (cell)
or
Investors:
Okapi Partners LLC
Bruce H. Goldfarb/Pat McHugh/Geoff Sorbello
212-297-0720
info@okapipartners.com
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