The Rising Influence of Rising Affluence

[DewDiligence]

Transcript of HES 4Q12 CC today:

http://seekingalpha.com/article/1144011-hess-management-discusses-q4-2012-results-earnings-call-transcript

CEO John Hess said the company would issue a formal response to Elliott’s demands (#msg-83955734) in the near future, which I interpret to mean within the next week or so. On the CC, HES executives pointed out several ways in which Elliott’s proposals, if implemented in full, would cost HES money, particularly with respect to taxes. Hess also ruled out an MLP structure for HES’ midstream assets in the Bakken.

Guidance for Bakken production is 64-70K bbl/day in 2013 and 120K bbl/day by “mid decade”; the latter goal is unchanged from prior guidance.