Hess Corporation (NYSE: HES) (“Hess” or “the Company”) today sent a letter to all shareholders, which accompanied its definitive proxy materials filed in connection with its 2013 Annual Meeting of Shareholders, to be held on May 16, 2013.
The Board recommends that shareholders vote for the election of its highly qualified independent nominees of Hess on the WHITE proxy card.
Included below is the full text of the letter to Hess shareholders:
Dear Fellow Shareholder:YOUR VOTE IS IMPORTANT VOTE THE WHITE PROXY CARD TODAY Your vote at the May 16, 2013 Hess Annual Meeting is critical to the future of your investment. Your Board of Directors and management are committed to creating lasting value for all Hess shareholders. Over the past several years, we have undertaken a series of initiatives to streamline our portfolio and transform Hess into a more focused, pure play exploration and production (“E&P”) company. Your vote on the WHITE PROXY CARD will help ensure that Hess has a Board of Directors focused on keeping our positive momentum going and creating lasting value for all Hess shareholders. We urge you to vote the WHITE PROXY CARD today. Despite the strong endorsement our plan has received from independent Wall Street analysts and our shareholders alike, Elliott Management – an activist hedge fund run by Paul Singer that only recently began accumulating Hess stock – is asking you to elect a slate of dissident directors who have already compromised their independence by agreeing to be paid directly by Elliott to support the hedge fund’s short term agenda. Under this highly unusual scheme, Elliott would control its directors by potentially paying them millions in cash to effectively dismantle Hess and all but foreclose the prospect of future value creation. By supporting the Hess director nominees and signing and dating the WHITE PROXY CARD, you can ensure that you have independent directors on the Board committed to looking out for the interests of all Hess shareholders, not just a single shareholder with a flawed agenda . VOTE THE WHITE PROXY CARD TODAY Please use the enclosed WHITE PROXY CARD to vote today to protect your investment. You may vote by telephone, by Internet, or by signing, dating and returning the enclosed WHITE PROXY CARD in the postage‐paid envelope provided. HESS HAS THE RIGHT PLAN TO DELIVER SHAREHOLDER VALUE Hess is currently undergoing a multi-year transformation into a pure play E&P company. As part of this transformation, we recently announced additional value enhancing initiatives that will further streamline the company and leave Hess with a portfolio of higher growth, lower risk, oil linked E&P assets. This management and Board-driven plan has enjoyed almost universal support from Wall Street analysts:
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