1. Spin-off the shale plays into one company and get similiar valuatons as CLR, RRC. (~$30)
2. Divest the midstrem assets as an MLP. Here in the letter they only mention the divesiture as freeing up capital, but an IPO could garner a hefty valuation, similar to CHK's IPO of ACMP.
3. The remaining company 'Hess International' would be a streamlined pure E&P, that would likely be taken-out by any number of compaines for a further premium....
Altogether $126 seem's fairly conservative. The other option is to keep rolling nowhere with John Hess.