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Hess Corp. sends second letter to shareholders

Hess sent a letter to all shareholders in connection with its 2013 Annual Meeting of Shareholders, to be held on May 16, in which the board recommends that shareholders vote for the election of its independent nominees. The letter also states that hedge fund Elliott Management's nominees "are being compensated directly by Elliott through an unusual contingent payment scheme that incentivizes them to support a short term break-up plan that will effectively liquidate Hess." The letter reports actions taken in the direction of transforming Hess into a pure play exploration and production company, including the sale of non-core assets such as Russian subsidiary Samara-Nafta and interests in several fields for total proceeds of $3.4B. The letter reports Hess shares having risen 67% from $43.93 on July 25, 2012 to $73.58 on April 1, 2013, and stresses the qualifications of its board nominees.