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  "documentTitle": "Pioneer Natural Resources (PXD)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
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  "presentationDate": "2015-05-04 00:00:00",
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  "notes": "The slide uses a provocative tone ('frack addicts') to criticize the financial sustainability of the oil fracking industry.",
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      "text": "The large oil frackers have spent $80 billion more than they have received from selling oil.",
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      "text": "Cumulative Cash Burn: $80 billion",
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      "text": "The large oil frackers have spent $80 billion more than they have received from selling oil. Wall Street greased those skids by underwriting debt and equity securities that allowed them to garner billions in fees.",
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      "text": "The banks are clearly incentivized to enable the frack addicts. What’s less obvious is whether investors are furnished a clear analysis of the returns these companies actually generate.",
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      "text": "Source: Greenlight calculations and estimates based upon historical and anticipated capital expenditures and cash from operations, retrieved April 2015 from Bloomberg L.P., for a basket of 16 publicly-traded exploration and production companies, selected in the sole discretion of Greenlight.",
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