{
  "docId": "019dd923-622b-71dc-a6da-f033bb6ecb30",
  "docSlug": "43984bcde008",
  "documentTitle": "Pioneer Natural Resources (PXD)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-05-04 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 21,
  "pageCount": 92,
  "prevPage": 20,
  "nextPage": 22,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 18,
  "notes": "The slide uses a dual-axis line chart to illustrate the inverse relationship between oil prices and cash burn, highlighting the industry's poor capital discipline.",
  "elementsJson": [
    "headline_text",
    "line_chart",
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-f033bb6ecb30/21",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-f033bb6ecb30",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-f033bb6ecb30.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-f033bb6ecb30#slide-21",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "They responded to higher oil prices with even more aggressive capital spending, financed ever more cheaply by Wall Street. The result was that higher oil prices led to even greater cash burn. Last year, with $100 oil, the group burned $20 billion.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-fb97-7552-b55c-ddcc513e945f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.38,
        "w": 0.72,
        "x": 0.14,
        "y": 0.16
      },
      "kind": "chart",
      "text": "Dual-axis line chart showing Oil price vs Cash Burn from 2006-2014",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2d1d0dbb-60a6-4e15-b98d-6cf74fed47ec",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Cash Burn: $20 billion",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-fb97-7552-b55c-e2642f40965c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.74,
        "x": 0.13,
        "y": 0.48
      },
      "kind": "paragraph",
      "text": "They responded to higher oil prices with even more aggressive capital spending, financed ever more cheaply by Wall Street. The result was that higher oil prices led to even greater cash burn. Last year, with $100 oil, the group burned $20 billion.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1c966af9-bc5e-4237-8f3d-fa232721e8f7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.74,
        "x": 0.13,
        "y": 0.57
      },
      "kind": "source-note",
      "text": "Source: Historical oil prices from Bloomberg L.P. Cash burn figures are Greenlight calculations of historical capital expenditures and historical 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.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "80e504dc-25d9-4ebb-9d7c-190a1768c9b4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.34,
        "x": 0.33,
        "y": 0.1
      },
      "kind": "title",
      "text": "Addicted to frack",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bc7b8127-1937-4daa-90f3-4ae549fc53da",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "causal-chain",
      "slug": null,
      "matchId": "1751ccc4-d35d-4837-94c1-36938228d2ed",
      "evidence": "The text explicitly links higher oil prices to aggressive spending and subsequent cash burn.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 30,
      "from": 11,
      "beatId": "1f901365-7df9-41a2-8794-5318424f1f6b",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate (Make it worse)",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The presentation then agitates the problems with the fracking business model, highlighting the flaws and the challenges faced by companies like Pioneer Natural Resources.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}