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  "documentTitle": "Pioneer Natural Resources (PXD)",
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  "authorName": "David Einhorn",
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  "presentationDate": "2015-05-04 00:00:00",
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  "notes": "Uses a cartoon to illustrate the irony of oil companies being surprised by resource depletion.",
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      "text": "Unlike many businesses where investment spending works toward building a durable asset, a franchise value, and a recurring revenue stream, here the Capex goes toward reducing the assets one barrel at a time.",
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      "text": "But investing for growth is a fiction. Unlike many businesses where investment spending works toward building a durable asset, a franchise value, and a recurring revenue stream, here the Capex goes toward reducing the assets one barrel at a time.",
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      "text": "The mantra from the frackers and the bankers that profiteer from funding them is that energy investors don't look at GAAP earnings: Depletion gets ignored because it's not a cash item, and Capex gets ignored because it's funding future growth.",
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      "text": "Once you extract the oil from the ground... that's it. Poof! It's gone.",
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