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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 dual-axis chart to visually link the drop in oil prices to the industry's cash burn.",
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      "text": "A business that burns cash and doesn't grow isn't worth anything.",
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      "text": "Dual-axis line chart showing Oil price vs Cash Burn from 2006 to 2015E",
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      "text": "Recently, oil prices have declined. Because the frackers have less revenue, they've been forced to cut Capex. Though they will continue to spend more dollars than they take in, production is no longer growing. A business that burns cash and doesn't grow isn't worth anything.",
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      "text": "Source: Historical oil prices from Bloomberg L.P. Estimated oil price for 2015 based upon current price curve. Cash burn figures through 2014 are Greenlight calculations...",
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