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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": "Slide 30 from a Greenlight Capital presentation.",
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      "text": "It trades at a fancy multiple of last year's earnings, before oil prices fell.",
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      "text": "P/E ratio: 226x",
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      "text": "It is the second largest pure play shale oil producer behind EOG, which I guess would be the Father-Fracker. Pioneer closed Friday at about $172 a share, giving it a $26 billion market cap, and an enterprise value of $27 billion. It trades at a fancy multiple of last year's earnings, before oil prices fell. Aided by its profitable hedges, Pioneer will barely avoid reporting a loss this year. Next year, prices are expected to recover enough for Pioneer to earn about a buck and a half a share.",
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      "text": "Source: Bloomberg L.P.; Pioneer Schedule 14A dated April 9, 2015 available at http://investors.pxd.com/phoenix.zhtml?c=90959&p=irol-sec; and Greenlight calculations. Greenlight calculations reflect adjustments to exclude mark-to-market derivatives, discontinued operations, and other unusual items.",
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      "text": "Price $171.56; Shares Outstanding 149.4M; Market Capitalization $25.6B; Net Debt $1.6B; Enterprise Value $27.3B; 2014 P/E 36x; 2015 P/E (est.) 226x; 2016 P/E (est.) 118x; 2014 Free Cash Flow -$0.3B",
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