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  "docSlug": "43984bcde008",
  "documentTitle": "Pioneer Natural Resources (PXD)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
  "documentKindSlug": "conference-presentation",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-05-04 00:00:00",
  "orientation": "portrait",
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  "pageNumber": 35,
  "pageCount": 92,
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  "notes": "Includes a cartoon illustration of a 'wishing well' with a disclaimer sign, likely used for humor regarding the speculative nature of undeveloped reserves.",
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      "kind": "callout",
      "text": "The big capital spending comes from creating developed reserves.",
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      "text": "Cartoon of a man looking at a wishing well with a disclaimer sign.",
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      "text": "DEVELOPED RESERVE: Completed well, costs all-in. UNDEVELOPED RESERVE: Undrilled land or existing well with major expenses required.",
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      "text": "Proved reserves come in two designations: developed and undeveloped. A developed reserve has no more capital costs associated with it. The hole's been drilled, and the well has been completed and hooked into the transport system. The energy is either being sold or is ready to be sold. Undeveloped reserves usually involve wells in progress or soon to be drilled. In other words, they still have major future costs associated with them. The big capital spending comes from creating developed reserves.",
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