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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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  "pageNumber": 36,
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  "notes": "The slide calculates the unit cost of reserve development by adding production to the net change in reserves and dividing total Capex by that sum.",
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      "kind": "callout",
      "text": "Capex net of asset sales during that same period has been $14 billion, meaning reserves have cost $28 per BOE to develop.",
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      "text": "Net Capex / BOE developed: $28",
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      "kind": "paragraph",
      "text": "How much does it cost for Pioneer to create a developed reserve? This chart looks at Pioneer cumulatively over the past 9 years. It has grown its developed reserves by about 30 million BOE and taken about 470 million out of the ground. So, it has developed about 500 million BOE. Capex net of asset sales during that same period has been $14 billion, meaning reserves have cost $28 per BOE to develop.",
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      "kind": "source-note",
      "text": "Source: Greenlight calculations based upon Pioneer Forms 10-K for years 2006-2014, inclusive, available at http://investors.pxd.com/phoenix.zhtml?c=90959&p=irol-sec.",
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      "text": "2014 developed reserves 645; 2005 developed reserves 615; Change in developed reserves 30; Production 472; BOEs developed 502; Net Capex $13.8B; Net Capex / BOE developed $28",
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