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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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      "text": "After paying for transport costs, at spot commodity prices, Pioneer’s revenues average $36 per BOE – compared to the $59 headline price for crude.",
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      "text": "After paying for transport costs, at spot commodity prices, Pioneer's revenues average $36 per BOE – compared to the $59 headline price for crude.",
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      "text": "Just about half of what Pioneer produces is oil. A bit over a quarter is natural gas, and the rest are NGLs. Despite energy equivalence, gas and NGLs sell at big discounts to crude oil.",
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      "text": "While WTI trades at about $59 per barrel, natural gas trades at the equivalent of $17 per barrel, and NGLs at only $23 per barrel.",
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      "text": "Source: Bloomberg L.P. pricing as of April 30 and May 1, 2015. For the purpose of comparison on an energy equivalents basis in the “% of BOE” and “Value $” columns, the natural gas spot price and volume has been multiplied by six. Greenlight estimates based upon Pioneer Q4 2014 financial and operating results available at http://investors.pxd.com/phoenix.zhtml?c=90959&p=irol-newsArticle&ID=2015419.",
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      "kind": "title",
      "text": "Fracker Barrel",
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