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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 visual metaphor of a printer printing money to illustrate the inefficiency of the business model.",
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      "text": "Return per BOE: -$12",
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      "text": "On the $36 of revenues per BOE, Pioneer spends about $14 on field operating expenses and another $6 on corporate expenses. Subtract the historical $28 of Capex, and Pioneer loses $12 for every BOE it develops. That's like using $50 bills to counterfeit $20s.",
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      "text": "Source: Greenlight estimates based upon revenue calculations in slide 37 and Pioneer costs from 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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      "text": "Revenues / BOE $36; Oil & Gas production -11; Production taxes -2; Cash exploration -1; SG&A -5; Corp / other -1; Capex -28; Return -$12",
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      "text": "Make it up in volume?",
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