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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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      "text": "Lower commodity prices are forcing the industry to cut costs. Here we adjust the revenue to the future strip price, and cut expenses by 20%. On that basis, gross cash flow is $30 per BOE and Pioneer earns a positive margin. But, it's not positive value.",
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      "text": "Lower commodity prices are forcing the industry to cut costs. Here we adjust the revenue to the future strip price, and cut expenses by 20%. On that basis, gross cash flow is $30 per BOE and Pioneer earns a positive margin. But, it's not positive value.",
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      "text": "Source: Greenlight spot estimates based upon revenue calculations in slide 37 and cost estimate in slide 38. Greenlight strip estimates based upon anticipated 2023 WTI and natural gas pricing retrieved from Bloomberg L.P. on May 1, 2015.",
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