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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": "Last year, using $95 for oil, Pioneer’s reserves were worth $7.8 billion, which translates to $41 per share or $10 per BOE.",
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      "text": "Equity value / share: $41",
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      "text": "What if Pioneer stops spending and just milks the 800 million barrels of proved reserves? Pioneer files a valuation report with the SEC called a Standardized Measure. You might think of it as a discounted cash flow. We call it SEC-onomics. Last year, using $95 for oil, Pioneer’s reserves were worth $7.8 billion, which translates to $41 per share or $10 per BOE.",
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      "text": "Source: Greenlight summary based upon Pioneer Standardized Measure of Discounted Future Net Cash Flows from Pioneer Form 10-K for December 31, 2014 available at http://investors.pxd.com/phoenix.zhtml?c=90959&p=irol-sec.",
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      "text": "Proved Reserves (Mmboe) 799; Oil price used $95; Natural gas price used $4.35; Opex / BOE $23; Standardized Measure $7.8B; Value / BOE $10; Equity value / share $41",
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