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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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  "notes": "The slide demonstrates the impact of commodity price sensitivity on equity value, assuming no reserve write-downs.",
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      "text": "Just by changing the prices, the reserves are worth only $9 per share.",
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      "text": "But oil isn't $95 anymore; it's lower. We ran a sensitivity case on the new pricing. Proved reserves need to be economic, so a big drop in prices usually means a downward revision in the amount of reserves. While that's likely to be the case here, we generously assumed no write downs. Just by changing the prices, the reserves are worth only $9 per share.",
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      "text": "Source: Greenlight estimates based upon Pioneer Standardized Measure of Discounted Future Net Cash Flows from slide 43 adjusted for future natural gas and WTI pricing retrieved from Bloomberg L.P. on May 1, 2015. Table reflects long term pricing estimates for 2023 and following years.",
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      "text": "Proved Reserves (Mmboe) 799 799; Oil price used $95 $68; Natural gas price used $4.35 $4.16; Opex / BOE $23 $23; Standardized Measure $7.8B $3.0B; Value / BOE $10 $4; Equity value / share $41 $9",
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