{
  "docId": "019dd923-622b-71dc-a6da-f033bb6ecb30",
  "docSlug": "43984bcde008",
  "documentTitle": "Pioneer Natural Resources (PXD)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-05-04 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 45,
  "pageCount": 92,
  "prevPage": 44,
  "nextPage": 46,
  "slideType": "valuation_table",
  "function": "analyze_data",
  "density": "overcrowded",
  "nDataPoints": 21,
  "notes": "The table highlights specific variables in red to emphasize changes or negative impacts.",
  "elementsJson": [
    "headline_text",
    "valuation_table",
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-f033bb6ecb30/45",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-f033bb6ecb30",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-f033bb6ecb30.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-f033bb6ecb30#slide-45",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Again, while generously assuming no lost reserves, and now allowing for the company to respond to lower prices with 20% cuts in its key cost areas such as rig day rates, horsepower for fracking, and raw materials, we estimate Pioneer's existing reserves to be worth less than $22 per share.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-fb97-7552-b55e-d0dfd28cd0a4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Equity value / share: $21",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-fb97-7552-b55e-d678d2d149c0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.75,
        "x": 0.13,
        "y": 0.48
      },
      "kind": "paragraph",
      "text": "Again, while generously assuming no lost reserves, and now allowing for the company to respond to lower prices with 20% cuts in its key cost areas such as rig day rates, horsepower for fracking, and raw materials, we estimate Pioneer's existing reserves to be worth less than $22 per share.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "88999541-60f0-4568-8508-68d9451f2397",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.75,
        "x": 0.13,
        "y": 0.59
      },
      "kind": "source-note",
      "text": "Source: Greenlight estimates based upon adjusted Standardized Measure of Discounted Future Net Cash Flows from slide 44 and for anticipated cost cuts from slide 40.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0dc86e05-2db9-49f0-a323-f862fc9ef29e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.7,
        "x": 0.15,
        "y": 0.18
      },
      "kind": "table",
      "text": "Proved Reserves (Mmboe) 799 799 799; Oil price used $95 $68 $68; Natural gas price used $4.35 $4.16 $4.16; Opex / BOE $23 $23 $18; Standardized Measure $7.8B $3.0B $4.8B; Value / BOE $10 $4 $6; Equity value / share $41 $9 $21",
      "attrs": null,
      "subkind": "valuation",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9fb5f496-5cd0-431e-a598-3f27e1090226",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.25,
        "y": 0.1
      },
      "kind": "title",
      "text": "Cost cuts aren't enough",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "abb8635c-cf90-4323-b19f-08efaea3de9c",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 60,
      "from": 31,
      "beatId": "4fb21252-5597-4b54-98c6-35ab815221d5",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution (Provide relief)",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The presentation provides a critique of the business model and highlights the challenges faced by Pioneer Natural Resources, effectively providing a solution or rather, a warning to investors.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}