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  "docSlug": "43984bcde008",
  "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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  "pageNumber": 54,
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  "notes": "The slide exposes how accounting treatments (subsidy) can flatter operational metrics.",
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      "text": "However, Pioneer sold a 40% interest in part of its acreage to Sinochem in 2013. For a portion of the purchase price, Sinochem pays 75% of Pioneer's share of the capital spending on those acres for the next couple years. Last year, that payment was $485 million, which reduced Pioneer's Capex and flattered Pioneer's claimed cost per BOE by more than $3.",
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      "text": "cost per BOE: $18.60",
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      "text": "However, Pioneer sold a 40% interest in part of its acreage to Sinochem in 2013. For a portion of the purchase price, Sinochem pays 75% of Pioneer's share of the capital spending on those acres for the next couple years. Last year, that payment was $485 million, which reduced Pioneer's Capex and flattered Pioneer's claimed cost per BOE by more than $3.",
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      "text": "Source: Greenlight calculations and estimates utilizing Pioneer public filings, press releases and management statements.",
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      "text": "Reported cost per BOE $ 15.51\nBOE developed X 157 M\nReported Capex $ 2,435 M\nSinochem subsidy + $ 485 M\nActual Capex $ 2,920 M\nActual cost per BOE $ 18.60",
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