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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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  "notes": "The slide calculates an adjusted Capex figure by allocating non-drilling costs to the primary drilling program.",
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      "text": "When we allocate this, the adjusted Capex for the horizontal drilling program works out to $20.66 per BOE.",
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      "text": "Further, Pioneer spends about 10-15% of its Capex budget on non-drilling items that include things like buildings, vehicles and other equipment. When we allocate this, the adjusted Capex for the horizontal drilling program works out to $20.66 per BOE.",
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      "text": "Source: Greenlight calculations and estimates utilizing Pioneer public filings, press releases and management statements.",
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      "text": "Actual Horizontal Capex / BOE $ 18.60 (90%) Non-drilling Capex / BOE $ 2.06 (10%) Adjusted Capex / BOE $ 20.66",
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      "text": "Counting all the spending",
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