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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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      "text": "For the sake of our analysis, we generously assume that all 11 billion BOE exist, even though that figure assumed $90 oil and $5 gas.",
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      "text": "11B BOE developed over 40 years; 50-year well life\nAll cost cuts retained\nCapex of $20.66 / BOE (horizontal program)\nPrices follow current long-term curve; then flat\nCorporate WACC of 8.4%",
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      "text": "For the sake of our analysis, we generously assume that all 11 billion BOE exist, even though that figure assumed $90 oil and $5 gas. We assume development is over 40 years with Capex ramping for the first 20 and then plateauing for the next 20.\n\nWe assume the wells produce for 50 years, the company retains the recent 20% cost cuts, and long-term Capex per barrel does not deteriorate due to high grading. We use the current commodity strip, which flattens in the out-years at $68 per barrel. We discount the whole 90-year stream of cash flows at the company’s weighted average cost of capital.",
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      "text": "DCF assumptions",
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