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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 cartoon is a classic Sidney Harris New Yorker cartoon used to mock unrealistic business projections.",
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      "text": "The answer isn't surprising: Current development economics don't cover the company's cost of capital, so the discounted cash flow spits out a negative number.",
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      "text": "Cartoon of two businessmen walking in a city, one saying 'But in my fantasy business league I'm making millions.'",
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      "text": "I can't show you all the math right here, but we have posted the analysis as an appendix to this presentation on our website.",
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      "text": "The company's equity has nothing more than option value. Some have suggested that Pioneer could generate more value by drilling faster. Actually, that would make it worse, as faster drilling brings forward the value destruction.",
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      "text": "Source: Greenlight calculations and estimates utilizing assumptions stated on slide 61. Please refer to accompanying discounted cash flow for details.",
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