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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 chart illustrates the difference between short-term volatility and long-term stability in oil pricing.",
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      "text": "It's interesting that while short-term oil prices fell more than half, longer-term prices were much more stable, and fell less than $20 per barrel.",
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      "text": "Line chart showing Actual vs Current vs Peak (Jun '14) oil prices over time.",
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      "text": "oil price per barrel",
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      "text": "As a sensitivity, we looked at the price curve from when spot crude peaked last June. It's interesting that while short-term oil prices fell more than half, longer-term prices were much more stable, and fell less than $20 per barrel.",
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      "text": "Source: Bloomberg L.P. Peak line represents the June 20, 2014 price curve, retrieved April 2015.",
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      "text": "The benefit of stale pricing",
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