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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": "The result is a value of $78 per share, less than half of the $172 where the stock trades.",
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      "text": "Commodities follow the PRIOR PEAK curve; then flat\nALL cost saves achieved in the current low-price environment RETAINED\nDiscounted Cash Flow Value = $78 per share",
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      "text": "Discounted Cash Flow Value: $78",
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      "text": "We ran a high case using last June's commodity curve and otherwise held our assumptions the same, including the cost cuts that are available in today's low price environment. The result is a value of $78 per share, less than half of the $172 where the stock trades.\n\nPioneer is dramatically over-valued even if you assume it has 11 billion barrels of resources and we see a return to prior peak prices.\n\nThe problem is that oil fracking is high cost.",
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      "text": "Source: Greenlight calculations and estimates. Please refer to accompanying discounted cash flow for details.",
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      "text": "Upside DCF Sensitivity",
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