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  "documentTitle": "Pioneer Natural Resources (PXD)",
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  "authorName": "David Einhorn",
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      "text": "It isn't just Pioneer. We ran similar discounted cash flow analyses on Continental and Concho using current strip prices, and they also come out with negative values.",
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      "text": "And the industry agrees. This is from Schlumberger, showing oil capex per barrel on the left. In aggregate, capital intensity for tight oil, which is what they call the frackers, exceeds every other major source of supply.",
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