{
  "docId": "019dd923-622b-71dc-a6da-fb39d1a50dfd",
  "docSlug": "41a3bf6001ae",
  "documentTitle": "CONSOL Energy (CNX)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-11-16 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 23,
  "pageCount": 107,
  "prevPage": 22,
  "nextPage": 24,
  "slideType": "key_messages",
  "function": "frame_situation",
  "density": "overcrowded",
  "nDataPoints": 2,
  "notes": "The cartoon depicts the Grim Reaper at the door, with the homeowner asking if he is there to do the hedges, serving as a metaphor for avoiding an inevitable negative outcome (weak pricing).",
  "elementsJson": [
    "headline_text",
    "photo",
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-fb39d1a50dfd/23",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-fb39d1a50dfd",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-fb39d1a50dfd.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-fb39d1a50dfd#slide-23",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We expect a very weak pricing environment over the next year. Fortunately, CONSOL is protected in the near term, having locked in pricing for the balance of this year at approximately $57 per ton and enough for next year to realize over $50 per ton.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-fb95-7708-ad5b-6224252ed96a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.3,
        "w": 0.46,
        "x": 0.27,
        "y": 0.15
      },
      "kind": "image",
      "text": "Cartoon of Grim Reaper at door",
      "attrs": null,
      "subkind": "illustration",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d46dfd24-7642-4e90-8ba1-129929f565b7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "price per ton: $57",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-fb95-7708-ad5b-694f0644954b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.76,
        "x": 0.12,
        "y": 0.49
      },
      "kind": "paragraph",
      "text": "We expect a very weak pricing environment over the next year. Fortunately, CONSOL is protected in the near term, having locked in pricing for the balance of this year at approximately $57 per ton and enough for next year to realize over $50 per ton.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cfc9e88d-c4b7-4ae6-8eef-df997f9c008c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "I HOPE YOU'RE HERE TO DO THE HEDGES — Cartoon character (Lynch)",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-fb95-7708-ad5b-67a97a46450b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.76,
        "x": 0.12,
        "y": 0.59
      },
      "kind": "source-note",
      "text": "Source: Greenlight estimates based upon CNX filings, earnings presentations, and management guidance for referenced time periods, available at http://phx.corporate-ir.net/phoenix.zhtml?c=66439&p=irol-irhome.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "770b0f8d-c949-4701-b183-8f27c49d907a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.38,
        "x": 0.31,
        "y": 0.08
      },
      "kind": "title",
      "text": "Price protection",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6b16951b-10eb-4527-b4d4-d060de0fa0f6",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Call to action",
      "slug": "call-to-action",
      "agent": null,
      "layer": "slide",
      "matchId": "9e7754c9-614c-4d64-902e-b6a5d4fabd64",
      "evidence": "We expect a very weak pricing environment over the next year.",
      "confidence": 0.5
    }
  ],
  "frameworks": [],
  "arcBeats": [],
  "loops": [
    {
      "to": 25,
      "from": 17,
      "name": "Hypothesis Test",
      "slug": "42-hypothesis-test",
      "bestFor": "Strategy validation, due diligence, research presentations",
      "matchId": "48c094e0-1bb5-4abf-897c-4c013555ca92",
      "evidence": "The presentation provides data and analysis to support the hypothesis.",
      "position": 1,
      "objective": "Testing the hypothesis that CONSOL Energy's coal assets are high-quality",
      "structure": "The Hypothesis -> Test 1 (Supports/Refutes) -> Test 2 (Supports/Refutes) -> Conclusion (Validated/Pivoted)",
      "confidence": 0.7,
      "description": "State a hypothesis upfront, then systematically prove or disprove it with evidence"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}