{
  "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": 24,
  "pageCount": 107,
  "prevPage": 23,
  "nextPage": 25,
  "slideType": "kpi_overview",
  "function": "analyze_data",
  "density": "overcrowded",
  "nDataPoints": 12,
  "notes": "The slide highlights the impact of zero-based budgeting on operational costs.",
  "elementsJson": [
    "headline_text",
    "data_table",
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-fb39d1a50dfd/24",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-fb39d1a50dfd",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-fb39d1a50dfd.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-fb39d1a50dfd#slide-24",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "CONSOL's falling costs and recently implemented zero-based budgeting should bring cash costs toward $33 per ton next year, allowing it to remain quite profitable during the dislocation.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-fb95-7708-ad5b-445740cd5f52",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Cash cost / ton: $33.01",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-fb95-7708-ad5b-49f04317d145",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.764,
        "x": 0.118,
        "y": 0.573
      },
      "kind": "paragraph",
      "text": "By the end of next year, many uncompetitive mines will have closed and prices should be recovering.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8ca53aca-96f9-49e1-b23f-8ff9b53d6c5e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.045,
        "w": 0.764,
        "x": 0.118,
        "y": 0.497
      },
      "kind": "paragraph",
      "text": "CONSOL's falling costs and recently implemented zero-based budgeting should bring cash costs toward $33 per ton next year, allowing it to remain quite profitable during the dislocation.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dd265685-544b-49b9-bbb8-079109f1399c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.045,
        "w": 0.764,
        "x": 0.118,
        "y": 0.65
      },
      "kind": "source-note",
      "text": "Source: Greenlight estimate of CNX's thermal coal operations is based upon CNX filings, investor presentations and management guidance for referenced time periods.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "316dc95b-7e90-4c4c-8808-65609ef92a65",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.175,
        "w": 0.666,
        "x": 0.167,
        "y": 0.2
      },
      "kind": "table",
      "text": "Thermal Coal Operations table showing Total cost, DA, and Cash cost from 2013-2016E",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0f734e79-fbd3-47ba-8911-b0bec5932d1a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.045,
        "w": 0.588,
        "x": 0.206,
        "y": 0.085
      },
      "kind": "title",
      "text": "Better cost performance",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5aa92201-8b4c-42d3-929f-fa543ab8bda6",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Waterfall chart",
      "slug": "waterfall-chart",
      "agent": null,
      "layer": "slide",
      "matchId": "db29bc64-db18-48d2-a9c0-82290d53fca7",
      "evidence": "The components mention 'cash costs toward $33 per ton next year', implying a decrease in costs, which is a common use of waterfall charts to show changes in values.",
      "confidence": 0.7
    }
  ],
  "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
}