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  "documentTitle": "CONSOL Energy (CNX)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
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  "presentationDate": "2015-11-16 00:00:00",
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  "notes": "Includes a humorous cartoon about gas analysis to lighten the topic of legacy assets.",
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      "text": "valuation: $900 million",
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      "text": "CONSOL produces about 100 Billion Cubic Feet Equivalents (Bcfe) a year of coalbed methane and other legacy gas out of 2 Trillion Cubic Feet Equivalents (Tcfe) of proved reserves, 80% of which are developed. At today's prices it does not make sense to invest more than the bare minimum in this business, and that's what CONSOL is doing. Nonetheless, production continues. We use a run-off analysis to value it at $900 million.",
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      "text": "Source: Greenlight estimates. Please refer to accompanying legacy gas discounted cash flow model for details and assumptions. Reserve data from CNX Form 10-K, available at http://phx.corporate-ir.net/phoenix.zhtml?c=66439&p=irol-reports.",
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