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  "docSlug": "41a3bf6001ae",
  "documentTitle": "CONSOL Energy (CNX)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
  "documentKindSlug": "conference-presentation",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2015-11-16 00:00:00",
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  "pageNumber": 29,
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  "density": "dense",
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  "notes": "The slide provides a valuation bridge for CONSOL's interest in CONE Midstream (CNNX).",
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      "text": "Total Value: $667",
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      "text": "CONSOL also owns public shares, a retained interest in gathering systems, and Incentive Distribution Rights (IDRs) in CONE Midstream, ticker CNNX, which CONSOL and its Marcellus joint venture partner Noble took public in September 2014. We value CONSOL's stake at $667 million.",
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      "text": "Source: Greenlight estimate based upon the following values: (a) Common, subordinated and GP units at the closing price of CNNX, as of November 13, 2015; (b) retained interest in gathering systems at 1.75x tangible book; and (c) Greenlight's estimate of IDR value.",
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      "text": "Common, Subordinated and GP unit value $235; Retained interest in gathering systems 382; IDRs 50; Total Value $667",
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