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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": "The table highlights the $20.66 Capex per BOE column, showing negative values at lower oil prices.",
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      "text": "In May we showed that Pioneer did not have a positive value on a DCF basis.",
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      "text": "Per Share Equity Value: $20.66",
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      "text": "Before getting into CONSOL's fracking business, let's briefly revisit Pioneer, which we highlighted as the Mother-Fracker. In May we showed that Pioneer did not have a positive value on a DCF basis. A key assumption was based on Pioneer's 2014 finding costs of $20.66 per BOE or barrel of oil equivalent in its horizontal drilling program.",
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      "text": "Source: Greenlight presentation on May 4, 2015, available at www.greenlightcapital.com.",
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      "text": "Sensitivity table for Pioneer Natural Resources showing per share equity value across oil price and Capex per BOE variables.",
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      "text": "Pioneer: prior DCF value",
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