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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 slide uses a negative value to highlight 'Value destruction' of $3.37 per BOE.",
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      "text": "So, at current strip prices, Pioneer’s drilling program continues to destroy shareholder value.",
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      "text": "We updated our Pioneer DCF model based on their feedback and the current commodity strip prices, which shows Pioneer generates about $33 per BOE in revenues and $19 of undiscounted cash flows. The present value of those is $12 per BOE, which is less than management’s targeted long-term capex of $15. So, at current strip prices, Pioneer’s drilling program continues to destroy shareholder value.",
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      "text": "Source: Revenue per BOE for WTI oil and Henry Hub natural gas calculated using an average of 2016, 2017, and 2018 NYMEX futures price, obtained from Bloomberg LP in November 2015. Realized revenues per BOE for oil, natural gas and NGL based on Greenlight estimates. Greenlight’s estimated % of BOE mix from oil, natural gas, and NGL based on estimates from ITG. Greenlight’s estimated capital and operating cost for PXD based on management guidance and Q3 2015 results.",
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      "text": "Revenues / BOE $33.14; Oil & Gas production (8.05); Production taxes (2.05); Cash exploration (0.09); SG&A (3.44); Corp / Other (0.90); Gross cash flow $18.61; PV of cash flow $11.63; Capital investment (15.00); Value destruction ($3.37)",
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