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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 'Value destruction' callout to highlight negative net present value.",
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      "kind": "callout",
      "text": "Similar to the oil frackers, drilling now destroys value. But it’s not as bad for gas as it is for oil.",
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      "text": "Let's look at CONSOL's Marcellus and Utica assets on the same basis. These are the economics for CONSOL to get gas out of the ground and to market based on today's prices. Similar to the oil frackers, drilling now destroys value. But it's not as bad for gas as it is for oil.",
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      "text": "Source: Revenue per Mcfe 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.",
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      "text": "Revenues / Mcfe $2.67; Oil & Gas production (1.08); Production taxes (0.14); SG&A/Corp/Other (0.22); Gross cash flow $1.23; PV of cash flow $0.77; Capital investment (0.95); Value destruction ($0.18)",
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      "text": "Fracker barrel redux",
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