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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 highlights the discrepancy between volume output and revenue generation across different well types.",
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      "text": "But what they produce is not the same. For example, Marcellus wells recover 2.5 times more energy than Permian wells.",
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      "text": "Total recoverables: 2.5x",
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      "text": "But what they produce is not the same. For example, Marcellus wells recover 2.5 times more energy than Permian wells. Even at today's incredibly depressed gas prices, the revenues at spot prices are higher for a CONSOL Marcellus well than a Pioneer Permian well.",
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      "text": "Source: Revenue at spot are Greenlight estimates, based on the following: WTI oil, Henry Hub natural gas, and Mount Belvieu NGL pricing from Bloomberg LP as of November 13, 2015. Bcfe mix for CNX based on modelled new well production mix. BOE mix for PXD based on estimates from ITG. Total recoverables of 15 bcfe for CNX based on data in Q3 2015 earnings call slides. Total recoverables of 1 mmboe for PXD based on data in Q3 2015 earnings call slides. No adjustment for transport differentials or royalties.",
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      "text": "Well profile, CONSOL Marcellus, Pioneer Northern Wolfcamp, Total recoverables, 15 bcfe, 1 mmboe, Gas, 85%, 20%, NGL, 12%, 20%, Oil, 3%, 60%, Volumes (bcfe), 15, 6, Revenues at spot ($M), $34, $31",
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