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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 peer benchmarking table to validate a DCF-derived valuation against market-implied values.",
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      "text": "But, the point I’m making is that our DCF-derived value isn’t too far from the current market values of the pure plays.",
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      "text": "Adjusted EV / Net Acre: $6,200",
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      "text": "The DCF value converts to $6,200 per net acre and $0.12 per mcfe of potential resource. Here, we compare that to the values of 6 other pure plays in the Marcellus/Utica on a per acre and per potential resource basis.",
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      "text": "Source: Greenlight estimates and calculations, as follows: For CNX: “Adjusted EV” is the enterprise value based on Greenlight’s shale gas DCF, “Net Acre” based upon CNX investor presentations, and “Resource” based upon CNX investor presentations and Greenlight estimates.",
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      "text": "Company, Adjusted EV ($B), Adj. EV/Net Acre, Adj. EV/Resource. CONSOL, $6.6, $6,200, $0.12. Appalachia E&P Comps: Antero, $4.7, $6,300, $0.09; Cabot, 10.5, 36,200, 0.20; EQT, 5.7, 5,700, 0.11; Gulfport, 3.5, 14,000, 0.19; Range, 8.6, 8,300, 0.09; Rice, 2.6, 10,700, 0.21; Appalachian E&P average, $5.9, $13,533, $0.15; Appalachian E&P average ex-Cabot, $5.0, $9,000, $0.14",
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