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  "authorName": "David Einhorn",
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  "presentationDate": "2015-11-16 00:00:00",
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      "text": "Notes: Includes Coalbed Methane and Other Gas segments. Estimated % of mcfe mix of Natural Gas and Oil based on recent segment level production mix. Legacy gas production is forecast to decline until reported proven developed reserves (as of 12/31/14) are exhausted. Cash tax calculation based on current & future estimated net operating loss carryforwards. Incorporates pro rata share of CONSOL in place gas hedges. Assumed differentials are based on recent results adjusted for a modest improvement over the next several years as additional takeaway capacity comes online. (a) Using CONSOL corporate WACC calculated in Appendix A-1. (b) To the extent CONSOL spends incremental capital in its legacy gas business we would expect it to generate incremental production and EBITDA to what is modelled herein. (c) Terminal growth rate starting in 2028. (d) Includes transportation, gathering and compression, lifting and direct administrative and selling segment level costs. (e) Weighted average cost structure from 2016-2027. (f) Incorporates pro rata net expenses from the Other Gas segment, not directly related to Other Gas segment production. This includes G&A, corporate, net unutilized FT expense, net gas royalty income, net purchased gas income, exploration and other costs and other income.",
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      "text": "PV of cash flows ($B) $0.9; Cost of Capital WACC (a) 8.4%; Capital Spending Inputs: Assumes a blow down of existing proved developed reserves with no further capital spending (b); Development Data (B): Starting capex $0.0, Peak capex $0.0, Total tcfe developed 0.0, Total tcfe produced 1.6; Commodity Assumptions: Natural gas (2027) $4.23, Oil (2023) $59, Natural gas Terminal Growth Rate (c) 2.0%; Coalbed Methane Opex / mcfe: Oil & gas production (d)(e) $1.57, Production taxes (e) 3.7%, SG&A/Corp/Other (e)(f) $0.22, Opex / mcfe terminal growth rate (c) 2.0%; LT Production as % of mcfe: Natural gas 99%, NGL 0%, Oil 1%; Other Gas Opex / mcfe: Oil & gas production (d)(e) $1.80, Production taxes (e) 5.0%, SG&A/Corp/Other (e)(f) $0.22, Opex / mcfe terminal growth rate (c) 2.0%; Cash tax rate 35%",
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      "text": "CONSOL Energy - Legacy Gas Discounted Cash Flow Key Assumptions & Statistics",
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