Still, like every other firm in the industry, PXD is taking steps to clean up its act and improve efficiency. Nonetheless, the play with PXD is a long-term one. While the company's value then is in the ground, and it does cost money to get those resources out of the ground, in a deflationary well cost environment, that kind of long-term production pipeline actually gets more valuable over time, especially if costs deflate at a faster rate than the discount rate on PXD's capital.