So I think I'm beginning to understand what you're getting at.
The model only values money flow not what is done with it. Mineral assets decline in value over time as minerals are extracted - at some point the mine is shut and remediation of the land begins. Same with Oil & Gas assets.
Short answer is "it doesn't". Just like if/when downstream happens I would add in a second asset to the valuation. That asset could have a different capital structure (as in maybe its a JV and CXO doesn't own 100%. Maybe debt is part of the equation).
Oh No - Another Valuation Thread!, page-16
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