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BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co.

Pioneer Natural Resources Co. · Nov 21, 2013 · 82 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 1
    Investor Presentation November 2013
  2. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 2
    Pioneer At A Glance Total Enterprise Value (B) 28 Top U.S. Fields By Rig Count1 2013 Drilling Capex (B) 2.8 272 (Pioneer Operated Count in Green 40 rigs) Q3 2013 Production (MBOEPD) 173 223 2012 Reserves (BBOE) 1.1 177 168 2012…
  3. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 3
    Significant Q3/Early Q4 Accomplishments Best horizontal Wolfcamp Shale D interval IP in Midland Basin Best IP of all intervals in Midland Basin Best horizontal Wolfcamp Shale B interval IP in Midland Basin Extended productivity of…
  4. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 4
    2013E Capital Spending and Cash Flow1 Capital program remains at 3.0 B Drilling Capital: 2.75 B Sensitivity to Commodity Prices ( MM) 1,225 MM northern Wolfcamp/Spraberry area o 400 MM for horizontal program 5.00 NYMEX Gas Price…
  5. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 5
    Pioneer Focusing Capex in Highest Margin Assets 2013E 2013E Cash Margins (/BOE ex-hedges)1,2 % Liquids Assumes 98.00/BBL WTI Crude and 3.70/MCF Gas Production PXD…
  6. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 6
    Forecasting 2013 Production Growth at 14%1 Q4 benefits from higher horizontal POP count in Eagle Ford Shale and 172 173 MBOEPD Spraberry/Wolfcamp Q3 impacted by production FY Guidance (90 vs. 46 in Q3) (Reflects Alaska as…
  7. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 7
    Liquidity Position (09/30/13) Net debt (net of cash balance of 744 MM): 2.1 B Unsecured credit facility availability: 1.5 B Net debt-to-book capitalization: 21% Maturities and Balances1,2 2016 2017 2018 2020 2022 2028 455 MM 485…
  8. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 8
    Pioneers Significant Proved Reserves and Recoverable Resource Potential1 Proved Reserves + Estimated Net Recoverable Resource Potential of 9 BBOE and 40,000 Drilling Locations 12/31/12 Proved Reserves: 1.1 BBOE2 Additional Net…
  9. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 9
    Southern Wolfcamp Joint Venture Area Drilling Program 90 wells on production at end Q3 Currently running 8 rigs Expect to spud 100 wells in 2013 2H drilling program consists of 4 rigs focused on higher-return areas in northern Upton…
  10. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 10
    Downspacing Test Underway in Southern JV Area Joint Venture Area Began testing downspacing from 720 (116-acre spacing) to (Wolfcamp and deeper intervals) 480 (77-acre spacing) in the Giddings area Tested 12 wells on 3-well pads using…
  11. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 11
    Southern Wolfcamp JV: Focused on Growing Production in 2014 Expect to continue operating 8 horizontal rigs in 2014 2014 drilling plan calls for 115 horizontal wells compared to 100 horizontal wells in 2013 Average lateral length…
  12. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 12
    Northern Spraberry/Wolfcamp Acreage Pioneers 2013 Drilling Plan Wolfcamp Wolfcamp Wolfcamp M. Spraberry L. Spraberry D B A Shale Jo Mill Shale U. Spraberry 15 wells M. Spraberry Shale Jo Mill Shale Jo Mill Silt L.…
  13. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 13
    Pioneers Northern Horizontal Wolfcamp D Shale Wells University 7-43 10H Wolfcamp D (Andrews County); 7,382 lateral Best IP of any interval 24-hour peak IP rate of 3,605 BOEPD (74% oil) in the Midland Basin . E.T. ODaniel 2H…
  14. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 14
    Pioneers Wolfcamp D Wells Extend Play 60 Miles West PXD University 7-43 10H U. Spraberry 24-hr IP: 3,605 BOEPD 7,382 lateral length APA Barracuda 45-4H M. Spraberry 24-hr IP: 695 BOEPD Shale 30-day IP: 511 BOEPD 4,560 lateral…
  15. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 15
    Pioneers Northern Horizontal Wolfcamp B and Wolfcamp A Shale Wells1 E.T. O'Daniel 1H Wolfcamp B (Midland County); 9,229 lateral Best Wolfcamp B interval IP in 24-hour peak IP rate of 2,801 BOEPD (75% oil) Pioneers northern acreage DL…
  16. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 16
    Notable Industry Wolfcamp A, B & C and Spraberry Shale Horizontal Results PXD Scharbauer 202H (WC B) FANG - UL III 4 1-H (WC B) 24-hr IP: 979 BOEPD 24-hr IP: 613 BOEPD 8,342 lateral length 4,050 lateral length PXD - Mabee K 1H (WC B)…
  17. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 17
    Northern Horizontal Wolfcamp Before Tax Well Economics1,2 BTAX IRR 150% 125% 60% 650 MBOE 800 MBOE 1,000 MBOE Payout 1.7 0.9 0.8 Years3 1) Pricing: 95 oil / 4 gas 2) Assumes horizontal well with a 7,000 lateral length…
  18. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 18
    Pioneers Northern Spraberry/Wolfcamp Activity1 16 horizontal wells on production with 4 of these currently flowing back Pioneers Northern Includes 10 Wolfcamp Shale wells and 6 Spraberry Spraberry/Wolfcamp Acreage Shale wells in…
  19. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 19
    Northern Spraberry/Wolfcamp: Focused on Growing Production in 2014 Expect to ramp up from 5 horizontal rigs to 10+ horizontal rigs in early 2014 Vertical rig count expected to be reduced from 15 rigs to 12 or less Expect to utilize…
  20. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 20
    2013 Spraberry/Wolfcamp Shale Production Growth Range Spraberry/Wolfcamp Net Production1 (MBOEPD) 80 81 MBOEPD Despite conveying 3,000 BOEPD to Sinochem in Q3, FY Guidance horizontal production increased to 8 MBOEPD as 20 85 - 88…
  21. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 21
    Eagle Ford Shale Downspacing Results (500 Well Spacing Tests) Downspacing from 1,000 (120-acre spacing) to 500 (60-acre spacing) between wells across liquids-rich acreage position (90 miles) Added 300 locations in liquids-rich areas…
  22. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 22
    Further Downspacing Tests Underway (Down to 300') Early results from initial 300' well spacing test encouraging 300 testing underway in liquids-rich areas where 500 well spacing was successful Potential to add 300 - 400 incremental…
  23. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 23
    Reducing 2013 Eagle Ford Shale Production Growth Range Eagle Ford Shale Net Production1 (MBOEPD) Expect to drill 130 liquids-rich wells in 2013 37 38 MBOEPD 80% pad drilling, up from 45% in 2012 FY Guidance o 2-well to 6-well pads…
  24. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 24
    PXD Investment Highlights U.S. asset base High oil exposure from proved reserves + estimated net resource potential of 9 BBOE Drilling program focused in liquids and resource rich core assets in Texas Horizontal Spraberry/Wolfcamp…
  25. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 25
    Appendix 26
  26. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 26
    Pioneer Large Independent U.S. E&P Company Total Enterprise Value (B) 28 North Slope 2012 Operating Cash Flow (B) 1.8 2012 Drilling Expenditures (B) 2.8 2012 Drillbit F&D (/BOE) 17.72 Q3 2013 Production 64% Liquids (MBOEPD) 173 2012…
  27. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 27
    2013 Drilling Capital1 Millions 2,750 767 717 658 608 Q1 2013 Q2 2013 Q3 2013 Q4 2013E FY 2013E 1) Includes land capital and excludes asset retirement obligations, capitalized interest and G&G G&A 28
  28. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 28
    Production (MBOEPD) Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 1 Spraberry 69 69 75 80 79 Eagle Ford Shale 29 35 37 38 35 Raton 25 24 23 23 22 Mid-Continent 18 17 17 16 17 Barnett 7 9 9 9 8 South Texas 6 6 5 5 6 Alaska 5 4 4 4 5…
  29. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 29
    PXD Production By Commodity By Area Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Spraberry/Wolfcamp Oil (BOPD) 45,239 46,540 52,694 52,595 51,904 NGL (BOEPD) 14,138 11,262 12,864 13,919 16,199 Gas (MCFD) 57,095 64,607 58,653 83,021 62,892…
  30. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 30
    Horizontal Pad Drilling Impact for 2H 2013 Production (MBOEPD) (Reflects Alaska as Discontinued Operations) 11 - 16 179 - 184 172 (3) (3) 2 168 167 93 46 90 Spraberry/Wolfcamp Spraberry/Wolfcamp Spraberry/Wolfcamp and…
  31. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 31
    Production Costs (per BOE) 15.61 14.62 14.56 14.81 Workovers 0.75 14.52 0.99 Production & 0.98 0.81 1.34 Q3 2013 production costs Ad Valorem Taxes 3.38 3.14 3.40 increased slightly compared to 3.53 Third Party 1.28 3.36 Q2…
  32. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 32
    Derivative Philosophy Continue to use derivatives to mitigate commodity price exposure in order to insure funding for development programs and to maintain strong financial position Target 50% on rolling 3 year basis Continue to use a…
  33. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 33
    Open Commodity Derivative Positions as of 10/31/2013 (includes PSE) Oil Q4 2013 2014 2015 2016 Swaps WTI (BPD) 9,750 10,000 - - NYMEX WTI Price (/BBL) 95.57 93.87 - - Three Way Collars (BPD)1 69,000 69,000 85,000 25,000 NYMEX…
  34. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 34
    Open Commodity Derivative Positions as of 10/31/2013 (includes PSE) Natural Gasoline Q4 2013 2014 2015 2016 Three Way Collars (BPD)1,2 1,064 1,000 - - Mont Belvieu Call Price (/BBL) 105.28 109.50 - - Mont Belvieu Put Price (/BBL)…
  35. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 35
    Open Commodity Derivative Positions as of 10/31/2013 (includes PSE) Gas Q4 2013 2014 2015 2016 Swaps - (MMBTUPD) 165,870 175,000 20,000 - NYMEX Price (/MMBTU)1 5.10 4.02 4.31 - Collars - (MMBTUPD) 152,500 - - - NYMEX Call Price…
  36. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 36
    PSE Derivative Position as of 10/31/2013 Oil Q4 2013 2014 2015 Swaps (BPD) 4,750 - - NYMEX Price (/BBL) 87.83 - - Three-Way Collars (BPD)1 - 5,000 - NYMEX Call Price (/BBL) - 105.74 - NYMEX Put Price (/BBL) - 100.00 - NYMEX Short…
  37. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 37
    Three-Way Collars (75 by 90 by 135 example) Unhedged realization Hedged realization 160.00 NYMEX Price 150.00 Potential 140.00 Opportunity Loss Realized Price 130.00 Realized Price (/BBL) Short put at 75/BBL Long put at…
  38. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 38
    Experienced Senior Management Team Years at Pioneer / Years of Experience Predecessor Companies Scott Sheffield Chairman and Chief Executive Officer 38 33 Tim Dove President and Chief Operating Officer 31 18 Rich Dealy Executive…
  39. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 39
    Strong Stock Price Performance Demonstrates Successful Strategy Shift Restructuring Onshore U.S. Onshore U.S. Liquids Focus Economic Downturn Portfolio Focus 500 Pioneer raised 8 billion of capital during the Companys…
  40. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 40
    Strong 2012 Reserve Additions1 Added 161 MMBOE from the drillbit, or 264% of full-year production, at a drillbit F&D cost of 17.72 per BOE Reflects significant drilling campaigns in horizontal Wolfcamp Shale, Spraberry vertical, Eagle…
  41. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 41
    Geologic Provinces of the Permian Basin Spraberry/ Wolfcamp Shale Midland Ozona Platform KS OK NM TX 20 Miles Permian Basin is composed of multiple uplifts and basins that formed during the Pennsylvanian and…
  42. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 42
    Wolfcamp Depositional Model Midland Basin Platform Carbonate Land Platform Carbonate Shelf Edge Carbonate Pelagic Sediments Clastic Detrital Slope Sediments & Reef Talus Fluvial - Deltaic Silt Cloud in Suspension Midland Carbonate…
  43. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 43
    Deposition of the Midland Basin Platform Carbonate Midland CBP Basin Land Marathon Thrust Belt Land West East Central Basin Platform Midland Basin Midland Basin Eastern Shelf (WTGS Cross Section 1984) 44
  44. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 44
    Progression of Spraberry/Wolfcamp Field Development1 1940s Discovery 1950s Early Development 1960s Field extension 1970s Dramatic expansion 1943 Trace oil found from Major oil company Continued development by Continued development by…
  45. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 45
    History of Spraberry/Wolfcamp Completions 1950 - 70s 1980 - 90s 2000 - 09 2010 2011-12 2013+ 6,000 ft Upper Clear- Spraberry fork Jo Mill Spraberry 5,000 7,000 Lower Horizontal Spraberry Shales Dean 5,000 7,000…
  46. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 46
    Spraberry/Wolfcamp Rig Count Counties: Andrews, Borden, Crockett, Dawson, Ector, Gaines, Glasscock, Howard, Irion, Martin, Midland, Mitchell, Reagan, Schleicher, Scurry, Sterling, Tom Green and Upton 350 96% Vertical Rigs 68%…
  47. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 47
    Major U.S. Shale Play Comparisons Midland Basin How big is the resource Clear Fork Red intervals indicate hydrocarbons Petrophysical analysis indicates significantly more U. Spraberry oil in place in the Wolfcamp and Spraberry Shale…
  48. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 48
    Wolfcamp Comparison to Other Major U.S. Oil Shale Plays Major U.S. Oil Shale Play Characteristics 2 1 Eagle Ford 3 Attribute Units Wolfcamp Shale Bakken (Oil Window) Age Permian Cretaceous Devonian/Mississippian Basin Midland…
  49. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 49
    Wolfcamp B Interval Prospectivity Map Scharbauer Ranch 202H Tier 1 Tier 2 Pioneer Acreage Tier 1 is highest prospectivity 24-hr IP: 979 BOEPD Peak 30-day avg. rate: 783 BOEPD 73% oil acreage, as determined by several Pioneer…
  50. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 50
    50 BBOE Recoverable Resource Potential in Midland Basin Wolfcamp and Jo Mill Shales 50 BBOE Recoverable Resource Potential by Industry Midland Basin Wolfcamp and Jo Mill Shales Jo Mill Wolfcamp D 7 BBOE 8 BBOE Wolfcamp A 13…
  51. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 51
    Largest Oil Fields Worldwide Reserves1 (BBOE) Total Recoverable Resource 00 20 10 40 20 60 30 80 100 40 120 50 140 60 160 Ghawar, Ghawar, Saudi Saudi Arabia Arabia Spraberry/Wolfcamp, Spraberry/Wolfcamp, USA USA Burgan,…
  52. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 52
    Largest U.S. Oil Fields Estimated Recoverable Resource1 (BBOE) 0 5 10 15 20 25 30 35 40 45 50 Spraberry/Wolfcamp Eagle Ford Shale Prudhoe Bay, AK Bakken Shale Delaware Basin East Texas Basin Midway-Sunset, CA Wilmington, CA…
  53. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 53
    Spraberry/Wolfcamp Production History 550,000 22,000 Includes Vertical and Horizontal Wells 500,000 20,000 450,000 18,000 400,000 16,000 350,000 14,000 Producing Well Count Production (BOEPD) 300,000 12,000…
  54. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 54
    Production Growth Profiles For 3 Largest U.S. Oil Shale Plays 10,000,000 Includes Horizontal Wells Only Eagle Ford 1,000,000 197 Horizontal Rigs Gross Production (BOEPD) Bakken 156 Horizontal Rigs 100,000…
  55. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 55
    1 Spraberry/Wolfcamp Horizontal Drilling Production Growth Profile 2.75 Assumes Pioneers rig count increases from 12 rigs currently to 50 rigs in 2018 and thereafter 2.50 Gross Daily Production (MMBOED) 2.25 2.00 1.75…
  56. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 56
    TPHs Industry Permian Basin Production Growth Forecast TPHs Permian (Delaware + Midland) Production Forecast: 4.8 MMBOEPD by 2025 Source: IR Presentations, Drillinginfo, RigData, TPH Research; 2-stream 57
  57. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 57
    JV Agreement with Sinochem 40% of PXD interest in 207,000 acres; sold Wolfcamp and deeper horizons (retained Spraberry/Dean and shallower horizons) 1.7 B total consideration; 21,000/acre 631 MM of upfront cash (includes Sinochems…
  58. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 58
    Southern Wolfcamp JV Drilling Performance Improving Drilling Days Per Well 34 31 28 Q1 2013 Q2 2013 Q3 2013 Drilling Feet Per Day 765 610 669 Q1 2013 Q2 2013 Q3 2013 59
  59. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 59
    Southern Wolfcamp JV Completion Costs Being Reduced Average Completion Cost ( per lateral foot) 660 560 530 Q1 2013 Q2 2013 Q3 2013 60
  60. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 60
    Initial Design Reduced pad volume 4,360 (380) Switch to brown sand (115) Increase to 4 clusters/stage (110) Reduce resin coated sand (280) Increase to 5 clusters/stage (110) Replace Nanosurfactact…
  61. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 61
    Northern Spraberry/Wolfcamp Acreage Progressing Appraisal Program 2013 Appraisal Areas 2013 drilling program Appraising prospective acreage and confirming additional resource potential across 6 stacked intervals on 600,000 gross…
  62. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 62
    Crude Pipeline Capacity to Gulf Coast Permian Crude Pipeline Takeaway Cushing Operator Origin Destination Pipeline Capacity Current Plains Permian Cushing Basin 450,000 Oxy Permian Cushing Centurion 75,000 Sunoco Permian GC West…
  63. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 63
    Growing Midstream Infrastructure to Support Production Growth Gas Processing Pipeline NGL Takeaway Midkiff / Benedum / Driver to Mont Belvieu Current capacity: 460 MMCFD1 Chaparral & West Texas PXD production makes up 40%…
  64. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 64
    Pioneer in the Spraberry/Wolfcamp Shale Largest acreage position in the Midland Basin High oil exposure from proved reserves + net recoverable resource potential of 7.5 BBOE Technology leader Sophisticated geologic maps from 70,000…
  65. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 65
    Rigs Vertical vs. Horizontal Vertical Rig Horizontal Rig 66
  66. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 66
    Vertical Drilling Sand Supply for Fracs 67
  67. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 67
    Horizontal Drilling Sand Supply for Fracs Portable Sand Silos For Horizontal Wells 68
  68. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 68
    Vertical Drilling Water Supply for Fracs from Frac Tanks Frac Tanks 69
  69. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 69
    Horizontal Drilling Water Supply for Fracs from Frac Ponds One frac pond can support multiple well sites 70
  70. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 70
    Vertical Drilling Tank Battery, Separators and Pumping Unit 71
  71. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 71
    Horizontal Drilling Tank Battery, Separators and Compression DL Hutt Horizontal Tank Battery and Separators DL Hutt Separators and Compressor Station for gas lift 72
  72. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 72
    Water Disposal Vertical vs. Horizontal Wells Trucks haul produced water from vertical wells to disposal site Produced water piped from horizontal wells to central disposal facility 73
  73. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 73
    Pioneers Midland Basin Man Camp Trucks haul produced water from vertical wells to disposal site Produced water piped from horizontal wells to central disposal facility 74
  74. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 74
    Giddings Area Drilling Rigs Ensign 156 Giddings Estate 2135H, 2136H & 2137H Patterson 244 Giddings Estate 2132H, 2133H & 2134H 75
  75. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 75
    Giddings Area Frac Fleet Fleet 2 Giddings Estate 3064H, 3065H & 3066H 76 76
  76. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 76
    Giddings Area Facilities (Tank Batteries) Facilities/Tank Batteries Fleet 2 Giddings Estate 3064H, 3065H & 3066H 77
  77. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 77
    Giddings Area D&C Simultaneous Operations Ensign 156 Giddings Estate 2135H, 2136H & 2137H Patterson 244 Giddings Estate 2132H, Fleet 1 2133H & 2134H Giddings Estate 3067H, 3068H & 3069H Fleet 2 Giddings Estate 3064H, H&P…
  78. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 78
    Pioneers Eagle Ford Shale Acreage Oil Window PXD Acreage Area 79
  79. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 79
    Eagle Ford Shale Resource Breakdown Lean Condensate Rich Condensate Dry Gas 45% of Acreage 35% of Acreage 20% of Acreage (60 BBL/MMSCF) (200 BBL/MMSCF) 20% 20% 30% Condensate NGL* NGL* 50% 100% Condensate Gas 50% 30% Gas…
  80. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 80
    Pioneers Edwards Trend and Eagle Ford Shale Production Growth1 120 Pioneer grew gross Eagle Ford Shale production from 0 MBOEPD to 100 MBOEPD in 3 years 100 PRODUCTION (MBOEPD) 80 60 40 20 Edwards Trend…
  81. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 81
    PXDs Vertical Integration Reduces Costs and Enhances Execution Spraberry Barnett Shale Combo Eagle Ford Shale 3 vertical frac fleets (20,000 HP each) 1 frac fleet 2 frac fleets 3 horizontal frac fleets (35,000 HP each) (30,000 HP)…
  82. BAML GLOBAL ENERGY CONFERENCE – Pioneer Natural Resources Co. – slide 82
    Certain Reserve Information Cautionary Note to U.S. Investors --The U.S. Securities and Exchange Commission (the SEC) prohibits oil and gas companies, in their filings with the SEC, from disclosing estimates of oil or gas resources other…

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