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Q2 2013 Earnings Call – Pioneer Natural Resources Co.

Pioneer Natural Resources Co. · Jul 31, 2013 · 40 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. Q2 2013 Earnings Call – Pioneer Natural Resources Co. – slide 1
    Second Quarter 2013 Earnings July 31, 2013
  2. Q2 2013 Earnings Call – Pioneer Natural Resources Co. – slide 2
    Financial and Operating Highlights Q2 2013 adjusted income1 of 154 MM, or 1.10 per diluted share1 Q2 2013 production: 176.2 MBOEPD (177.6 MBOEPD excluding ethane rejection) Up 5 MBOEPD, or 3%, compared to Q1 2013 Growth primarily…
  3. Q2 2013 Earnings Call – Pioneer Natural Resources Co. – slide 3
    Financial and Operating Highlights (cont.) Northern Spraberry/Wolfcamp horizontal drilling (cont.) Increased from 1 rig to 5 rigs in Q2 o Currently drilling multiple Wolfcamp, Jo Mill and Spraberry Shale intervals in Midland and…
  4. Q2 2013 Earnings Call – Pioneer Natural Resources Co. – slide 4
    2013E Capital Spending and Cash Flow1 Capital program remains at 3.0 B Drilling Capital: 2.75 B 1,225 MM northern Wolfcamp/Spraberry area Sensitivity to Commodity Prices ( MM) 6.00 o 400 MM for horizontal program NYMEX Gas…
  5. Q2 2013 Earnings Call – Pioneer Natural Resources Co. – slide 5
    Narrowing 2013 Production Growth Range from 12% - 16% to 14% - 16% Narrowing guidance range 177 - 181 175 181 MBOEPD 2H production impacted by FY Guidance timing of POPs from pad drilling Q3 impacted by production conveyed to…
  6. Q2 2013 Earnings Call – Pioneer Natural Resources Co. – slide 6
    Production Growth Forecast for Q3 and Q4 2013 MBOEPD 11 - 16 185 - 195 2-7 174 - 179 176 (3) (1) 171 2H 142 Spraberry/Wolfcamp 1H and Eagle Ford Shale POPs 93 Spraberry/Wolfcamp (mostly in latter part of Q3 and Eagle Ford…
  7. Q2 2013 Earnings Call – Pioneer Natural Resources Co. – slide 7
    Northern Spraberry/Wolfcamp Horizontal Drilling Success Continued During Q2 Placed first Wolfcamp B interval well on production in Martin County (Mabee K 1H) Mabee K 1H (B well) 24-hr IP: 1,572 BOEPD Strong well performance confirms…
  8. Q2 2013 Earnings Call – Pioneer Natural Resources Co. – slide 8
    Pioneers Northern Horizontal Wolfcamp Shale Wells Delivering Strong Results DL Hutt C 1H Wolfcamp B (Midland County); 7,380 lateral 24-hr IP: 1,693 BOEPD Peak 30-day average rate: 1,402 BOEPD Cumulative production: 140 MBOE in 180…
  9. Q2 2013 Earnings Call – Pioneer Natural Resources Co. – slide 9
    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…
  10. Q2 2013 Earnings Call – Pioneer Natural Resources Co. – slide 10
    Northern Spraberry/Wolfcamp Acreage Pioneers 2013 Drilling Plan Wolfcamp Wolfcamp Wolfcamp M. Spraberry L. Spraberry D B A Shale Jo Mill Shale U. Spraberry 10 to 15 wells M. Spraberry Shale Jo Mill Shale Jo Mill Silt L.…
  11. Q2 2013 Earnings Call – Pioneer Natural Resources Co. – slide 11
    Pioneers Current Northern Spraberry/Wolfcamp Activity Added 4 horizontal rigs during Q2 Andrews County 5-rig program currently consists of: Scheduled Q3 Drilling Area 3 rigs focused on Wolfcamp Shales in Midland and Pioneers…
  12. Q2 2013 Earnings Call – Pioneer Natural Resources Co. – slide 12
    2nd Half 2013 Northern Spraberry/Wolfcamp Horizontal Appraisal Program Expect to add production from 20 new wells during 2H Including initial Wolfcamp D, Jo Mill, Lower Spraberry and Middle Spraberry well results Drilling on 2-well…
  13. Q2 2013 Earnings Call – Pioneer Natural Resources Co. – slide 13
    Southern Wolfcamp Joint Venture Area Drilling Program 22 new Wolfcamp B interval wells placed on production during Q2 meeting expectations 24-hour IP rates up to 1,000 BOEPD; 88% oil content Pumped slickwater fracs on 18 wells in Q2;…
  14. Q2 2013 Earnings Call – Pioneer Natural Resources Co. – slide 14
    Continuing to Successfully Grow Spraberry/Wolfcamp Production Spraberry/Wolfcamp Net Production1 (MBOEPD) Q2 production negatively impacted by 1,400 BOEPD Narrowing 77 80 guidance range due to unexpected ethane rejection 75 80…
  15. Q2 2013 Earnings Call – Pioneer Natural Resources Co. – slide 15
    Eagle Ford Shale Continues to Set New Production Records Eagle Ford Shale Net Production1 (MBOEPD) Drilled 33 wells in Q2 Expect to drill 130 wells in 2013 38 42 MBOEPD FY Drilling essentially all liquids-rich wells Guidance 80% pad…
  16. Q2 2013 Earnings Call – Pioneer Natural Resources Co. – slide 16
    Q2 2013 Earnings Summary Millions (After Tax) Per Share Net income attributable to common stockholders 337 2.40 Unrealized mark-to-market (MTM) derivative gains (110 MM before tax) (66) (0.47) Adjusted income excluding unrealized MTM…
  17. Q2 2013 Earnings Call – Pioneer Natural Resources Co. – slide 17
    Price Realizations1 Realized Prices (excludes VPPs and derivatives) 90.82 86.87 88.09 83.89 88.57 32.62 30.96 30.69 30.36 28.19 3.74 3.20 3.14 2.62 2.00 ____ Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q2…
  18. Q2 2013 Earnings Call – Pioneer Natural Resources Co. – slide 18
    Production Costs (per BOE)1 15.61 14.21 0.75 14.62 14.52 14.56 0.96 0.98 0.81 1.34 Q2 2013 production cost Workovers 3.38 3.14 essentially flat compared to Q1 3.53 Production & Ad Valorem Taxes 3.25 1.28 3.36 2013 1.40…
  19. Q2 2013 Earnings Call – Pioneer Natural Resources Co. – slide 19
    Liquidity Position (06/30/13) Net debt (net of cash balance of 696 MM): 2.1 B Unsecured credit facility availability: 1.5 B Net debt-to-book capitalization: 22% Maturities and Balances1,2 2016 2017 2018 2020 2022 2028 455 MM 485…
  20. Q2 2013 Earnings Call – Pioneer Natural Resources Co. – slide 20
    Q3 2013 Guidance Guidance Daily Production (MBOEPD) 174 179 Production Costs (/BOE) 14.00 16.00 Exploration & Abandonment ( MM) 25 35 Drilling and Acreage 15 Personnel and Seismic 20 DD&A (/BOE) 14.50 16.50 G&A ( MM) 65 70…
  21. Q2 2013 Earnings Call – Pioneer Natural Resources Co. – slide 21
    2013 Drilling Capital1 Millions 2,750 1,266 767 717 Q1 2013 Q2 2013 2H 2013E FY 2013 E 1) Includes land capital and excludes asset retirement obligations, capitalized interest and G&G G&A 23
  22. Q2 2013 Earnings Call – Pioneer Natural Resources Co. – slide 22
    Barnett Shale Combo Barnett Shale Net Production (MBOEPD) Drilled 15 wells in Q2; 12 wells placed on 9 12 MBOEPD production FY Guidance Increased rig count from 1 rig to 2 rigs in April to hold high-graded acreage 30% of 76,000…
  23. Q2 2013 Earnings Call – Pioneer Natural Resources Co. – slide 23
    Alaska Q2 net production: 4 MBOPD Nuiqsut Area 1-rig development program continues from 3 wells fracd from Island island drill site in 2013 the Oooguruk island drill site Development Area Following first successful mechanically…
  24. Q2 2013 Earnings Call – Pioneer Natural Resources Co. – slide 24
    Production (MBOEPD)1 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 2 3 4 5 6 Spraberry 64 69 69 75 80 Eagle Ford Shale 24 29 35 37 38 Raton 25 25 24 23 23 Mid-Continent 18 18 17 17 16 Barnett 7 7 9 9 9 South Texas 6 6 6 5 5 Alaska 5 5 4 4…
  25. Q2 2013 Earnings Call – Pioneer Natural Resources Co. – slide 25
    Production By Commodity By Area1 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Spraberry/Wolfcamp Oil (BOPD) 43,310 45,239 46,540 52,694 52,595 NGL (BOEPD) 10,768 14,138 11,262 12,864 13,919 Gas (MCFD) 57,827 57,095 64,607 58,653 83,021 Total…
  26. Q2 2013 Earnings Call – Pioneer Natural Resources Co. – slide 26
    Oil and Gas Revenue1 Millions 845 788 735 716 642 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 1) All periods presented have been restated to exclude discontinued operations 28
  27. Q2 2013 Earnings Call – Pioneer Natural Resources Co. – slide 27
    Open Commodity Derivative Positions as of 7/30/2013 (includes PSE) Oil Q3 2013 Q4 2013 2014 2015 2016 Swaps WTI (BPD) 7,476 9,750 10,000 - - NYMEX WTI Price (/BBL) 93.60 95.57 93.87 - - Three Way Collars (BPD)1 68,274 69,000…
  28. Q2 2013 Earnings Call – Pioneer Natural Resources Co. – slide 28
    Open Commodity Derivative Positions as of 7/30/2013 (includes PSE) Natural Gasoline Q3 2013 Q4 2013 2014 2015 2016 Three Way Collars (BPD)1,2 1,064 1,064 1,000 - - Mont Belvieu Call Price (/BBL) 105.28 105.28 109.50 - - Mont…
  29. Q2 2013 Earnings Call – Pioneer Natural Resources Co. – slide 29
    Open Commodity Derivative Positions as of 7/30/2013 (includes PSE) Gas Q3 2013 Q4 2013 2014 2015 2016 Swaps - (MMBTUPD) 172,500 165,870 175,000 20,000 - NYMEX Price (/MMBTU)1 5.05 5.10 4.02 4.31 - Collars - (MMBTUPD) 152,500 152,500…
  30. Q2 2013 Earnings Call – Pioneer Natural Resources Co. – slide 30
    PSE Derivative Position as of 7/30/2013 Oil Q3 2013 Q4 2013 2014 2015 Swaps (BPD) 4,160 4,750 - - NYMEX Price (/BBL) 86.17 87.83 - - Three-Way Collars (BPD)1 590 - 5,000 - NYMEX Call Price (/BBL) 116.00 - 105.74 - NYMEX Put Price…
  31. Q2 2013 Earnings Call – Pioneer Natural Resources Co. – slide 31
    Oil Differentials (per BBL)1 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 NYMEX calendar month average 93.49 92.22 88.18 94.37 94.22 NYMEX differential (6.62) (4.13) (4.29) (5.80) (3.40) Realized prices excluding VPPs and derivatives 86.87 88.09…
  32. Q2 2013 Earnings Call – Pioneer Natural Resources Co. – slide 32
    NGL Differentials (per BBL)1 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 NYMEX oil calendar month average 93.49 92.22 88.18 94.37 94.22 NYMEX differential (60.87) (61.26) (57.49) (64.01) (66.03) Realized prices excluding derivatives 32.62 30.96…
  33. Q2 2013 Earnings Call – Pioneer Natural Resources Co. – slide 33
    Gas Differentials (per MCF)1 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 NYMEX bid week average 2.21 2.80 3.41 3.34 4.10 NYMEX differential (0.21) (0.18) (0.21) (0.20) (0.36) Realized prices excluding derivatives 2.00 2.62 3.20 3.14 3.74…
  34. Q2 2013 Earnings Call – Pioneer Natural Resources Co. – slide 34
    General & Administrative Costs1 Millions 68 67 63 64 12 13 Noncash 55 12 13 13 Q2 Q3 Q4 Q1 Q2 2012 2012 2012 2013 2013 1) All periods presented have been restated to exclude discontinued operations 36
  35. Q2 2013 Earnings Call – Pioneer Natural Resources Co. – slide 35
    Interest Costs1 Millions 54 54 51 49 9 9 5 8 43 4 Noncash Q2 Q3 Q4 Q1 Q2 2012 2012 2012 2013 2013 1) All periods presented have been restated to exclude discontinued operations 37
  36. Q2 2013 Earnings Call – Pioneer Natural Resources Co. – slide 36
    Exploration & Abandonments Millions Drilling & Acreage: Drilling & Acreage 4 Geological & Geophysical: Seismic 5 Personnel & Other 15 2nd Quarter 2013 Total 24 38
  37. Q2 2013 Earnings Call – Pioneer Natural Resources Co. – slide 37
    Income Taxes Attributable to Continuing Operations Quarter Ended June 30, 2013 ( Millions) Current tax provision 10 Deferred tax provision 182 192 39
  38. Q2 2013 Earnings Call – Pioneer Natural Resources Co. – slide 38
    Supplemental Non-GAAP Financial Measures EBITDAX and discretionary cash flow (DCF) are disclosed by Pioneer, and reconciled to the generally accepted accounting principle (GAAP) measures of net income and net cash provided by operating…
  39. Q2 2013 Earnings Call – Pioneer Natural Resources Co. – slide 39
    Supplemental Non-GAAP Financial Measures Adjusted income excluding unrealized MTM derivative gains and adjusted income excluding unrealized MTM derivative gains and unusual items, as presented in the Financial and Operating Highlights…
  40. Q2 2013 Earnings Call – Pioneer Natural Resources Co. – slide 40
    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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