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FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co.

Pioneer Natural Resources Co. · May 2, 2013 · 44 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. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 1
    First Quarter 2013 Earnings May 2, 2013
  2. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 2
    Financial and Operating Highlights Q1 2013 adjusted income1 of 136 MM, or 1.02 per diluted share1 Q1 2013 production: 171 MBOEPD Above Q1 guidance range of 165 MBOEPD 170 MBOEPD Up 6 MBOEPD, or 4%, compared to Q4 2012 Strong growth…
  3. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 3
    Financial and Operating Highlights (cont.) Continuing to deliver significant incremental production from deeper vertical drilling in the Spraberry field Delivered record Eagle Ford Shale net production of 37 MBOEPD; represents 7%…
  4. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 4
    2013E Capital Spending and Cash Flow1 Capital program of 3.0 B includes: Drilling Capital: 2.75 B 1,225 MM northern Wolfcamp/Spraberry area 400 MM for horizontal program Sensitivity to Commodity Prices ( MM) 6.00 625 MM for vertical…
  5. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 5
    Targeting 13% - 18% Compound Annual Production Growth for 2013 - 2015 High end of 2013-2015 growth range assumes 100 oil / 4.25 gas; low end assumes 85 oil / 3.25 gas Excludes annualized 4+ MBOEPD MBOEPD conveyed to Sinochem post…
  6. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 6
    Wolfcamp B Interval Prospectivity Map Tier 1 Tier 2 Pioneer Land Tier 1 is highest prospectivity acreage, as determined by several Pioneer Wolfcamp B wells geologic properties, including: Wolfcamp B depth contour Original oil in place…
  7. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 7
    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…
  8. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 8
    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…
  9. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 9
    1 Spraberry/Wolfcamp Horizontal Drilling Production Growth Profile 2.75 Spraberry/Wolfcamp Production 70% to 75% Oil 2.50 Gross Daily Production (MMBOED) 2.25 2.00 1.75 1.50 Other Operators2 (200 Independent Operators)…
  10. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 10
    Southern Wolfcamp Joint Interest Area - Q1 2013 Horizontal Drilling Results Placed 9 new Wolfcamp B wells on production during Q1 with average peak 24-hour IP rate of 911 BOEPD; 82% oil1 University 10-1 4H: 1,203 BOEPD University…
  11. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 11
    Southern Wolfcamp Joint Interest Area Drilling Program Currently running 7 rigs; expect to increase to 10 rigs in 2014 and 13 rigs in 2015 Equates to 86 wells in 2013, 120 wells in 2014 and 165 wells in 2015 2013 drilling program…
  12. FIRST QUARTER 2013 EARNINGS – 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 to 20 wells M. Spraberry Shale Jo Mill Shale Jo Mill Silt L.…
  13. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 13
    Pioneers Q2 Northern Wolfcamp/Spraberry Drilling Plan Initial rig drilled first two horizontal Wolfcamp Shale wells in Midland County 25 miles north of highly successful Giddings horizontal Pioneers northern Wolfcamp Shale wells…
  14. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 14
    Pioneers Horizontal Wolfcamp Shale and Jo Mill Well Results Exceeding Expectations DL Hutt C 1H (Midland County) First northern acreage horizontal, 7,380 lateral 24-hr IP natural flow rate of 1,693 BOEPD; 75% oil Peak 30-day…
  15. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 15
    Northern Wolfcamp/Spraberry Acreage Progressing 1 B Appraisal Program 2013/2014 Appraisal Areas 2013 drilling program expected to cost 400 MM Appraise prospective acreage and confirm additional resource potential across 6 stacked…
  16. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 16
    Spraberry Vertical Drilling Program 6,000 ft Upper Clear- Spraberry fork Deeper drilling expected to account for 90% of 2013 vertical drilling program 2013 drilling program includes 15 vertical rigs that are forecast to drill…
  17. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 17
    Continuing to Successfully Grow Wolfcamp/Spraberry Production Wolfcamp/Spraberry Net Production1 (MBOEPD) 75 80 MBOEPD Q1 production benefited by 2,000 BOEPD from FY Guidance reduction in vertical frac bank of 55 wells 75 Q1…
  18. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 18
    Eagle Ford Shale Continues to Set New Production Records Eagle Ford Shale Net Production1 (MBOEPD) 38 42 MBOEPD Drilled 37 wells in Q1; 35 wells placed on FY Guidance production Expect to drill 130 wells in 2013 Drilling…
  19. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 19
    Continuing to Grow Barnett Shale Combo Production Barnett Shale Net Production (MBOEPD) 9 12 MBOEPD Drilled 8 wells in Q1; 4 wells placed on FY Guidance production Increased rig count from 1 rig to 2 rigs in April to hold…
  20. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 20
    Alaska Q1 net production: 4 MBOPD Nuiqsut Area 3 wells fracd from 1-rig development program continues from island drill site in 2013 Island the Oooguruk island drill site targeting Development Area Nuiqsut and Torok intervals PXD…
  21. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 21
    Q1 2013 Earnings Summary Millions (After Tax) Per Share Net income attributable to common stockholders 101 0.75 Unrealized mark-to-market (MTM) derivative losses (96 MM before tax) 60 0.45 Adjusted income excluding unrealized MTM…
  22. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 22
    Price Realizations1 Realized Prices (excludes VPPs and derivatives) 99.15 86.87 88.09 88.57 83.89 41.81 32.62 30.96 30.69 30.36 3.20 3.14 2.51 2.62 2.00 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q1…
  23. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 23
    Production Costs (per BOE)1 15.61 14.21 0.75 14.62 14.52 13.30 0.96 0.98 0.81 Q1 2013 production cost Workovers 0.69 3.38 3.14 essentially flat compared to 3.53 Production & Ad Valorem Taxes 3.43 3.25 1.28 Q4 2012 1.40…
  24. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 24
    Liquidity Position (03/31/13)1 Net debt (net of cash balance of 430 MM): 2.4 B Unsecured credit facility availability: 1.5 B Net debt-to-book capitalization: 26% Maturities and Balances2 2013 2016 2017 2018 2020 2022 2028 219…
  25. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 25
    Q2 2013 Guidance1 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) 14.00 16.00 G&A ( MM) 62 67…
  26. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 26
    2013 Drilling Capital1 Millions 2,750 759 Q1 2013 FY 2013E 1) Excludes acquisitions, asset retirement obligations, capitalized interest and G&G G&A 28
  27. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 27
    Production (MBOEPD)1 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 2 3 4 5 Spraberry 62 64 69 69 75 Eagle Ford Shale 23 24 29 35 37 Raton 26 25 25 24 23 Mid-Continent 18 18 18 17 17 Barnett 6 7 7 9 9 South Texas 7 6 6 6 5 Alaska 4 5 5 4…
  28. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 28
    Production By Commodity By Area1 1) All periods presented have been restated to exclude discontinued operations 30
  29. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 29
    Oil and Gas Revenue1 Millions 788 719 716 735 642 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 1) All periods presented have been restated to exclude discontinued operations 31
  30. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 30
    Open Commodity Derivative Positions as of 4/30/2013 (includes PSE) Oil Q2 2013 Q3 2013 Q4 2013 2014 2015 Swaps WTI (BPD) 3,000 3,000 3,000 - - NYMEX WTI Price (/BBL) 81.02 81.02 81.02 - - Three Way Collars (BPD)1 68,750 72,750…
  31. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 31
    Open Commodity Derivative Positions as of 4/30/2013 (includes PSE) Natural Gasoline Q2 2013 Q3 2013 Q4 2013 2014 2015 Three Way Collars (BPD)1,2 1,064 1,064 1,064 1,000 - Mont Belvieu Call Price (/BBL) 105.28 105.28 105.28 109.50…
  32. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 32
    Open Commodity Derivative Positions as of 4/30/2013 (includes PSE) Gas Q2 2013 Q3 2013 Q4 2013 2014 2015 2016 Swaps - (MMBTUPD) 172,500 172,500 165,870 175,000 20,000 - NYMEX Price (/MMBTU)1 5.05 5.05 5.10 4.02 4.31 - Collars -…
  33. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 33
    PSE Derivative Position as of 4/30/2013 Oil Q2 2013 Q3 2013 Q4 2013 2014 2015 Swaps (BPD) 3,000 3,000 3,000 - - NYMEX Price (/BBL) 81.02 81.02 81.02 - - Three-Way Collars (BPD)1 1,750 1,750 1,750 5,000 - NYMEX Call Price (/BBL)…
  34. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 34
    Oil Differentials (per BBL)1 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 NYMEX calendar month average 102.93 93.49 92.22 88.18 94.37 NYMEX differential (3.78) (6.62) (4.13) (4.29) (5.80) Realized prices excluding VPPs and derivatives 99.15…
  35. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 35
    NGL Differentials (per BBL)1 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 NYMEX oil calendar month average 102.93 93.49 92.22 88.18 94.37 NYMEX differential (61.12) (60.87) (61.26) (57.49) (64.01) Realized prices excluding derivatives 41.81 32.62…
  36. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 36
    Gas Differentials (per MCF)1 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 NYMEX bid week average 2.72 2.21 2.80 3.41 3.34 NYMEX differential (0.21) (0.21) (0.18) (0.21) (0.20) Realized prices excluding derivatives 2.51 2.00 2.62 3.20 3.14…
  37. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 37
    General & Administrative Costs1 Includes performance-based Millions compensation awards for 2012 68 63 63 64 12 12 55 12 13 Noncash 13 Q1 Q2 Q3 Q4 Q1 2012 2012 2012 2012 2013 1) All periods presented have been restated…
  38. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 38
    Interest Costs1 Millions 54 54 51 49 47 9 9 5 Noncash 8 10 Q1 Q2 Q3 Q4 Q1 2012 2012 2012 2012 2013 1) All periods presented have been restated to exclude discontinued operations 40
  39. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 39
    Exploration & Abandonments Millions Drilling & Acreage Drilling & Acreage 8 Geological & Geophysical Seismic 5 Personnel & Other 15 1st Quarter 2013 Total 28 41
  40. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 40
    Income Taxes Attributable to Continuing Operations Quarter Ended March 31, 2013 ( Millions) Current tax provision 7 Deferred tax provision 52 59 42
  41. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 41
    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…
  42. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 42
    Supplemental Earnings Per Share Information The Company uses the two-class method of calculating basic and diluted earnings per share. Under the two-class method of calculating earnings per share, GAAP provides that share- and unit-based…
  43. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 43
    Supplemental Non-GAAP Financial Measures Adjusted income excluding unrealized MTM derivative losses and adjusted income excluding unrealized MTM derivative losses and unusual items, as presented in the Q1 2013 Earnings Summary slide, is…
  44. FIRST QUARTER 2013 EARNINGS – Pioneer Natural Resources Co. – slide 44
    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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