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Q1 2015 EARNINGS – Pioneer Natural Resources Co.

Pioneer Natural Resources Co. · May 6, 2015 · 35 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. Q1 2015 EARNINGS – Pioneer Natural Resources Co. – slide 1
    Pioneer Proprietary Q1 2015 Earnings May 6, 2015
  2. Q1 2015 EARNINGS – Pioneer Natural Resources Co. – slide 2
    Financial and Operating Highlights Q1 2015 adjusted net loss: 5 MM, or 0.03 per diluted share1 Q1 2015 production of 194 MBOEPD (51% oil) impacted by: Loss of 3 MBOEPD due to downtime associated with severe winter weather in the…
  3. Q1 2015 EARNINGS – Pioneer Natural Resources Co. – slide 3
    Financial and Operating Highlights (cont.) Realizing 15% decrease in drilling and completion capital compared to 2014 in response to cost reduction initiatives Expect capital costs to decline by 20% by year-end 2015 Achieving…
  4. Q1 2015 EARNINGS – Pioneer Natural Resources Co. – slide 4
    Updated 2015 Outlook Spreading planned Q1 and early Q2 horizontal completions in the Spraberry/Wolfcamp over the remainder of 2015 to more efficiently utilize Pioneer Pumping Services Pioneer Pumping Services continues to be cost…
  5. Q1 2015 EARNINGS – Pioneer Natural Resources Co. – slide 5
    2015E Capital Spending and Cash Flow1 Capital program of 1.85 B (excludes potential rig adds in 2H) Drilling Capital: 1.6 B 1,050 MM northern Spraberry/Wolfcamp (65% of total) o 735 MM for horizontal drilling program Sensitivity to…
  6. Q1 2015 EARNINGS – Pioneer Natural Resources Co. – slide 6
    Forecasting 2015 Production Growth Range of 10%+1 200+ MBOEPD2 Spreading completions to more efficiently utilize Pioneer Pumping Services Original Plan Forecast represented by dashed-line 198-203 194 182 155 137 Prepared…
  7. Q1 2015 EARNINGS – Pioneer Natural Resources Co. – slide 7
    Updated Spraberry/Wolfcamp Horizontal POP Forecast Updated Spraberry/Wolfcamp 89 Horizontal POP Count Forecast Pioneer Pumping Services will have spare capacity to complete additional wells if rigs are added in 2H 66 65 50…
  8. Q1 2015 EARNINGS – Pioneer Natural Resources Co. – slide 8
    Optimizing Returns in a Lower Oil Price Environment Drilling and Completion Cost Reductions 2014 Currently realizing 15% reduction compared to 2014 in Well Cost Composition response to cost reduction initiatives; most significant…
  9. Q1 2015 EARNINGS – Pioneer Natural Resources Co. – slide 9
    Optimizing Returns in a Lower Oil Price Environment (Cont.) Drilling and Completion Efficiencies Continuing completion optimization testing in the Spraberry/Wolfcamp: Stage length and clusters per stage Fluid volumes and chemistry…
  10. Q1 2015 EARNINGS – Pioneer Natural Resources Co. – slide 10
    Northern Wolfcamp Horizontal Production Data1 Wolfcamp A Average production from all Wolfcamp A and B Wolfcamp A wells (25) avg. lateral: 8,600 feet interval wells drilled since early 2013 in northern 280 Spraberry/Wolfcamp tracking…
  11. Q1 2015 EARNINGS – Pioneer Natural Resources Co. – slide 11
    Northern Spraberry/Wolfcamp: High-Grading Drilling Activity in 2015 Reduced horizontal rig count to 6 rigs by the end Pioneers Northern Spraberry/Wolfcamp of February 2015 Drilling Areas High-grading drilling activity to areas and…
  12. Q1 2015 EARNINGS – Pioneer Natural Resources Co. – slide 12
    Southern Wolfcamp JV: High-Grading Drilling Activity in 2015 Reduced horizontal rig count to 4 rigs by the end of February Pioneers Southern Wolfcamp JV Area 2015 Drilling Areas High-grading drilling activity to areas and intervals…
  13. Q1 2015 EARNINGS – Pioneer Natural Resources Co. – slide 13
    Forecasting 2015 Production Growth of 20%+ in Spraberry/Wolfcamp Spraberry/Wolfcamp Net Production (MBOEPD)1 119+ MBOEPD 46 horizontal wells placed on production in Spreading completions to more efficiently utilize Q1 Prepared to…
  14. Q1 2015 EARNINGS – Pioneer Natural Resources Co. – slide 14
    Spraberry/Wolfcamp Infrastructure Development 2015 capital program includes 410 MM for Spraberry/Wolfcamp infrastructure Drilling capital oTank batteries/saltwater disposal facilities to support high-graded drilling program: 215 MM…
  15. Q1 2015 EARNINGS – Pioneer Natural Resources Co. – slide 15
    Eagle Ford Shale JV: High-Grading Drilling Activity in 2015 Reduced horizontal rig count to 6 rigs by the JV Acreage Central Gathering Plant end of February Pipeline Infrastructure 6 Month Cum Peak BOE High-grading drilling…
  16. Q1 2015 EARNINGS – Pioneer Natural Resources Co. – slide 16
    Forecasting 2015 Production Growth of 9%+ in Eagle Ford Shale Eagle Ford Shale Net Production (MBOEPD)1 16 horizontal wells placed on production in 50+ MBOEPD Q1 9 Upper targets and 7 Lower targets 46 47 Q1 production: 47 MBOEPD…
  17. Q1 2015 EARNINGS – Pioneer Natural Resources Co. – slide 17
    Eagle Ford Shale Condensate Exports Exported 20 MBOPD gross (7 MBOPD net) of Eagle Ford Shale processed condensate Distillation Unit during Q1 2015 with significantly improved (Stabilizer) pricing compared to domestic condensate…
  18. Q1 2015 EARNINGS – Pioneer Natural Resources Co. – slide 18
    Q1 2015 Earnings Summary Millions Per Diluted (After Tax) Share Net loss attributable to common stockholders (78) (0.52) Noncash mark-to-market (MTM) derivative gains (35 MM before tax) (22) (0.15) Adjusted loss excluding noncash MTM…
  19. Q1 2015 EARNINGS – Pioneer Natural Resources Co. – slide 19
    Price Realizations1 Realized Prices 95.87 92.38 90.82 66.64 43.02 32.82 30.24 28.44 4.75 4.33 3.79 3.60 18.50 15.00 2.70 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15…
  20. Q1 2015 EARNINGS – Pioneer Natural Resources Co. – slide 20
    Production Costs (per BOE)1 14.30 Q1 2015 production costs 13.90 13.17 13.61 decreased 8% compared to Q4 Workovers 0.76 0.59 0.63 0.65 12.56 2014 Production & 0.62 Ad Valorem 3.68 3.52 2.78 LOE decreased due to cost reduction…
  21. Q1 2015 EARNINGS – Pioneer Natural Resources Co. – slide 21
    Liquidity Position (03/31/15) Net debt (net of cash balance of 383 MM): 2.3 B Reduction of 642 MM from 12/31/2014 720 MM of cash expenditures on drilling, infrastructure and facilities (includes Q4 costs incurred that were not…
  22. Q1 2015 EARNINGS – Pioneer Natural Resources Co. – slide 22
    Q2 2015 Guidance Guidance Daily Production (MBOEPD) 198 203 Production Costs (/BOE) 13.00 15.00 Exploration & Abandonment ( MM) 25 35 Drilling and Acreage 5 - 10 Personnel and Seismic 20 - 25 DD&A (/BOE) 16.00 18.00 G&A (…
  23. Q1 2015 EARNINGS – Pioneer Natural Resources Co. – slide 23
    2015 Drilling Capital1 Millions 1,600 489 Q1 '15 FY '15E 1) Excludes acquisitions, asset retirement obligations, capitalized interest and geological and geophysical G&A expenditures 25
  24. Q1 2015 EARNINGS – Pioneer Natural Resources Co. – slide 24
    Pioneers Production By Commodity By Area Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 Spraberry/Wolfcamp Oil (BOPD) 58,307 57,893 66,425 76,894 74,538 NGL (BOEPD) 16,693 19,754 21,734 23,956 19,760 Gas (MCFPD) 66,770 83,368 86,412 87,630…
  25. Q1 2015 EARNINGS – Pioneer Natural Resources Co. – slide 25
    Oil and Gas Revenue1 Millions 938 967 890 804 517 Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 27 1) All periods presented have been restated to exclude discontinued operations associated with Alaska, Barnett Shale and Hugoton…
  26. Q1 2015 EARNINGS – Pioneer Natural Resources Co. – slide 26
    Open Commodity Derivative Positions as of 05/04/15 Oil Q2 2015 Q3 2015 Q4 2015 2016 Swaps WTI (BPD) 82,000 82,000 82,000 - NYMEX WTI Price (/BBL) 71.18 71.18 71.18 - Three Way Collars (BPD)1,2 15,000 15,000 15,000 83,000 NYMEX…
  27. Q1 2015 EARNINGS – Pioneer Natural Resources Co. – slide 27
    Open Commodity Derivative Positions as of 05/04/15 Ethane Q2 2015 Q3 2015 Q4 2015 2016 Swaps (BPD)1 6,000 6,000 6,000 4,000 Mont Belvieu Swap Price (/BBL) 7.80 7.80 7.80 12.29 Propane Q2 2015 Q3 2015 Q4 2015 2016 Swaps (BPD)2…
  28. Q1 2015 EARNINGS – Pioneer Natural Resources Co. – slide 28
    Open Commodity Derivative Positions as of 05/04/15 Gas Q2 2015 Q3 2015 Q4 2015 2016 Swaps - (MMBTUPD) 20,000 20,000 20,000 70,000 NYMEX Price (/MMBTU)1 4.31 4.31 4.31 4.06 Three Way Collars (MMBTUPD)1,2 285,000 285,000 285,000…
  29. Q1 2015 EARNINGS – Pioneer Natural Resources Co. – slide 29
    General & Administrative Costs1 Millions 89 81 82 81 82 15 15 14 16 15 Noncash Q1 Q2 Q3 Q4 Q1 2014 2014 2014 2014 2015 31 1) All periods presented have been restated to exclude discontinued operations associated with…
  30. Q1 2015 EARNINGS – Pioneer Natural Resources Co. – slide 30
    Interest Costs Millions 47 46 46 46 45 4 5 4 4 5 Noncash Q1 Q2 Q3 Q4 Q1 2014 2014 2014 2014 2015 32
  31. Q1 2015 EARNINGS – Pioneer Natural Resources Co. – slide 31
    Exploration & Abandonments ( Millions) Drilling, Acreage & Other Abandonments 5 Geological & Geophysical Seismic 5 Personnel & Other 15 1st Quarter Total 25 33
  32. Q1 2015 EARNINGS – Pioneer Natural Resources Co. – slide 32
    Income Taxes Attributable to Continuing Operations Quarter Ended March 31, 2015 ( Millions) Current tax benefit Deferred tax benefit 37 Income tax benefit 37 34
  33. Q1 2015 EARNINGS – Pioneer Natural Resources Co. – slide 33
    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 loss and net cash provided by operating…
  34. Q1 2015 EARNINGS – Pioneer Natural Resources Co. – slide 34
    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…
  35. Q1 2015 EARNINGS – Pioneer Natural Resources Co. – slide 35
    Supplemental Non-GAAP Financial Measures Adjusted net loss excluding noncash MTM derivative gains and adjusted net loss excluding noncash MTM derivative gains and unusual items, as presented in the Financial and Operating Highlights slide…

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