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CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co.

Pioneer Natural Resources Co. · May 13, 2014 · 43 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. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 1
    Citi 2014 Global Energy & Utility Conference May 2014
  2. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 2
    PXD Overview 3
  3. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 3
    Pioneer At A Glance Total Enterprise Value (B) 30 Top U.S. Fields By Rig Count1 2014 Drilling Capex (B) 3.0 (Pioneer Operated Count in Green 43 rigs) 311 Q1 2014 Production (MBOEPD) 172 2013 Reserves (BBOE) 0.8 219 2013 Reserves +…
  4. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 4
    Share Price Performance of Permian Basin Operators since 20091 Since 2009, the combined enterprise value for Permian-weighted companies listed has increased from 20 billion to 55 billion 1,200% 1,000% 800% 600%…
  5. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 5
    2014E Capital Spending and Cash Flow1 Capital program of 3.3 B Drilling Capital: 3.0 B 2,165 MM northern Spraberry/Wolfcamp area Cash Flow Sensitivity to Commodity Prices o 1,225 MM for horizontal drilling program ( MM) o 440 MM for…
  6. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 6
    Pioneer Focusing Capex in Highest Margin Assets 2014E Cash Margins (/BOE ex-hedges)1,2 2014E Assumes 95.00/BBL WTI Crude and 4.25/MCF Gas % Liquids Production PXD…
  7. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 7
    Targeting 16% - 21% Compound Annual Production Growth for 2014 - 2016 MBOEPD1 184 192 FY Guidance 195 - 210 172 173 - 178 161 144 59% 63% 67% 75% Liquids Liquids Liquids Liquids 2012 2013 Q1 Q2E Q3E-Q4E 2015E 2016E…
  8. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 8
    Horizontal Pad Drilling Results in 2H-Weighted 2014 Production Growth1 184 192 MBOEPD (Full-Year Guidance) +50 horizontal well POPs in 2nd half vs.1st half 2014 (increase driven by Northern Spraberry/Wolfcamp) Q1 175 POPs 172…
  9. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 9
    Pioneers Significant Proved Reserves and Recoverable Resource Potential1 Proved Reserves + Estimated Net Recoverable Resource Potential of 11 BBOE 22,000 Horizontal Drilling Locations 12/31/13 Proved Reserves: 845 MMBOE2 Additional…
  10. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 10
    Liquidity Position (3/31/14) Net debt (net of cash balance of 257 MM): 2.4 B Unsecured credit facility availability: 1.4 B Net debt-to-book capitalization: 27% Maturities and Balances1 2016 2017 2018 2020 2022 2028 455 MM 485…
  11. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 11
    Midland Basin Geology (Proprietary Material Included) 12
  12. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 12
    Geologic Provinces of the Permian Basin PEDERNAL UPLIFT & ROOSEVELT POSITIVE OZONA PLATFORM Basin DEVILS Basement RIVER UPLIFT Uplift Shelf Thrust Belt Permian Basin is composed of multiple uplifts and basins that…
  13. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 13
    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…
  14. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 14
    Midland Basin Area Structure Proprietary Gaines PXD Acreage Andrews Clearfork Dawson Ector U. Spraberry Martin Borden M. Spraberry Midland Shale Howard Upton Midland Basin Jo Mill Shale Strawn Structure Glasscock Mitchell 13,000 wells…
  15. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 15
    Regional Cross Section D-D 13 horizontal play intervals identified (so far) Successful Horizontal Wells in the Play 8 intervals have been tested successfully Future Horizontal Play 5 additional intervals remain to be tested North D…
  16. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 16
    Midland Basin: Stacked Play Potential Midland Basin Delta log R (excess electrical resistance) Clear Fork Red intervals indicate hydrocarbons U. Spraberry Petrophysical analysis indicates significantly more oil in place M.…
  17. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 17
    Wolfcamp B Appraisal: Petrophysical Maps Tier 1 Tier 2 Pioneer Acreage Tier mapping using cut-offs: Kerogen content (organic matter) Pioneer Wolfcamp B wells Thermal maturity Competitor Wolfcamp B wells Hydrocarbon Porosity (BVH)…
  18. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 18
    Appraisal: Core and Logs Proprietary Wells with Petrophysical Logs (1280) Number of WC-B Whole Cores with GRI (7) Formation Whole Cores with GRI Petrophysical Model Clear Fork 1 Calibrated to Whole Core Middle Spraberry 1 JoMill…
  19. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 19
    Kerogen Volume Proprietary Wolfcamp B 300 Target Window (Volume %) N S WFMP A U. WFMP B B Target L. WFMP B WFMP C1 N WFMP C2 WFMP D Strawn S Petrophysical Control 96 miles 3 Mo Oil Rate Control 10 mi 20
  20. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 20
    Thermal Maturity Proprietary Wolfcamp B 300 Target Window (% Ro) N S WFMP A U. WFMP B B Target L. WFMP B WFMP C1 N WFMP C2 WFMP D Strawn S Petrophysical Control 96 miles 3 Mo Oil Rate Control 10 mi 21
  21. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 21
    Bulk Volume Hydrocarbon Proprietary Wolfcamp B 300 Target Window (Volume %) N S WFMP A U. WFMP B B Target L. WFMP B WFMP C1 N WFMP C2 WFMP D Strawn S Petrophysical Control 96 miles 3 Mo Oil Rate Control 10…
  22. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 22
    Pore Pressure Proprietary Wolfcamp B 300 Target Window (PSI) N S WFMP A U. WFMP B B Target L. WFMP B WFMP C1 N WFMP C2 WFMP D Strawn S Petrophysical Control 96 miles 3 Mo Oil Rate Control 10 mi 23
  23. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 23
    Clay Volume Proprietary Wolfcamp B 300 Target Window (Volume %) N S WFMP A U. WFMP B B Target L. WFMP B WFMP C1 N WFMP C2 WFMP D Strawn S Petrophysical Control 96 miles 3 Mo Oil Rate Control 10 mi 24
  24. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 24
    Productivity Prediction Mapping - Wolfcamp B Proprietary Wolfcamp B 300 Target Window (3 Mo Rate BOPD) Higher Prediction vs. Actual Terry R2 = 0.78 Actual 3 Month Rate Oil (7,000 LL) Predicted 3 Month Rate Oil (7,000 LL)…
  25. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 25
    Midland Basin Horizontal Resource Potential Continues to Grow 75 BBOE Recoverable Resource Potential (Up from 50 BBOE in 2013) Spraberry Wolfcamp D Shales 13 BBOE 14 BBOE Wolfcamp C 2 BBOE Wolfcamp A Wolfcamp B 19 BBOE 27…
  26. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 26
    Largest U.S. Oil Fields Estimated Recoverable Resource (BBOE)1 0 25 50 75 Spraberry/Wolfcamp Eagle Ford Shale Prudhoe Bay, AK Bakken Shale Delaware Basin East Texas Basin Midway-Sunset, CA Wilmington, CA Kuparuk River, AK Kern…
  27. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 27
    Largest Oil Fields Worldwide Reserves (BBOE) 1 Total Recoverable Resource 00 1020 20 40 30 60 40 80 50 100 60 12070 140 80 160 90 Ghawar, Saudi Ghawar, Saudi Arabia Arabia Spraberry/Wolfcamp, USA Spraberry/Wolfcamp, USA…
  28. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 28
    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 58% Vertical Rigs 96%…
  29. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 29
    Production Growth Profiles For 3 Largest U.S. Oil Shale Plays 10,000,000 Includes Horizontal Wells Only Eagle Ford 194 Horizontal Rigs (down from 218 rigs in early 2013) 1,000,000 Gross Production (BOEPD) Bakken 170…
  30. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 30
    Spraberry/Wolfcamp Production History 600,000 Includes Vertical and Horizontal Wells 550,000 500,000 450,000 Spraberry/Wolfcamp production has 400,000 increased 400,000 BOEPD since 2009 Production (BOEPD) 350,000…
  31. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 31
    PXDs Midland Basin Drilling Programs 32
  32. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 32
    Southern Wolfcamp JV: Focused on Growing Production in 2014 2014 plan calls for drilling 115 horizontal wells Average lateral length expected to be 9,400 Utilizing mostly 3-well pads Reducing spud-to-POP cycle time by 5 to 8…
  33. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 33
    Pioneers Original Two Horizontal Giddings Wells (Average)1 Updated end of April 1,000 Giddings 2041H & Giddings 2073H Wolfcamp B wells in southern Wolfcamp JV area (Upton County) 5,300 laterals; average cumulative production per…
  34. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 34
    Northern Spraberry/Wolfcamp Horizontal Drilling Program to Date Wolfcamp Wolfcamp Wolfcamp M. Spraberry L. Spraberry D B A Shale Jo Mill Shale U. Spraberry M. Spraberry Shale Jo Mill Shale Jo Mill Silt L. Spraberry…
  35. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 35
    Pioneers 2013/Early 2014 Northern Spraberry/Wolfcamp Program Successfully placed 23 horizontal Wolfcamp and Lower Spraberry Shale Pioneers Northern wells on production during 2013 and Q1 Spraberry/Wolfcamp Acreage 2014 Middle…
  36. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 36
    Pioneers First 6 Northern Horizontal Wolfcamp B and Wolfcamp A Shale Wells1 E.T. O'Daniel 1H Wolfcamp B (Midland County); 9,229 lateral Cumulative production: 165 MBOE (76% oil) Updated end of April Scharbauer Ranch 202H Wolfcamp B…
  37. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 37
    Pioneers First 4 Northern Horizontal Wolfcamp D Shale Wells1 University 7-43 10H Wolfcamp D (Andrews County); 7,382 lateral Cumulative production: 76 MBOE (69% oil) Updated end of April E.T. ODaniel 2H Wolfcamp D (Midland County);…
  38. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 38
    Pioneers First 5 Northern Horizontal Lower Spraberry Shale Wells1 Flanagan 14 Lloyd A 21H (Glasscock County); 7,212 lateral Cumulative production: 88 MBOE (84% oil) Updated end of April Hutt C 21H (Midland County); 6,662 lateral…
  39. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 39
    Pioneers Recent Successful Northern Horizontal Jo Mill Shale and Middle Spraberry Shale Wells 1 Glasscock A5 2H (Jo Mill Shale in Martin County); 4,700 lateral Updated end of April Cumulative production: 9 MBOE (83% oil)2 SSU 0102H…
  40. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 40
    Northern Horizontal Well Economics1,2 BTAX IRR 100+% 45% - 100+% 100+% 45% - 95% Lower Spraberry Wolfcamp D Midland County Midland County Shale Wolfcamp A & Wolfcamp B Martin County Wolfcamp B EUR (MBOE) 575 1,000 650 - 800…
  41. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 41
    Northern Spraberry/Wolfcamp: Focused on Growing Production in 2014 Transitioning from a horizontal appraisal program to a horizontal development program during 2014 Increased horizontal rig count from 5 rigs at YE 2013 to 16 rigs as…
  42. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 42
    Spraberry/Wolfcamp Production Outlook Spraberry/Wolfcamp Net Production (MBOEPD)1 Drilled 56 horizontal wells in Q1; 28 horizontal wells placed on production 95 100 MBOEPD 5 in northern acreage and 23 in southern Wolfcamp joint…
  43. CITI 2014 GLOBAL ENERGY AND UTILITY CONFERENCE – Pioneer Natural Resources Co. – slide 43
    PXD Investment Highlights U.S. asset base High oil exposure from proved reserves + estimated net resource potential of 11 BBOE Drilling program focused in liquids and resource rich core assets in Texas Spraberry/Wolfcamp Shale…

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