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IPAA OIL AND GAS INVESTMENT SYMPOSIA – Pioneer Natural Resources Co.

Pioneer Natural Resources Co. · Apr 8, 2014 · 34 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. IPAA OIL AND GAS INVESTMENT SYMPOSIA – Pioneer Natural Resources Co. – slide 1
    IPAA Oil & Gas Investment Symposium April 8, 2014
  2. IPAA OIL AND GAS INVESTMENT SYMPOSIA – Pioneer Natural Resources Co. – slide 2
    Agenda PXD Overview Industry Spraberry/Wolfcamp Resource Potential and Growth Profile PXD Spraberry/Wolfcamp Horizontal Drilling Results and Production Outlook U.S. Crude Oil Exports 3
  3. IPAA OIL AND GAS INVESTMENT SYMPOSIA – 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) 3.0 289 (Pioneer Operated Count in Green 43 rigs) 2013 Production (MBOEPD) 161 224 2013 Reserves (BBOE) 0.8 198 184 2013…
  4. IPAA OIL AND GAS INVESTMENT SYMPOSIA – 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. IPAA OIL AND GAS INVESTMENT SYMPOSIA – Pioneer Natural Resources Co. – slide 5
    Industry Spraberry/Wolfcamp Resource Potential and Growth Profile 6
  6. IPAA OIL AND GAS INVESTMENT SYMPOSIA – Pioneer Natural Resources Co. – slide 6
    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…
  7. IPAA OIL AND GAS INVESTMENT SYMPOSIA – Pioneer Natural Resources Co. – slide 7
    Wolfcamp Depositional Model Midland Basin Platform Platform Carbonate Land Carbonate Shelf Edge Carbonate Pelagic Sediments Clastic Detrital Slope Sediments & Reef Talus Fluvial - Deltaic Silt Cloud in Suspension Midland…
  8. IPAA OIL AND GAS INVESTMENT SYMPOSIA – Pioneer Natural Resources Co. – slide 8
    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…
  9. IPAA OIL AND GAS INVESTMENT SYMPOSIA – Pioneer Natural Resources Co. – slide 9
    Largest U.S. Oil Fields Estimated Recoverable Resource1 (BBOE) 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…
  10. IPAA OIL AND GAS INVESTMENT SYMPOSIA – Pioneer Natural Resources Co. – slide 10
    Midland Basin: Stacked Play Potential Midland Basin Delta log R (excess electrical resistance) Clear Fork Red intervals indicate hydrocarbons Petrophysical analysis indicates significantly more oil in place U. Spraberry M.…
  11. IPAA OIL AND GAS INVESTMENT SYMPOSIA – Pioneer Natural Resources Co. – slide 11
    Largest Oil Fields Worldwide Total Recoverable Resource (BBOE) Reserves 1(BBOE) 00 1020 20 40 30 60 40 80 50 100 60 12070 80 140 90 160 Ghawar, Ghawar, Saudi Saudi Arabia Arabia Spraberry/Wolfcamp, Spraberry/Wolfcamp, USA…
  12. IPAA OIL AND GAS INVESTMENT SYMPOSIA – Pioneer Natural Resources Co. – slide 12
    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…
  13. IPAA OIL AND GAS INVESTMENT SYMPOSIA – Pioneer Natural Resources Co. – slide 13
    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 61% Vertical Rigs 96%…
  14. IPAA OIL AND GAS INVESTMENT SYMPOSIA – Pioneer Natural Resources Co. – slide 14
    Production Growth Profiles For 3 Largest U.S. Oil Shale Plays 10,000,000 Includes Horizontal Wells Only Eagle Ford 198 Horizontal Rigs (down from 218 rigs in early 2013) 1,000,000 Gross Production (BOEPD) Bakken 168…
  15. IPAA OIL AND GAS INVESTMENT SYMPOSIA – Pioneer Natural Resources Co. – slide 15
    Spraberry/Wolfcamp Horizontal Drilling Production Growth Profile1 Assumes Pioneers rig count increases from 24 rigs in 2.75 early 2014 to 50+ rigs in 2018 and thereafter 2.50 Gross Daily Production (MMBOED) 2.25 2.00 1.75…
  16. IPAA OIL AND GAS INVESTMENT SYMPOSIA – Pioneer Natural Resources Co. – slide 16
    TPHs Industry Permian Basin Production Growth Forecast TPHs Total Permian Production Forecast: 4.8 MMBOEPD by 2025 17 Source: IR Presentations, Drillinginfo, RigData, TPH Research; 2-stream
  17. IPAA OIL AND GAS INVESTMENT SYMPOSIA – Pioneer Natural Resources Co. – slide 17
    Crude Pipeline Capacity to Gulf Coast Permian Basin Crude Takeaway Capacity Operator Origin Destination Name Capacity Time Frame Cushing Plains Permian Cushing Basin 450,000 Oxy Permian Cushing Centurion 75,000 Sunoco Permian GC…
  18. IPAA OIL AND GAS INVESTMENT SYMPOSIA – Pioneer Natural Resources Co. – slide 18
    PXD Spraberry/Wolfcamp Horizontal Drilling Results and Production Outlook 19
  19. IPAA OIL AND GAS INVESTMENT SYMPOSIA – Pioneer Natural Resources Co. – slide 19
    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: 157 MBOE (75% oil) Updated as of 3/20 Scharbauer Ranch 202H Wolfcamp B…
  20. IPAA OIL AND GAS INVESTMENT SYMPOSIA – Pioneer Natural Resources Co. – slide 20
    Pioneers First 4 Northern Horizontal Wolfcamp D Shale Wells1 University 7-43 10H Wolfcamp D (Andrews County); 7,382 lateral Cumulative production: 64 MBOE (69% oil) Updated as of 3/20 E.T. ODaniel 2H Wolfcamp D (Midland County);…
  21. IPAA OIL AND GAS INVESTMENT SYMPOSIA – Pioneer Natural Resources Co. – slide 21
    Pioneers Northern Horizontal Lower Spraberry Shale Wells1 Flanagan 14 Lloyd A 21H (Glasscock County) 7,212 lateral; Cumulative production: 60 MBOE (85% oil) Updated as of 3/20 Hutt C 21H (Midland County) 6,662 lateral; Cumulative…
  22. IPAA OIL AND GAS INVESTMENT SYMPOSIA – Pioneer Natural Resources Co. – slide 22
    Pioneers Original Two Horizontal Giddings Wells (Average)1 Updated as of 3/20 1,000 Giddings 2041H & Giddings 2073H Wolfcamp B wells (Upton County) 5,300 laterals; Average cumulative production per well: 208 MBOE (70% oil) 500…
  23. IPAA OIL AND GAS INVESTMENT SYMPOSIA – Pioneer Natural Resources Co. – slide 23
    Northern Horizontal Well Economics1,2 BTAX IRR 100+% 45% - 100% 100+% 45% - 95% Lower Spraberry Wolfcamp D Martin County Midland County Shale Wolfcamp B & Wolfcamp B Midland County Wolfcamp A EUR (MBOE) 575 800 650 - 800 800…
  24. IPAA OIL AND GAS INVESTMENT SYMPOSIA – Pioneer Natural Resources Co. – slide 24
    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…
  25. IPAA OIL AND GAS INVESTMENT SYMPOSIA – Pioneer Natural Resources Co. – slide 25
    Spraberry/Wolfcamp Production Outlook Spraberry/Wolfcamp Net Production (MBOEPD)1 Transitioning from a horizontal appraisal 95 100 MBOEPD program to a horizontal development program during 2014 Increased horizontal rig count from…
  26. IPAA OIL AND GAS INVESTMENT SYMPOSIA – Pioneer Natural Resources Co. – slide 26
    Targeting 16% - 21% Compound Annual Production Growth for 2014 - 2016 MBOEPD1 184 - 192 161 144 59% 63% 75% Liquids Liquids Liquids 3 2012 2013 2014E 2015E 2016E Expect production to more than double by 2018 (compared…
  27. IPAA OIL AND GAS INVESTMENT SYMPOSIA – Pioneer Natural Resources Co. – slide 27
    U.S. Crude Oil Exports 28
  28. IPAA OIL AND GAS INVESTMENT SYMPOSIA – Pioneer Natural Resources Co. – slide 28
    U.S. Production Forecast by Grade History Forecast 12 10 8 MMBPD Production (MMBPD) 8 Light 6 4 2 Medium Heavy 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Heavy Medium Light Condensate…
  29. IPAA OIL AND GAS INVESTMENT SYMPOSIA – Pioneer Natural Resources Co. – slide 29
    U.S. Rig Activity Since 1990 1,800 1,600 1,400 1,200 U.S. Gas Rig Count 1,000 800 600 400 U.S. Oil Rig Count 200 - Jan-90 Jan-94 Jan-98 Jan-02 Jan-06 Jan-10 Jan-14 30
  30. IPAA OIL AND GAS INVESTMENT SYMPOSIA – Pioneer Natural Resources Co. – slide 30
    Brent WTI Price Differential 30 Relationship broke in 20 January 2011 WTI Price Discount to Brent (/BBL) 10 - (10) (20) (17/bbl) (23/bbl) (30) (30/bbl) (40) Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12…
  31. IPAA OIL AND GAS INVESTMENT SYMPOSIA – Pioneer Natural Resources Co. – slide 31
    Increased U.S. Petroleum Product Exports Over 10 Years U.S. Petroleum Product Exports Product exports reached 4.5 (million barrels per day) 4.3 MM in 12/2013 4.0 Gasoline 3.5 3.0 Kerosene & distillates Kerosene & driving…
  32. IPAA OIL AND GAS INVESTMENT SYMPOSIA – Pioneer Natural Resources Co. – slide 32
    Effects of Not Lifting Crude Oil Ban Once all North American Light Sweet imports are displaced, the Gulf Coast will become saturated with domestic production Producers will experience 30/bbl price differentials to Brent Producers…
  33. IPAA OIL AND GAS INVESTMENT SYMPOSIA – Pioneer Natural Resources Co. – slide 33
    Effects of Lifting Crude Oil Ban Current U.S. Oil and Gas Industrys Impact (API) Supports 9.8 million U.S. jobs Accounts for 8% of the U.S. economy Delivers 85 million per day in revenue to the federal government Invested over 2…
  34. IPAA OIL AND GAS INVESTMENT SYMPOSIA – Pioneer Natural Resources Co. – slide 34
    Certain Reserve Information Cautionary Note to U.S. Investors --The SEC prohibits oil and gas companies, in their filings with the SEC, from disclosing estimates of oil or gas resources other than reserves, as that term is defined by the…

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