Skip to main content Q4 2015 Results – Pioneer Natural Resources Co. Investor Presentation | Shale Experts
Loading...
Pm

Q4 2015 Results – Pioneer Natural Resources Co.

Pioneer Natural Resources Co. · Feb 11, 2016 · 32 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. Q4 2015 Results – Pioneer Natural Resources Co. – slide 1
    Q4 2015 Earnings and 2016 Capital Program February 11, 2016
  2. Q4 2015 Results – Pioneer Natural Resources Co. – slide 2
    Financial and Operating Highlights Q4 2015 adjusted loss: 27 MM, or 0.18 per diluted share1 Q4 2015 production: 215 MBOEPD (53% oil) Top end of Pioneers revised Q4 guidance range of 213 MBOEPD to 215 MBOEPD Increase of 4 MBOEPD, or…
  3. Q4 2015 Results – Pioneer Natural Resources Co. – slide 3
    Financial and Operating Highlights (cont.) Placed 44 horizontal wells on production in the Spraberry/Wolfcamp during Q4 as expected Early production from 35 wells in the northern area and 9 wells in the southern Wolfcamp joint…
  4. Q4 2015 Results – Pioneer Natural Resources Co. – slide 4
    2016 Plan In response to the outlook for continuing weak oil prices, Pioneer is reducing its horizontal drilling activity by 50% (from 24 rigs at YE 2015 to 12 rigs by mid- 2016), while still growing 2016 production by 10%+ and…
  5. Q4 2015 Results – Pioneer Natural Resources Co. – slide 5
    2016 Plan (cont.) Strong commodity derivatives position helps protect the Companys cash flow Oil derivative coverage of 85% for 2016 and 20% for 2017 Gas derivative coverage of 70% for 2016 Strong investment grade balance sheet…
  6. Q4 2015 Results – Pioneer Natural Resources Co. – slide 6
    2016E Capital Spending and Cash Flow1 Capital program of 2.0 B Drilling and Completions Capital: 1.85 B 1,710 MM northern Spraberry/Wolfcamp (90% of total) o 1,440 MM for horizontal drilling program o 160 MM for tank batteries/SWDs…
  7. Q4 2015 Results – Pioneer Natural Resources Co. – slide 7
    Forecasting 2016 Production Growth of 10%+ Total Net Production (MBOEPD)1 224+ 204 MBOEPD MBOEPD 211 215 211-216 194 197 182 2014 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 48% Oil 2015 2016E2 52% Oil 56% Oil Expect continued production…
  8. Q4 2015 Results – Pioneer Natural Resources Co. – slide 8
    Northern Spraberry/Wolfcamp Horizontal Well Performance Continues to Improve 22 Wolfcamp B interval wells placed on production during Q4 Early production results are on average displaying Pioneers strongest horizontal well performance…
  9. Q4 2015 Results – Pioneer Natural Resources Co. – slide 9
    Northern Spraberry/Wolfcamp Horizontal Well Performance Continues to Improve (cont.) 11 Lower Spraberry Shale wells placed on production during Q4 Early production results are on average tracking close to a 1 MMBOE EUR type curve…
  10. Q4 2015 Results – Pioneer Natural Resources Co. – slide 10
    Improving Performance from Q4 Southern Wolfcamp Joint Venture Area Wells Placed 9 horizontal wells on production during Q4 in southern Wolfcamp joint venture area Early production results from 8 Wolfcamp B interval wells are on average…
  11. Q4 2015 Results – Pioneer Natural Resources Co. – slide 11
    Improving Spraberry/Wolfcamp Capital Efficiency Drilling & Completion Average Cumulative Cost per Perforated Lateral Foot1 Production Per Well (MBOE) (Includes all northern Wolfcamp B wells)2 (Includes all northern Wolfcamp B wells)2…
  12. Q4 2015 Results – Pioneer Natural Resources Co. – slide 12
    2016 Spraberry/Wolfcamp Drilling Program Reducing horizontal rig count from 18 rigs at Pioneers Spraberry/Wolfcamp 2016 Drilling Areas year-end 2015 to 12 rigs by mid-2016 Northern area 14 rigs to 12 rigs Northern Area Southern…
  13. Q4 2015 Results – Pioneer Natural Resources Co. – slide 13
    Minimizing Spraberry/Wolfcamp Infrastructure Spending in 2016 Tank Battery/Saltwater Disposal (SWD) Facilities Expect to spend 170 MM in 2016 for new facilities and expansions o Cost per well hook-up expected to decline from 900 M in…
  14. Q4 2015 Results – Pioneer Natural Resources Co. – slide 14
    Horizontal Drilling Driving Spraberry/Wolfcamp Production Growth Spraberry/Wolfcamp Net Production (MBOEPD)1 Q4 production: 137 MBOEPD (67% oil) 44 horizontal wells placed on production in Q4 162+ MBOEPD o 35 wells in northern…
  15. Q4 2015 Results – Pioneer Natural Resources Co. – slide 15
    Q4 2015 Earnings Summary Millions Per Diluted (After Tax) Share Net loss attributable to common stockholders (623) (4.17) Noncash mark-to-market (MTM) derivative losses (20 MM before tax) 13 0.09 Adjusted loss excluding noncash MTM…
  16. Q4 2015 Results – Pioneer Natural Resources Co. – slide 16
    Price Realizations Realized Prices 66.64 51.64 43.02 42.46 37.92 3.60 18.50 15.00 14.03 2.70 2.37 2.53 12.39 12.16 2.03 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Oil…
  17. Q4 2015 Results – Pioneer Natural Resources Co. – slide 17
    Production Costs (per BOE) 13.61 Q4 2015 compared to Q3 2015: Workovers 12.56 0.65 LOE costs declined by 5%, primarily 0.62 11.62 Production & 11.19 11.02 due to the Companys cost reduction Ad Valorem 2.78 0.64 Taxes 2.24 0.63…
  18. Q4 2015 Results – Pioneer Natural Resources Co. – slide 18
    Liquidity Position Net debt as of Q4 2015 (reflects cash balance of 1.4 B) 2.3 B Excludes 1.6 B of proceeds from 2016 equity offering, including overallotment, and additional 500 MM to be received in July 2016 from the 2015 sale of…
  19. Q4 2015 Results – Pioneer Natural Resources Co. – slide 19
    Q1 2016 Guidance Guidance Daily Production (MBOEPD) 211 216 Production Costs (/BOE) 10.50 12.50 Exploration & Abandonment ( MM) 20 30 Drilling and Acreage 5 - 10 Personnel and Seismic 15 - 20 DD&A (/BOE) 18.50 20.50 G&A (…
  20. Q4 2015 Results – Pioneer Natural Resources Co. – slide 20
    Pioneers Year-End 2015 Proved Reserves1 Added 210 MMBOE from the drillbit, or 273% of full-year production, at a drillbit F&D cost of 10.18 per BOE2 Primarily reflects successful Spraberry/Wolfcamp horizontal drilling program…
  21. Q4 2015 Results – Pioneer Natural Resources Co. – slide 21
    2015 Drilling and Completions Capital1 Millions 1,976 578 489 416 493 Q1 '15 Q2 '15 Q3 '15 Q4 '15 FY '15 23 1) Excludes acquisitions, asset retirement obligations, capitalized interest and geological and geophysical G&A…
  22. Q4 2015 Results – Pioneer Natural Resources Co. – slide 22
    Production By Commodity By Area Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Spraberry/Wolfcamp Oil (BOPD) 76,894 74,538 77,735 87,547 92,121 NGL (BOEPD) 23,956 19,760 22,627 26,051 24,701 Gas (MCFPD) 87,630 104,519 110,165 120,681 120,025…
  23. Q4 2015 Results – Pioneer Natural Resources Co. – slide 23
    Oil and Gas Revenue Millions 804 596 557 517 508 Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 25
  24. Q4 2015 Results – Pioneer Natural Resources Co. – slide 24
    Open Commodity Derivative Positions as of 2/9/16 Oil Q1 2016 Q2 2016 Q3 2016 Q4 2016 2017 Swaps - WTI (BPD) 35,000 35,000 - - - NYMEX WTI Price (/BBL) 59.88 59.88 - - - Three Way Collars (BPD)1 63,000 68,000 112,000 112,000…
  25. Q4 2015 Results – Pioneer Natural Resources Co. – slide 25
    Open Commodity Derivative Positions as of 2/9/16 Propane Q1 2016 Q2 2016 Q3 2016 Q4 2016 2017 Swaps (BPD)1 7,500 7,500 7,500 7,500 - Mont Belvieu and Conway Swap Prices (/BBL) 21.57 21.57 21.57 21.57 - % Total NGL Production 20%…
  26. Q4 2015 Results – Pioneer Natural Resources Co. – slide 26
    Open Commodity Derivative Positions as of 2/9/16 Gas Q1 2016 Q2 2016 Q3 2016 Q4 2016 2017 Swaps (MMBTUPD) 70,000 70,000 70,000 70,000 - NYMEX Price (/MMBTU)1 4.06 4.06 4.06 4.06 - Three Way Collars (MMBTUPD)1,2 180,000 180,000…
  27. Q4 2015 Results – Pioneer Natural Resources Co. – slide 27
    General & Administrative Costs Millions 89 82 83 81 81 15 15 18 16 15 Noncash Q4 Q1 Q2 Q3 Q4 2014 2015 2015 2015 2015 29
  28. Q4 2015 Results – Pioneer Natural Resources Co. – slide 28
    Interest Costs Millions 48 46 46 46 46 4 Noncash 4 5 4 5 Q4 Q1 Q2 Q3 Q4 2014 2015 2015 2015 2015 30
  29. Q4 2015 Results – Pioneer Natural Resources Co. – slide 29
    Exploration & Abandonments ( Millions) Drilling, Acreage & Other Abandonments 5 Geological & Geophysical Seismic 1 Personnel & Other 15 4th Quarter Total 21 31
  30. Q4 2015 Results – Pioneer Natural Resources Co. – slide 30
    Income Taxes Attributable to Continuing Operations Quarter Ended December 31, 2015 ( Millions) Current tax benefit 26 Deferred tax benefit 325 Income tax benefit 351 32
  31. Q4 2015 Results – Pioneer Natural Resources Co. – slide 31
    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…
  32. Q4 2015 Results – Pioneer Natural Resources Co. – slide 32
    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…

From the store

Browse maps, data & reports in the Shale Experts store