Creating Differentiated Value 528 MM Repurchased of 2B authorization at an average price of 141 per share Increasing Dividend Annualized G&A savings Reducing 2019 Capital Guidance 1.76 per share1 100 MM achieved ahead of…
Solid Execution Drives Strong Second Quarter Results Permian Permian Firm Permian Net Debt Oil Production BOE Production Transportation Horizontal to EBITDAX1 Uplift LOE 206 330 81 MM 2.75/BOE 0.5x MBOPD MBOEPD Permian…
Reducing 2019 Total Capital Guidance 3,400 MM Reduced top end of D, C & F capital spending by 100 MM 3,250 MM Increased efficiencies in drilling and completions 3,100 MM Accelerated West Texas sand utilization and related gel and…
2019 Outlook 2019 Permian Production Well Mix 3.5 Billion 320 335 Estimated 2019 Cash Flow2 MBOEPD Expecting to average 21 23 rigs Includes 5 rigs in southern joint venture area 203 213 MBOPD Deliver 265 290 POPs Average EUR…
Improving Cost Structure G&A/BOE1 5.00 Reduced workforce by 25% 4.00 while flattening organization and increasing accountability 3.00 Seeing tangible improvements 2.00 in oversight of capital spending and production 1.00 G&A…
Priorities Aligned with Shareholders Returning 825 MM to Shareholders 1 4% Total Shareholder Yield2 while delivering mid-teens oil growth Increasing Dividend 2.00 528 Million Executed3 1.60 1.20 2,100% Increase in…
Competitive Advantages of the Midland Basin Delaware Basin Midland Basin Midland Basin Delaware Basin Shallower basin yields Deeper basin lower development costs Well Costs requires higher development costs High quality oil (38…
Leading Asset Returns Drive Strong Corporate Returns 60% 50% 2018 ROCE 9% 1 40% 30% PIONEER 2 20% 10% 6% Peer Average3 0% n d nd r e r e r e nd r e nd r e n d r e n d nd r e r e r e r e r e n d r e r e la la…
All Oil is Not Created Equal Permian Basin Oil Forecast3 1,000% Delaware Basin oil is typically lighter at 45 API gravity1 800% This oil gravity is classified as West Texas Light (WTL)2; currently trading Delaware Basin 550% at 1.50…
Unmatched Footprint in World Class Asset Non-Core Divested Acreage Significant inventory of low-risk, high-return wells supports mid-teens organic PERMIAN growth Low royalty burden underpins strong returns and efficient…
Well Spacing Optimized for Maximum Returns Horizontal Development Strategies Well Productivity 200 Peers Pioneer…
Operations Update 300 Q1 2019 Midland County Wolfcamp D Wells 2-Well Wolfcamp D pad 2-well pad average production POPd early Q1 2019: 250 Average well IP24: 4,100 BOEPD (72% Oil) 200 Outperforming by 82% 180-day cumulative pad…
Downstream Planning Benefiting Bottom Line Q2 2019 Oil Pricing Realizations Oil Exposed to Brent Pricing PXD Realized Price1 60 Permian Peers2 Midland Pricing 90% Through 2021 MIDLAND Nederland Houston 55 58 Corpus…
Best in Class Margins Combined with Lowest Leverage 35 PIONEER Peer leading EBITDAX per BOE underpins strong 30 corporate returns 25 Pristine balance sheet provides operational 20 and financial flexibility 15 Annualized G&A…
A Commitment to Driving Results Focus on Capital Return of Preserve Highly Returns Discipline Capital Strong Repeatable Low-cost, Capital spending Free cash flow Balance Sheet Program high-return within cash flow generation leads…
SUPPLEMENTAL SLIDES
Environmental, Social & Governance Environmental: Reducing emissions through extensive Leak Detection and Repair (LDAR) program Greater mix of effluent, reuse and brackish water decreases dependence on fresh water Social: Proactive…
Q2 2019 Summary Q2 2019 Earnings Q2 2019 Guidance vs. Results Millions Per Diluted Permian Basin Specific Guidance Guidance Results of Operations1 (After Tax) Share Average Daily Production Volume (MBOEPD) 313 - 328 330 Net loss…
Production Costs (Per BOE) 10.50 9.62 0.79 9.51 0.87 9.47 Q2 2019 compared to Q1 2019: 8.70 1.00 0.85 Workovers 2.35 1.07 Decrease in production 2.26 Production and Ad 2.26 costs primarily attributable Valorem Taxes 2.80…
Production By Commodity Q218 Q318 Q418 Q119 Q219 Oil (BOPD) 175,069 186,493 193,904 202,538 206,140 Total Permian Basin NGL (BOEPD) 52,838 53,766 56,815 63,277 65,968 Gas (MCFPD) 313,584 289,223 308,163 322,986 346,418 Total (BOEPD)…
Liquidity Position Net debt at the end of Q2 2019 (reflects unrestricted cash on hand of 643 MM) 1.6 B Unsecured credit facility availability 1.5 B Net debt-to-book capitalization at the end of Q2 2019 12% Maturities and Balances…
Supplemental Earnings Per Share Information The Company uses the two-class method of calculating basic The Company's net loss attributable to common stockholders reconciled to and diluted earnings per share. Under the two-class method of…
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…
Supplemental Non-GAAP Financial Measures Adjusted loss excluding noncash MTM adjustments, and adjusted income excluding Millions Per Diluted noncash MTM adjustments and unusual items, as presented in the Q2 2019 Summary (After Tax)…
ROCE Return on Capital Employed (ROCE) is a non-GAAP financial measure. As used by Pioneer, ROCE is net income adjusted for tax-effected interest expense, noncash MTM derivative gains and losses and other unusual items divided by the…
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