Pioneer at a Glance Permian pure play Largest Midland Basin acreage position with significant drilling inventory 680,000 net acres Zero federal land exposure Low-cost, high-return horizontal wells Low average royalty burden and…
Creating Differentiated Value Generated 165 MM of Free Cash Flow1 in Q2 2020 Improving Capital Efficiency Increasing 2020 production guidance while capex guidance remains unchanged 600 MM Estimated 2020 free cash flow2…
Improving 2020 Plan 1 Capital Budget Oil Production Total Production 1.4 B 1.6 B 203 213 MBOPD 356 371 MBOEPD Maintained Increased Increased Q2 Q4 2020 activity levels unchanged Average rig count: 5 8 (includes 1 rig in the southern…
Investment Thesis Redefined Creating Significant Value for Shareholders Targeting 10%+ Total Return1 Significant (inclusive of base dividend, variable dividend and oil growth) Free Cash Flow Reinvestment of 70% to 80% of cash flow…
A Decade of Energy Outperformance Saudi Supply COVID-19 & Increase Saudi/Russia 250% Supply Increase Total Return (%)1 150% Pioneer 85% Major 66% Major 59% 50% E&P 32% Major 22% E&P 14% Major 14% Major (3%) E&P…
Low Controllable Cash Costs Controllable Cash Costs1 per BOE 5.81 Low controllable cash costs combined with high net 4.64 revenue interest improve cash 4.11 margins when compared to peers LOE 2.17 Maintaining a focus on free…
Preserving a Strong Balance Sheet 2020E Net Debt/EBITDA1 6x Independent Major 4x Pioneers strong balance sheet allows for accelerated return of capital 2x 0x Peer 1 Pioneer Pioneer Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7…
Unmatched Footprint in World Class Asset 24 Industry Impairments YTD1 Major Independent E&P 20 Permian E&P Impairments ( Billion) 16 12 Pioneer has not taken 8 impairments due to its low-cost basis acreage 4 - 10…
Operations Update D&C Efficiencies Well Costs (MM) 1,800 9 8 7 1,400 6 Original 2020 Plan Q1 2020 Update Q2 2020 Update 1,000 Reduced well costs by 1.8 MM year-to-date through increased efficiencies and service cost…
Delivering Best-in-Class Oil Production 1) Source: Enverus.com; average Permian Basin oil mix for gross production between January 2016 and January 2020. 2) Peers: APA, COP, CVX, CXO, DVN, EOG, FANG, MRO, MTDR, NBL, OXY, PE, WPX, 12…
Providing Low-Emission Barrels 1) The foregoing information was obtained from The Edge, a product of Wood Mackenzie. 13
Flaring Intensity in the Permian Pioneer has the lowest flaring intensity in the Permian Basin 12% Q1 2020 10% Q2 2020E 8% 6% 4% 2% 0% Source: Rystad Energy research and analysis, Rystad Energy ShaleWellCube June 2020.…
Enhancing Shareholder Value Low-cost, Capital spending Free cash flow high-return within cash flow generation Low leverage Significant Midland Basin while increasing supports return provides financial inventory of wells underpin…
SUPPLEMENTAL SLIDES
Q2 2020 Summary Q2 2020 Earnings Q2 2020 Guidance vs. Results Results of Guidance Operations Millions Per Diluted Average Daily Production Volume (MBOEPD) N/A 375 (After Tax) Share Average Daily Oil Production Volume (MBOPD) N/A…
Production Costs (Per BOE) Q2 2020 compared to Q1 2020: 9.47 9.70 Decrease in production costs Workovers 0.85 0.68 8.48 primarily attributable to: 0.47 7.31 Production and Ad 2.26 2.67 0.44 Reductions in lease operating Valorem…
Production By Commodity Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Oil (BOPD) 206,140 215,194 220,306 222,644 214,921 Total Permian Basin NGL (BOEPD) 65,968 74,844 80,175 84,333 90,168 Gas (MCFPD) 346,418 364,372 377,529 408,536 416,429 Total…
Liquidity Position Net debt at the end of Q2 2020 (reflects unrestricted cash on hand of 180 MM) 2.0 B Unsecured credit facility availability 1.5 B Net debt-to-book capitalization at the end of Q2 2020 15% Maturities and Balances1…
Supplemental Earnings Per Share Information The Company uses the two-class method of calculating basic The Company's net loss attributable to common stockholders is reconciled to basic and and diluted earnings per share. Under the…
Supplemental Non-GAAP Financial Measures EBITDAX, discretionary cash flow (DCF) (as defined below) and net debt to trailing twelve months EBITDAX are presented herein, and reconciled to the GAAP measures of net income and net cash…
Supplemental Non-GAAP Financial Measures Adjusted income attributable to common stockholders excluding noncash MTM adjustments and income attributable to common stockholders excluding noncash MTM adjustments and unusual items are…
Supplemental Non-GAAP Financial Measures Free cash flow (FCF) is a non-GAAP financial measure. As used by the Company, FCF is defined as net cash provided by operating activities, adjusted for changes in operating assets and liabilities,…
Loading...
