Q4 2020 EARNINGS AND 2021 OUTLOOK February 24, 2021
Creating Differentiated Value Generated 294 MM of Free Cash Flow1 in Q4 2020 Parsley Acquisition Synergies Initiating Variable Peer-leading corporate 200 MM interest and G&A Dividend2 Structure Up to 75% of FCF3 breakeven…
2021 Outlook Delaware 5% 2021 Budget 2021 Production Capital Budget2 2.4-2.7 B 307 322 1 Capital 2.4 B - 2.7 B Pro Forma: 310 - 325 Program MBOPD Allocation Operating Cash Flow3 528 554 4.6 B 1 (55/BBL WTI) Pro Forma: 533 559…
A Framework for Free Cash Flow 2021 Sources and Uses of Cash1 Cash Flow 55+/BBL Additional FCF 2 B in Free Cash Flow Variable Dividend & Cash Flow Balance Sheet 55/BBL Cash Flow 33/BBL Cash Flow 29/BBL 2 B Sources…
Resilient Long-Term Investment Thesis Creating Significant Value for Shareholders Targeting 10% Total Return1 Significant (inclusive of base dividend, variable dividend and oil growth) Free Cash Flow Reinvestment rate of 50% - 60%…
2021 Operational Plan Delaware Basin Midland Basin 820k Net Acres 100k Net Acres Average Rig Count: 18 20 3 rigs in the southern joint venture area 1 rig in the Delaware Basin Deliver 385 415 POPs Average lateral length 9,900…
Acquisition and Synergy Update A Rated Inventory Count1 Parsley Acquisition Synergy Scorecard (Breakeven…
Low Controllable Cash Costs Controllable Cash Costs1 per BOE 5.81 Low controllable cash costs combined with high net 4.45 revenue interest improve cash 4.10 margins Continued operational efficiency and cost saving initiatives…
Peer Leading Breakeven Price 2021E Corporate Breakeven Price1 (Pre-Dividend) 40 Breakeven price below 30 demonstrates the quality of Pioneers asset base and the resiliency of free cash flow generation through cycles 30 Pioneers…
Best-in-Class Breakeven with Low Leverage 4x Sized by market capitalization as of 2/19/2021 Pioneers leading breakeven 2021E Net Debt/2021E EBITDA1 price and low leverage allow for significant return of capital 3x…
Operations Update D&C Efficiencies Facilities Costs (MM per well) 1,800 1.6 1.4 1.2 1.0 1,400 0.8 2018 2019 2020 Reduced facilities costs by 0.6 MM per well 1,000 from 2018 design optimization and increased capacity…
Creating Value through Technology Smarter, More For With Faster Energy Less Lower and Creation Dollars Risk Safer predictive Leveraging analytics to reduce drilling equipment failures IoT-based Employing mobile Utilizing…
Developing Low-Emission Barrels 124 97 80 Pioneer has one of the lowest CO2 emissions per BOE produced 2019 CO2 Intensity (kg/boe)1 60 40 27 kg/boe average 20 Pioneers CO 2 Intensity 70% below average 0 Large…
Executive Compensation Evolved Long-Term Incentive (LTI) Components Majority of executive equity compensation Performance tied to TSR, aligned with shareholders; 33% Awards 100% for CEO beginning in 2020 51% Time-Vested 100%…
Strong Focus on ESG Environmental Social Governance Committed to emission intensity Engaging our Diverse Community Committed to following Task Force reduction targets: on Climate-related Financial Pioneer believes a diverse workforce…
Q4 2020 Summary Q4 2020 Earnings Q4 2020 Guidance vs. Results Millions Per Diluted Results of (After Tax) Share Guidance Operations Net income attributable to common stockholders 43 0.26 Average Daily Production Volume (MBOEPD) 355 -…
Q1 2021 Guidance Total Production (MBOEPD)1 444 - 470 Proforma Total Production (MBOEPD) 466 - 492 Oil Production (MBOPD)1 259 - 274 Proforma Oil Production (MBOPD) 272 - 287 Production Costs (/BOE) 6.50 - 8.00 DD&A (/BOE) 11.25 -…
Production Costs (Per BOE) Workovers 8.48 0.47 7.31 Production and Ad 0.44 6.89 7.01 Q4 2020 compared to Q3 2020: Valorem Taxes 2.28 0.19 0.24 6.27 2.17 0.10 1.90 1.79 Higher production costs primarily Gathering, Processing 1.35…
Production By Commodity Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Oil (BOPD) 220,306 222,644 214,921 200,657 204,430 Total Permian Basin NGL (BOEPD) 80,175 84,333 90,168 82,589 85,766 Gas (MCFPD) 377,529 408,536 416,429 430,064 445,367 Total…
Liquidity Position Post Parsley Acquisition Maturities and Balances1 3,500 2.0 B unsecured 3,000 credit facility (undrawn as of 12/31/20) 2,500 2,000 1,323 MM3 MM convertible 1,500 bonds 0.25% 750 MM 1,100 MM 1.13%…
Year End 2020 Proved Reserves 1,2 Added 357 MMBOE of proved reserves, or 263% of full-year Year-End 2020 Proved Reserves production, at a drillbit finding and development cost of 4.37 (MMBOE) per BOE Permian Basin 1,271 Added 354…
Supplemental Earnings Per Share Information The Company uses the two-class method of calculating basic The Company's net income (loss) attributable to common stockholders is reconciled to and diluted earnings per share. Under the…
Supplemental Non-GAAP Financial Measures EBITDAX and discretionary cash flow (DCF) (as defined below) are presented herein, and reconciled to the GAAP measures of net income (loss) and net cash provided by operating activities, because…
Supplemental Non-GAAP Financial Measures Adjusted income attributable to common stockholders excluding noncash mark-to-market (MTM) adjustments and unusual items are presented in this earnings release and reconciled to the Company's net…
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,…
Additional Information EBITDAX represents earnings before depletion, depreciation and amortization expense; exploration and abandonments; impairment of inventory and other property and equipment; accretion of discount on asset retirement…
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