Creating Differentiated Value Generated 370 MM of Free Cash Flow1 in Q1 2021 Combined PE and DPE Synergies Largest Producer in the Permian 2.7 B 1,2 525 MM - Lower cost of capital - Economies of scale benefits supply chain…
Solid Execution Drives Strong First Quarter Results Free Cash Horizontal Net Debt to Oil Production BOE Production Flow1 LOE EBITDAX2 Q1 2021 281 474 369 MM 2.81/BOE 1.0x MBOPD MBOEPD Oil production exceeded the top end…
Strengthening Our Best-in-Class Midland Basin Asset Midland Basin Accretive combination further enhances 920k Net Acres Pioneer as the premier low-cost, Permian independent E&P Closed DoublePoint (DPE) acquisition of 97,000…
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%…
Compelling Free Cash Flow Generation 2021-2026 23 B1 23 Billion FCF 1 DoublePoint acquisition generates 5 B of incremental free cash flow through 2026 Annual average double digit FCF and variable dividend per share…
2021 Outlook Updated 2021 Guidance 2021 Production Capital Budget 1 DPE Acquisition 351 366 2.95 B - 3.25 B Production MBOPD 100 MBOEPD (62% Oil) Operating Cash Flow2 Capital Spending 530 - 570 MM 605 631 5.9 B BOEPD 2.7…
2021 Operational Plan Midland Basin Average 2021 Rig Count: 22 24 3 rigs in the southern joint venture area 1 rig in the Delaware Basin 1 Million Reducing DPE rig count from 7 to 5 by YE 2021 Net Acres Deliver 470 510 POPs No…
Acquisition Synergy Update Synergies G&A 115 MM 100 MM 15 MM 525 MM Expected Synergies by YE 2021 Interest 100 MM 60 MM 3 B (PV-10) 1 160 MM Operational 150 MM 100 MM 250 MM Parsley DoublePoint Complete Partially-Realized…
Continuing Trend of G&A Reductions Total G&A/BOE1 3.50 Reducing DPE annualized G&A from 25 MM to 10 MM, a 60% reduction; expected to achieve 2.50 in Q2 2021 G&A per BOE reduced by 45% from 2018 to 2020; expect PE 1.50 and DPE…
Best-in-Class Breakeven 2021E Corporate Breakeven Price1 (Pre-Dividend) Pioneers leading breakeven price 40 and low leverage allow for significant return of capital Breakeven price below 30 demonstrates the quality of Pioneers asset…
Operations Update D&C Efficiencies Continuing to see improvements in drilling and completions efficiencies 1,900 Successful completion of 4 simulfrac pads Achieved 3,000 ft/day; an increase of greater than 50% when compared to…
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…
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…
Enhancing Shareholder Value Focus on Returns - Low-cost, high-return Permian Basin wells drive strong corporate returns Capital Discipline Disciplined reinvestment rate underpins compelling investment framework Return of…
SUPPLEMENTAL SLIDES
Q1 2021 Summary Q1 2021 Earnings Q1 2021 Guidance vs. Results Millions Per Diluted Results of (After Tax) Share Guidance Operations Net loss attributable to common stockholders (70) (0.33) Average Daily Production Volume (MBOEPD) 444…
Production Costs (Per BOE) 8.54 0.43 7.31 Workovers 0.44 6.89 7.01 Q1 2021 compared to Q4 2020: 0.24 2.64 0.19 6.27 Production and Ad 2.17 1.90 1.79 Higher LOE and workover due to Valorem Taxes 0.10 1.35 the impacts of Winter…
Production By Commodity Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Oil (BOPD) 222,644 214,921 200,657 204,430 281,004 Total Permian Basin NGL (BOEPD) 84,333 90,168 82,589 85,766 105,653 Gas (MCFPD) 408,536 416,429 430,064 445,367 523,519 Total…
Liquidity Position March 31st, 2021 Liquidity Position Net debt (reflects unrestricted cash on hand of 0.7 B) 5.5 B Unsecured credit facility availability 2.0 B Net debt-to-book capitalization 23% Maturities and Balances1 3,500…
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; accretion of discount on asset retirement obligations; interest expense; income taxes; net gain on…
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