1 Declared Inaugural Variable Dividend 490 MM Base + Variable Dividend Payments from Q2 2021 Free Cash Flow Dividend Payments From Q2 FCF 3.2 Billion 2.07/ s h a r e 2021E Free Cash Flow 2 (1.51 variable and 0.56 base)…
Solid Execution Drives Strong Second Quarter Results Free Cash Horizontal 2021E Net Debt Oil Production BOE Production Flow1 LOE to EBITDAX2 Q2 2021 363 629 616 MM 2.57/BOE 1.0x MBOPD MBOEPD Production near the top end of…
1 Accelerating And Increasing Variable Dividend Increasing Total Dividends 7 (/share) Accelerating first variable dividend payment to Q3 2021 based on Q2 2021 FCF 6 5 Variable Increasing 2021 variable dividend to 75% Dividend of…
Resilient Long-Term Investment Thesis 1 80% of free cash flow returned to shareholders Delivers Mid-Teens Total Return (inclusive of base dividend, variable dividend and oil growth) Reinvestment rate of 50% - 60% of cash flow…
Compelling Free Cash Flow Generation 1 2021-2026 Cumulative Free Cash Flow ( B) 23 Billion FCF 23 B Balance Sheet Expect cumulative free cash flow through 2026 to be 50% of current enterprise value2 Dividends…
Positioned For A Leading Dividend Yield Across Sectors 12% Pioneers dividend yield1 would exceed all S&P 500 sectors Driven by strong free cash flow and focus on return of capital 10% 9% Average Dividend Yield 8% 8% 6%…
2021 Outlook 2021 Guidance 2021 Production Capital Budget1 351 366 2.95 B - 3.25 B 3.2 B MBOPD Operating Cash Flow 2 Estimated Free Cash Flow3 605 631 6.45 B MBOEPD Successfully integrated DoublePoints operations 1)…
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 Net Acres Deliver 470 510 POPs No Federal Land Average lateral length 10,100…
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…
Best-in-Class Breakeven 70% 70.0% 69.5% 69.0% Pioneers leading breakeven price 68.5% 68% 68.0% Pioneer 1 and low leverage allow for Gross 2-Stream Oil % 67.5% significant return of capital 67.0% 66.5% 66% 66.0% High…
Operations Update Completed Feet/Day Increased completions efficiencies through simulfrac 2 simulfrac fleets operating 2H 2021 75% Continuing to upgrade acquired Parsley Increase and DoublePoint facilities to Pioneers high…
Developing Low-Emission Barrels 1 CO2 and Flaring Intensity (bubble size represents market cap) 25 Low flaring intensity coupled with strong focus on reducing 20 emissions drives low CO2 CO2 Intensity (kg/boe) intensity…
Providing Affordable Energy With Low Emissions 40 2019 CO2 Intensity (kg/boe)1 30 Pioneers CO 2 intensity is significantly 20 below majority of world oil supply Average: 19% kg/boe 10 0 Source: Rystad Energy…
Strong Focus On ESG Environmental Social Governance Committed to emission intensity Engaging in Diversity, Equity and Welcomed Lori George Billingsley reduction targets: Inclusion Benchmarking surveys to to the Companys Board of…
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 Capital…
SUPPLEMENTAL SLIDES
Q2 2021 Dividend Payout Q2 2021 Variable Dividend Calculation Millions Q2 2021 Free Cash Flow1 616 Base Dividend (paid April 2021) 122 Q2 2021 Post Base Dividend Free Cash Flow 494 Variable Dividend Payment Details Percent…
Q2 2021 Summary Q2 2021 Adjusted Earnings1 Q2 2021 Guidance vs. Results Millions Per Diluted Results of (After Tax) Share Guidance Operations Net income attributable to common stockholders 380 1.54 Average Daily Production Volume…
Production Costs (Per BOE) 8.54 0.43 8.18 Q2 2021 compared to Q1 2021: 0.39 6.89 7.01 0.24 2.64 LOE decreased from elevated levels experienced Workovers 0.19 6.27 2.67 in Q1 as a result of Winter Storm Uri 1.90 1.79 Production…
Production By Commodity Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Oil (BOPD) 214,921 200,657 204,430 281,004 363,033 Total Permian Basin NGL (BOEPD) 90,168 82,589 85,766 105,653 147,124 Gas (MCFPD) 416,429 430,064 445,367 523,519 715,673 Total…
Liquidity Position June 30, 2021 Liquidity Position Net debt (reflects unrestricted cash on hand of 0.1 B) 6.8 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 attributable to common stockholders is reconciled to basic 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 and net cash provided by operating activities, because of their…
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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