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June 2022 Presentation – Pioneer Natural Resources Co.

Pioneer Natural Resources Co. · Jun 30, 2022 · 32 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. June 2022 Presentation – Pioneer Natural Resources Co. – slide 1
    Investor Presentation June 2022
  2. June 2022 Presentation – Pioneer Natural Resources Co. – slide 2
    Pioneer At A Glance Top-tier, contiguous acreage position in the Midland Basin Midland Basin Pure-Play Independent Largest Midland Basin acreage position Low-cost, high-return horizontal development drives peer-leading margins…
  3. June 2022 Presentation – Pioneer Natural Resources Co. – slide 3
    Creating Differentiated Value Highest Dividend Yield in the S&P 500 11% Dividend Yield (Q2 Dividends Annualized) 1 Q2 Dividends Declared 250 Million. 2.0 Billion. Q1 2022 Share Repurchases 7.38 (6.60 Variable and 0.78 Base)…
  4. June 2022 Presentation – Pioneer Natural Resources Co. – slide 4
    Solid Execution Drives Strong First Quarter Results 355 638 2.3 MBOPD MBOEPD Billion 2.95/BOE 0.1x Production in the upper half of Q1 guidance 1) Free cash flow is a non-GAAP financial measure; see supplemental slides. 2)…
  5. June 2022 Presentation – Pioneer Natural Resources Co. – slide 5
    Committed To Significant Return Of Capital 13% annualized return1 when 12% including Q1 share repurchases Return of Capital Framework 10% Pioneer2 2022E Dividend Yield3 8% (1) Base Dividend Strong and growing base dividend;…
  6. June 2022 Presentation – Pioneer Natural Resources Co. – slide 6
    Resilient Dividends Through Cycle Pioneer Expected 2022 Dividend Yield1 (Stock price of 260/share) 14% Durable free cash flow enables significant dividends at various commodity prices 12% Disciplined investment framework with oil…
  7. June 2022 Presentation – Pioneer Natural Resources Co. – slide 7
    Compelling Dividend Yield Amongst Peers 12% 11% Pioneers peer leading cash return framework results in highest dividend yield1 amongst peers, majors and S&P 500 2022E Dividend Yield2 8% 4% 1.9% 0% PXD1 Peer 1 Peer 2…
  8. June 2022 Presentation – Pioneer Natural Resources Co. – slide 8
    Positioned For A Leading Dividend Yield Across Sectors 12% 11% Pioneers dividend yield exceeds all S&P 500 sectors Highest dividend paying company in the S&P 500 8% Dividend Yield 4% 1.9% 0% PXD1 Q2 Annualized 3…
  9. June 2022 Presentation – Pioneer Natural Resources Co. – slide 9
    Pioneers Deep Inventory Of High-Quality Locations Years of U.S. Inventory…
  10. June 2022 Presentation – Pioneer Natural Resources Co. – slide 10
    Long-Term Total Return Outperformance Total Return Best long-term inventory 53% 3-Year 35% combined with PXD Large Cap & Integrated1 consistent performance 155% 10-Year 87% Pioneer has outperformed direct peers Large…
  11. June 2022 Presentation – Pioneer Natural Resources Co. – slide 11
    2022 Outlook 2022 Guidance 2022 Program Production Average Rig Capital Budget Count: 22-24 350 - 365 3.3 B - 3.6 B 3 rigs in southern joint venture area MBOPD POP Count: 623 - 648 1 Operating Cash Flow 475-505 Average…
  12. June 2022 Presentation – Pioneer Natural Resources Co. – slide 12
    Operations Update Average Pioneer Drilled Lateral Length Average Completed Feet Per Day1 0 0.2 0.4 0.6 0.8 1 1.2 10,500 (Permian Basin) 2,500 250 0 230 0 210 0 2,000 190 0 170 0 1,500 150 0 130 0…
  13. June 2022 Presentation – Pioneer Natural Resources Co. – slide 13
    Best-In-Class Margins Pioneers high realized pricing and low cash costs drive peer-leading operating margins 1) Unhedged realized prices based on 2021 company filings. Peers Include: APA, CLR, DVN, EOG, FANG, HES, MRO, OVV and OXY.…
  14. June 2022 Presentation – Pioneer Natural Resources Co. – slide 14
    Industry Leading Acreage Quality And Depth Of Inventory 40 Largest inventory of highly Pioneer economic wells drives sustainable and 30 peer-leading free cash flow per BOE 2022E FCF/BOE1 Oil weighted production generates…
  15. June 2022 Presentation – Pioneer Natural Resources Co. – slide 15
    Maintaining Low Leverage 7% 6% Peer-leading average interest rate strengthened through retirement of Average Interest Rate2 two notes (2024 and 2026 maturities) 5% Strong balance sheet with year-end 4% 2022E net debt to…
  16. June 2022 Presentation – Pioneer Natural Resources Co. – slide 16
    Market Leading Corporate Returns Pioneer expects to generate corporate returns that exceed all sectors in 2022 30% 25x 2022E Return On Capital Employed1 25% 20x 2022E EV/EBITDA1 20% 15x 15% 10x 10% 5x 5% 0x…
  17. June 2022 Presentation – Pioneer Natural Resources Co. – slide 17
    Leading Sustainability Plan 1) Emissions intensity reduction targets calculated relative to 2019 baseline. 2) Net Zero ambition includes Scope 1 and Sc ope 2 emissions. 18
  18. June 2022 Presentation – Pioneer Natural Resources Co. – slide 18
    All Intensity Reduction Goals Not Created Equal Pioneers 2020 GHG intensity of 11 CO2e tonnes per MBOE is already significantly below the 2025 or 2030 targets of many peers Pioneers 2030 target of 7.6 CO2e tonnes per MBOE is one…
  19. June 2022 Presentation – Pioneer Natural Resources Co. – slide 19
    Providing Affordable Energy With Low Emissions Pioneers CO2 intensity is Pioneers Significantly COthe below 2 intensity is of majority significantly worldbelow the majority of oil supply world oil supply Average 19…
  20. June 2022 Presentation – Pioneer Natural Resources Co. – slide 20
    Enhancing Shareholder Value Focus on Returns Strong return of capital employed supports significant free cash flow generation Return of Capital Durable shareholder returns through dividends and share repurchases Long Duration…
  21. June 2022 Presentation – Pioneer Natural Resources Co. – slide 21
    SUPPLEMENTAL SLIDES
  22. June 2022 Presentation – Pioneer Natural Resources Co. – slide 22
    Q2 2022 Dividend Declaration Q2 2022 Variable Dividend Calculation Millions Q1 2022 Free Cash Flow1 2,330 Base Dividend (paid March 2022) (190) Q1 2022 Post Base Dividend Free Cash Flow 2,140 Base-plus-variable Dividend Details…
  23. June 2022 Presentation – Pioneer Natural Resources Co. – slide 23
    Q1 2022 Summary Q1 2022 Adjusted Earnings Q1 2022 Guidance vs. Results Millions Per Diluted Results of (After Tax) Share Guidance Operations Net income attributable to common stockholders 2,009 7.85 Average Daily Production Volume…
  24. June 2022 Presentation – Pioneer Natural Resources Co. – slide 24
    Q2 2022 Guidance Production (MBOEPD) 623 - 648 Oil Production (MBOPD) 342 - 357 Production Costs (/BOE) 11.00 - 12.50 DD&A (/BOE) 10.50 - 12.00 Exploration & Abandonment ( MM) 10 - 20 G&A ( MM) 70 - 80 Interest Expense ( MM) 32 -…
  25. June 2022 Presentation – Pioneer Natural Resources Co. – slide 25
    Price Realizations 94.60 76.38 69.24 64.55 56.71 41.37 38.45 35.66 5.20 27.95 4.81 25.90 4.05 3.04 2.69 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Oil (/BBL) NGL…
  26. June 2022 Presentation – Pioneer Natural Resources Co. – slide 26
    Liquidity Position March 31, 2022 Liquidity Position Net debt (reflects unrestricted cash on hand of 2.4 B) 3.3 B Unsecured credit facility availability 2.0 B Net debt-to-book capitalization 12% Maturities and Balances1 3,500…
  27. June 2022 Presentation – Pioneer Natural Resources Co. – slide 27
    Production Costs (Per BOE) 11.14 0.79 9.23 8.54 0.41 Workovers 0.43 8.09 8.18 3.90 0.39 0.56 3.26 Production and Ad 2.64 Valorem Taxes 2.67 2.91 1Q 2022 compared to 4Q 2021: Higher production taxes and GP&T primarily 3.85…
  28. June 2022 Presentation – Pioneer Natural Resources Co. – slide 28
    Production By Commodity Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Oil (BOPD) 281,004 363,033 388,820 393,453 355,540 Total Permian Basin NGL (BOEPD) 105,653 147,124 156,863 161,648 152,788 Gas (MCFPD) 523,519 715,673 780,515 792,124 777,265…
  29. June 2022 Presentation – Pioneer Natural Resources Co. – slide 29
    Supplemental Earnings Per Share Information The Company uses the two-class method of calculating basic and diluted earnings per share. Under the two-class method of calculating The Company's net income attributable to common stockholders…
  30. June 2022 Presentation – Pioneer Natural Resources Co. – slide 30
    Supplemental Non-GAAP Financial Measures Q122 EBITDAX and discretionary cash flow (DCF) (as defined ( Millions) below) are presented herein and reconciled to the GAAP measures of net income and net cash provided by operating Net income…
  31. June 2022 Presentation – Pioneer Natural Resources Co. – slide 31
    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…
  32. June 2022 Presentation – Pioneer Natural Resources Co. – slide 32
    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,…

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