Skip to main content 2Q 2014 Earnings Calls – Pioneer Natural Resources Co. Investor Presentation | Shale Experts
Loading...
Pm

2Q 2014 Earnings Calls – Pioneer Natural Resources Co.

Pioneer Natural Resources Co. · Aug 5, 2014 · 36 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. 2Q 2014 Earnings Calls – Pioneer Natural Resources Co. – slide 1
    Second Quarter 2014 Earnings August 5, 2014
  2. 2Q 2014 Earnings Calls – Pioneer Natural Resources Co. – slide 2
    Financial and Operating Highlights Q2 2014 adjusted income1 of 195 MM, or 1.35 per diluted share1 Q2 2014 production: 183 MBOEPD from continuing operations2 Above Q2 production guidance range of 173 MBOEPD 178 MBOEPD Up 11 MBOEPD, or…
  3. 2Q 2014 Earnings Calls – Pioneer Natural Resources Co. – slide 3
    Financial and Operating Highlights (cont.) Securing long-term water supply to support fracture stimulation operations in Spraberry/Wolfcamp Agreed to purchase 120 Mbbls per day of effluent water from City of Odessa Finalizing…
  4. 2Q 2014 Earnings Calls – Pioneer Natural Resources Co. – slide 4
    Narrowing 2014 Production Growth Range from 14% - 19% to 16% - 19% FY Guidance MBOEPD1 Hugoton production of 7 MBOEPD expected to be reflected in Incl. Hugoton Ex. Hugoton Narrowing discontinued operations guidance to upper 187 -…
  5. 2Q 2014 Earnings Calls – Pioneer Natural Resources Co. – slide 5
    Horizontal Pad Drilling on Target to Deliver Expected 2H 2014 Production Growth1 Production 180 - 185 MBOEPD (Full-Year Guidance) ex. Hugoton Q2 Latest POP forecast in 176 MBOEPD 187 POPs line with early May Q1 in 2H outlook…
  6. 2Q 2014 Earnings Calls – Pioneer Natural Resources Co. – slide 6
    2014E Capital Spending and Cash Flow1 Capital program of 3.3 B Drilling Capital: 3.0 B 2,165 MM northern Spraberry/Wolfcamp area Cash Flow Sensitivity to Commodity Prices o 1,225 MM for horizontal drilling program ( MM) o 440 MM for…
  7. 2Q 2014 Earnings Calls – Pioneer Natural Resources Co. – slide 7
    Eagle Ford Shale Condensate Exports US Department of Commerce confirmed that condensate processed through Central Gathering Plant in Karnes County, TX distillation units such as those located at several of PXDs Eagle Ford Shale…
  8. 2Q 2014 Earnings Calls – Pioneer Natural Resources Co. – slide 8
    Pioneers 2013/Early 2014 Northern Spraberry/Wolfcamp Program Successfully placed 27 horizontal Wolfcamp and 7 horizontal Lower Spraberry Shale wells on production Pioneers Northern during 2013 and 1H 2014 Spraberry/Wolfcamp…
  9. 2Q 2014 Earnings Calls – Pioneer Natural Resources Co. – slide 9
    Average Production for Northern Horizontal Wells Drilled to Date1 Lower Spraberry Shale: 7-well average in 4 counties; 6,200 avg. lateral length Updated Late July 2,000 Wolfcamp D: 6-well average in 3 counties; 7,500 avg. lateral…
  10. 2Q 2014 Earnings Calls – Pioneer Natural Resources Co. – slide 10
    Recent Middle Spraberry Shale and Jo Mill Shale Horizontal Results Middle Spraberry Shale: 1-well (PSU 1702H) in Midland County; 6,182 lateral length Updated Late July Jo Mill Shale: 2-well average in Midland and Martin counties;…
  11. 2Q 2014 Earnings Calls – Pioneer Natural Resources Co. – slide 11
    Northern Spraberry/Wolfcamp: Focused on Growing Production in 2014 Successfully transitioning from a horizontal appraisal program to a horizontal development program during 2014 Increased horizontal rig count from 5 rigs at YE 2013 to…
  12. 2Q 2014 Earnings Calls – Pioneer Natural Resources Co. – slide 12
    Southern Wolfcamp JV: Focused on Growing Production in 2014 2014 plan calls for placing 100 horizontal wells on production Average lateral length expected to be 9,400 Utilizing mostly 3-well pads Expect to drill 2/3 Wolfcamp B…
  13. 2Q 2014 Earnings Calls – Pioneer Natural Resources Co. – slide 13
    Developing 10-Year Growth Plan for Spraberry/Wolfcamp Optimized Marketing/ Procurement/ Development Plan Takeaway Gas Processing Services Cushing Keystone South Seaway Permian Basin Wink GC Market Pioneer is…
  14. 2Q 2014 Earnings Calls – Pioneer Natural Resources Co. – slide 14
    Continuing to Successfully Grow Spraberry/Wolfcamp Production Spraberry/Wolfcamp Net Production (MBOEPD)1 40 horizontal wells placed on production in Q2 Narrowing 96 100 16 in northern acreage and 24 in southern Wolfcamp guidance…
  15. 2Q 2014 Earnings Calls – Pioneer Natural Resources Co. – slide 15
    Eagle Ford Shale Downspacing and Staggering Update Expect to place 50 wells on production in 25% of acreage prospective for Upper Eagle Ford Shale Upper targets during 2014 as part of the downspacing and staggering program in the…
  16. 2Q 2014 Earnings Calls – Pioneer Natural Resources Co. – slide 16
    Continuing to Successfully Grow Eagle Ford Shale Production Eagle Ford Shale Net Production (MBOEPD)1 Narrowing Placed 31 wells on production in Q2 46 49 guidance range 45 49 MBOEPD Record Eagle Ford Shale net production of 47…
  17. 2Q 2014 Earnings Calls – Pioneer Natural Resources Co. – slide 17
    Q2 2014 Earnings Summary Millions Per Diluted (After Tax) Share Net income attributable to common stockholders 1 0.01 Noncash mark-to-market (MTM) derivative losses (212 MM before tax) 137 0.94 Adjusted income excluding noncash MTM…
  18. 2Q 2014 Earnings Calls – Pioneer Natural Resources Co. – slide 18
    Price Realizations1 Realized Prices 101.70 95.87 90.35 90.88 92.38 33.38 30.76 30.71 30.65 4.81 28.54 4.38 3.76 3.35 3.44 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Oil…
  19. 2Q 2014 Earnings Calls – Pioneer Natural Resources Co. – slide 19
    Production Costs (per BOE)1 Q2 2014 production costs in line 14.17 14.33 13.96 13.77 13.36 with prior periods Workovers 0.69 0.73 0.57 0.99 0.52 Production & 3.52 3.68 Ad Valorem 3.54 3.44 3.09 Taxes Third Party 2.01 1.03…
  20. 2Q 2014 Earnings Calls – Pioneer Natural Resources Co. – slide 20
    Liquidity Position (6/30/14) Net debt (net of cash balance of 445 MM): 2.2 B Unsecured credit facility availability: 1.5 B Net debt-to-book capitalization: 25% Maturities and Balances1 2016 2017 2018 2020 2022 2028 455 MM 485…
  21. 2Q 2014 Earnings Calls – Pioneer Natural Resources Co. – slide 21
    Q3 2014 Guidance1 Guidance Daily Production (MBOEPD) 181 186 Production Costs (/BOE) 13.50 15.50 Exploration & Abandonment ( MM) 25 35 Drilling and Acreage 10 Personnel and Seismic 25 DD&A (/BOE) 14.00 16.00 G&A ( MM) 80…
  22. 2Q 2014 Earnings Calls – Pioneer Natural Resources Co. – slide 22
    2014 Drilling Capital1 Millions 3,000 730 612 Q1 '14 Q2 '14 FY '14E 1) Excludes acquisitions, asset retirement obligations, capitalized interest, geological and geophysical administrative costs and capital expenditures…
  23. 2Q 2014 Earnings Calls – Pioneer Natural Resources Co. – slide 23
    Production (MBOEPD) Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 1 2 Spraberry/Wolfcamp 80 79 80 86 92 Eagle Ford Shale 38 35 40 43 47 Raton 23 22 22 21 21 3 Mid-Continent 16 17 16 16 17 South Texas 5 6 5 5 6 Other 1 1 1 1 0 Total Cont.…
  24. 2Q 2014 Earnings Calls – Pioneer Natural Resources Co. – slide 24
    PXD Production By Commodity By Area Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Spraberry/Wolfcamp Oil (BOPD) 52,595 51,903 52,957 58,307 57,893 NGL (BOEPD) 13,919 16,200 16,251 16,693 19,754 Gas (M CFD) 83,021 62,939 65,863 66,770 83,368…
  25. 2Q 2014 Earnings Calls – Pioneer Natural Resources Co. – slide 25
    Historical Hugoton Production By Commodity Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Oil (BOPD) - - - - - - - - - - NGL (BOEPD) 2,164 2,526 2,706 2,611 2,306 2,623 2,502 2,612 2,266 2,730 Gas (MCFD) 31,269…
  26. 2Q 2014 Earnings Calls – Pioneer Natural Resources Co. – slide 26
    Oil and Gas Revenue1 Millions 959 910 836 810 781 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 28 1) All periods presented have been restated to exclude discontinued operations associated with Barnett Shale and Alaska activities
  27. 2Q 2014 Earnings Calls – Pioneer Natural Resources Co. – slide 27
    Open Commodity Derivative Positions as of 8/1/2014 Oil Q3 2014 Q4 2014 2015 2016 Swaps WTI (BPD) 10,000 15,000 - - NYMEX WTI Price (/BBL) 93.87 96.31 - - Three Way Collars (BPD)1,2 69,000 69,000 95,767 58,000 NYMEX Call Price…
  28. 2Q 2014 Earnings Calls – Pioneer Natural Resources Co. – slide 28
    Open Commodity Derivative Positions as of 8/1/2014 Natural Gasoline Q3 2014 Q4 2014 2015 2016 Three Way Collars (BPD)1,2 3,500 3,500 - - Mont Belvieu Call Price (/BBL) 97.93 97.93 - - Mont Belvieu Put Price (/BBL) 90.14 90.14 -…
  29. 2Q 2014 Earnings Calls – Pioneer Natural Resources Co. – slide 29
    Open Commodity Derivative Positions as of 8/1/2014 Gas Q3 2014 Q4 2014 2015 2016 Swaps - (MMBTUPD) 195,000 195,000 20,000 - NYMEX Price (/MMBTU)1 4.04 4.04 4.31 - Three Way Collars (MMBTUPD)1,2 115,000 115,000 285,000 20,000…
  30. 2Q 2014 Earnings Calls – Pioneer Natural Resources Co. – slide 30
    General & Administrative Costs1 Millions 96 14 81 82 72 14 Noncash 66 15 14 13 Q2 Q3 Q4 Q1 Q2 2013 2013 2013 2014 2014 32 1) All periods presented have been restated to exclude discontinued operations associated with…
  31. 2Q 2014 Earnings Calls – Pioneer Natural Resources Co. – slide 31
    Interest Costs Millions 47 45 45 45 43 5 Noncash 4 4 4 4 Q2 Q3 Q4 Q1 Q2 2013 2013 2013 2014 2014 33
  32. 2Q 2014 Earnings Calls – Pioneer Natural Resources Co. – slide 32
    Exploration & Abandonments1 ( Millions) Drilling, Acreage & Other Abandonments: 3 Geological & Geophysical: Seismic 10 Personnel & Other 16 2nd Quarter 2014 Total 29 34 1) Excludes discontinued operations associated with…
  33. 2Q 2014 Earnings Calls – Pioneer Natural Resources Co. – slide 33
    Income Taxes Attributable to Continuing Operations Quarter Ended June 30, 2014 ( Millions) Current tax provision 6 Deferred tax provision 28 Income tax provision 34 35
  34. 2Q 2014 Earnings Calls – Pioneer Natural Resources Co. – slide 34
    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 earnings per share, GAAP provides that share- and unit-based…
  35. 2Q 2014 Earnings Calls – Pioneer Natural Resources Co. – slide 35
    Supplemental Non-GAAP Financial Measures Adjusted income excluding noncash MTM derivative losses and adjusted income excluding noncash MTM derivative losses and unusual items, as presented in the Financial and Operating Highlights slide…
  36. 2Q 2014 Earnings Calls – Pioneer Natural Resources Co. – slide 36
    Certain Reserve Information Cautionary Note to U.S. Investors --The SEC prohibits oil and gas companies, in their filings with the SEC, from disclosing estimates of oil or gas resources other than reserves, as that term is defined by the…

From the store

Browse maps, data & reports in the Shale Experts store