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INVESTOR PRESENTATION – Pioneer Natural Resources Co.

Pioneer Natural Resources Co. · Jan 1, 2014 · 78 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. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 1
    Investor Presentation January 2014
  2. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 2
    Pioneer At A Glance Total Enterprise Value (B) 28 Top U.S. Fields By Rig Count1 2013 Drilling Capex (B) 2.8 272 (Pioneer Operated Count in Green 40 rigs) Q3 2013 Production (MBOEPD) 173 223 2012 Reserves (BBOE) 1.1 177 168 2012…
  3. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 3
    2013E Capital Spending and Cash Flow1 Capital program remains at 3.0 B Drilling Capital: 2.75 B Sensitivity to Commodity Prices ( MM) 1,225 MM northern Wolfcamp/Spraberry area o 400 MM for horizontal program 5.00 NYMEX Gas Price…
  4. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 4
    Pioneer Focusing Capex in Highest Margin Assets 2013E 2013E Cash Margins (/BOE ex-hedges)1,2 % Liquids Assumes 98.00/BBL WTI Crude and 3.70/MCF Gas Production PXD…
  5. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 5
    Production Outlook1 Q4 severe Q4 severe weather weather event event in in Spraberry/Wolfcamp expected to Spraberry/Wolfcamp expected to 172 173 MBOEPD result in production falling below result inFY production fallingranges…
  6. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 6
    Liquidity Position (09/30/13) Net debt (net of cash balance of 744 MM): 2.1 B Unsecured credit facility availability: 1.5 B Net debt-to-book capitalization: 21% Maturities and Balances1,2 2016 2017 2018 2020 2022 2028 455 MM 485…
  7. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 7
    Pioneers Significant Proved Reserves and Recoverable Resource Potential1 Proved Reserves + Estimated Net Recoverable Resource Potential of 9 BBOE and 40,000 Drilling Locations 12/31/12 Proved Reserves: 1.1 BBOE2 Additional Net…
  8. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 8
    Southern Wolfcamp JV: Focused on Growing Production in 2014 Expect to continue operating 8 horizontal rigs in 2014 2014 drilling plan calls for 115 horizontal wells compared to 100 horizontal wells in 2013 Average lateral length…
  9. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 9
    Downspacing Test Underway in Southern JV Area Joint Venture Area Began testing downspacing from 720 (116-acre spacing) to (Wolfcamp and deeper intervals) 480 (77-acre spacing) in the Giddings area Tested 12 wells on 3-well pads using…
  10. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 10
    Northern Spraberry/Wolfcamp Targeted Horizontal Drilling Intervals Wolfcamp Wolfcamp Wolfcamp M. Spraberry L. Spraberry D B A Shale Jo Mill Shale U. Spraberry M. Spraberry Shale Jo Mill Shale Jo Mill Silt L. Spraberry…
  11. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 11
    Pioneers Northern Horizontal Wolfcamp D Shale Wells University 7-43 10H Wolfcamp D (Andrews County); 7,382 lateral Best IP of any interval 24-hour peak IP rate of 3,605 BOEPD (74% oil) in the Midland Basin . E.T. ODaniel 2H…
  12. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 12
    Pioneers Wolfcamp D Wells Extend Play 60 Miles West PXD University 7-43 10H U. Spraberry 24-hr IP: 3,605 BOEPD 7,382 lateral length APA Barracuda 45-4H M. Spraberry 24-hr IP: 695 BOEPD Shale 30-day IP: 511 BOEPD 4,560 lateral…
  13. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 13
    Pioneers Northern Horizontal Wolfcamp B and Wolfcamp A Shale Wells1 E.T. O'Daniel 1H Wolfcamp B (Midland County); 9,229 lateral Best Wolfcamp B interval IP in 24-hour peak IP rate of 2,801 BOEPD (75% oil) Pioneers northern acreage DL…
  14. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 14
    Notable Industry Wolfcamp A, B & C and Spraberry Shale Horizontal Results PXD Scharbauer 202H (WC B) FANG - UL III 4 1-H (WC B) 24-hr IP: 979 BOEPD 24-hr IP: 613 BOEPD 8,342 lateral length 4,050 lateral length PXD - Mabee K 1H (WC B)…
  15. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 15
    Northern Horizontal Wolfcamp Before Tax Well Economics1,2 BTAX IRR 150% 125% 60% 650 MBOE 800 MBOE 1,000 MBOE Payout 1.7 0.9 0.8 Years3 1) Pricing: 95 oil / 4 gas 2) Assumes horizontal well with a 7,000 lateral length…
  16. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 16
    Pioneers Northern Spraberry/Wolfcamp Activity1 20 horizontal wells on production with 8 of these currently flowing back Pioneers Northern Spraberry/Wolfcamp Acreage Includes 14 Wolfcamp Shale wells and 6 Spraberry Producing Shale…
  17. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 17
    Northern Spraberry/Wolfcamp: Focused on Growing Production in 2014 Ramping up from 5 horizontal rigs to 10+ horizontal rigs in early 2014 Vertical rig count being reduced from 15 rigs to 12 rigs or less Expect to utilize 3-well…
  18. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 18
    2013 Spraberry/Wolfcamp Shale Production Growth Range Spraberry/Wolfcamp Net Production1 (MBOEPD) 80 81 MBOEPD Q4 severe weather event expected to result in FY Guidance production falling below Q4 and FY 2013 guidance chart…
  19. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 19
    Severe Weather Disrupts Q4 Spraberry/Wolfcamp Production Storm is over and repairs are nearing completion 20
  20. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 20
    Eagle Ford Shale Downspacing Results (500 Well Spacing Tests) Downspacing from 1,000 (120-acre spacing) to 500 (60-acre spacing) between wells across liquids-rich acreage position (90 miles) Added 300 locations in liquids-rich areas…
  21. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 21
    Further Downspacing Tests Underway (Down to 300') Early results from initial 300' well spacing test encouraging 300 testing underway in liquids-rich areas where 500 well spacing was successful Potential to add 300 - 400 incremental…
  22. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 22
    Reducing 2013 Eagle Ford Shale Production Growth Range Eagle Ford Shale Net Production1 (MBOEPD) 80% pad drilling in 2013, up from 45% in 2012 37 38 MBOEPD FY Guidance 2-well to 6-well pads (Spud to POP averaging 100 125 days for…
  23. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 23
    PXD Investment Highlights U.S. asset base High oil exposure from proved reserves + estimated net resource potential of 9 BBOE Drilling program focused in liquids and resource rich core assets in Texas Horizontal Spraberry/Wolfcamp…
  24. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 24
    Appendix 25
  25. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 25
    Pioneer Large Independent U.S. E&P Company Total Enterprise Value (B) 28 North Slope 2012 Operating Cash Flow (B) 1.8 2012 Drilling Expenditures (B) 2.8 2012 Drillbit F&D (/BOE) 17.72 Q3 2013 Production 64% Liquids (MBOEPD) 173 2012…
  26. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 26
    Production (MBOEPD) Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 1 Spraberry 69 69 75 80 79 Eagle Ford Shale 29 35 37 38 35 Raton 25 24 23 23 22 Mid-Continent 18 17 17 16 17 Barnett 7 9 9 9 8 South Texas 6 6 5 5 6 Alaska 5 4 4 4 5…
  27. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 27
    PXD Production By Commodity By Area Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Spraberry/Wolfcamp Oil (BOPD) 45,239 46,540 52,694 52,595 51,904 NGL (BOEPD) 14,138 11,262 12,864 13,919 16,199 Gas (MCFD) 57,095 64,607 58,653 83,021 62,892…
  28. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 28
    Production Costs (per BOE) 15.61 14.62 14.56 14.81 Workovers 0.75 14.52 0.99 Production & 0.98 0.81 1.34 Q3 2013 production costs Ad Valorem Taxes 3.38 3.14 3.40 increased slightly compared to 3.53 Third Party 1.28 3.36 Q2…
  29. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 29
    Derivative Philosophy Continue to use derivatives to mitigate commodity price exposure in order to ensure funding for development programs and to maintain strong financial position Target 50% on rolling 3 year basis Continue to use a…
  30. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 30
    Open Commodity Derivative Positions as of 10/31/2013 (includes PSE) Oil Q4 2013 2014 2015 2016 Swaps WTI (BPD) 9,750 10,000 - - NYMEX WTI Price (/BBL) 95.57 93.87 - - Three Way Collars (BPD)1 69,000 69,000 85,000 25,000 NYMEX…
  31. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 31
    Open Commodity Derivative Positions as of 10/31/2013 (includes PSE) Natural Gasoline Q4 2013 2014 2015 2016 Three Way Collars (BPD)1,2 1,064 1,000 - - Mont Belvieu Call Price (/BBL) 105.28 109.50 - - Mont Belvieu Put Price (/BBL)…
  32. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 32
    Open Commodity Derivative Positions as of 10/31/2013 (includes PSE) Gas Q4 2013 2014 2015 2016 Swaps - (MMBTUPD) 165,870 175,000 20,000 - NYMEX Price (/MMBTU)1 5.10 4.02 4.31 - Collars - (MMBTUPD) 152,500 - - - NYMEX Call Price…
  33. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 33
    PSE Derivative Position as of 10/31/2013 Oil Q4 2013 2014 2015 Swaps (BPD) 4,750 - - NYMEX Price (/BBL) 87.83 - - Three-Way Collars (BPD)1 - 5,000 - NYMEX Call Price (/BBL) - 105.74 - NYMEX Put Price (/BBL) - 100.00 - NYMEX Short…
  34. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 34
    Three-Way Collars (75 by 90 by 135 example) Unhedged realization Hedged realization 160.00 NYMEX Price 150.00 Potential 140.00 Opportunity Loss Realized Price 130.00 Realized Price (/BBL) Short put at 75/BBL Long put at…
  35. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 35
    Experienced Senior Management Team Years at Pioneer / Years of Experience Predecessor Companies Scott Sheffield Chairman and Chief Executive Officer 38 33 Tim Dove President and Chief Operating Officer 31 18 Rich Dealy Executive…
  36. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 36
    Strong Stock Price Performance Demonstrates Successful Strategy Shift Restructuring Onshore U.S. Onshore U.S. Liquids Focus Economic Downturn Portfolio Focus 500 Pioneer raised 8 billion of capital during the Companys…
  37. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 37
    Strong 2012 Reserve Additions1 Added 161 MMBOE from the drillbit, or 264% of full-year production, at a drillbit F&D cost of 17.72 per BOE Reflects significant drilling campaigns in horizontal Wolfcamp Shale, Spraberry vertical, Eagle…
  38. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 38
    Geologic Provinces of the Permian Basin Spraberry/ Wolfcamp Shale Midland Ozona Platform KS OK NM TX 20 Miles Permian Basin is composed of multiple uplifts and basins that formed during the Pennsylvanian and…
  39. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 39
    Wolfcamp Depositional Model Midland Basin Platform Carbonate Land Platform Carbonate Shelf Edge Carbonate Pelagic Sediments Clastic Detrital Slope Sediments & Reef Talus Fluvial - Deltaic Silt Cloud in Suspension Midland Carbonate…
  40. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 40
    Deposition of the Midland Basin Platform Carbonate Midland CBP Basin Land Marathon Thrust Belt Land West East Central Basin Platform Midland Basin Midland Basin Eastern Shelf (WTGS Cross Section 1984) 41
  41. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 41
    Progression of Spraberry/Wolfcamp Field Development1 1940s Discovery 1950s Early Development 1960s Field extension 1970s Dramatic expansion 1943 Trace oil found from Major oil company Continued development by Continued development by…
  42. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 42
    History of Spraberry/Wolfcamp Completions 1950 - 70s 1980 - 90s 2000 - 09 2010 2011-12 2013+ 6,000 ft Upper Clear- Spraberry fork Jo Mill Spraberry 5,000 7,000 Lower Horizontal Spraberry Shales Dean 5,000 7,000…
  43. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 43
    Spraberry/Wolfcamp Rig Count Counties: Andrews, Borden, Crockett, Dawson, Ector, Gaines, Glasscock, Howard, Irion, Martin, Midland, Mitchell, Reagan, Schleicher, Scurry, Sterling, Tom Green and Upton 350 96% Vertical Rigs 68%…
  44. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 44
    Major U.S. Shale Play Comparisons Midland Basin How big is the resource Clear Fork Red intervals indicate hydrocarbons Petrophysical analysis indicates significantly more U. Spraberry oil in place in the Wolfcamp and Spraberry Shale…
  45. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 45
    Wolfcamp Comparison to Other Major U.S. Oil Shale Plays Major U.S. Oil Shale Play Characteristics 2 1 Eagle Ford 3 Attribute Units Wolfcamp Shale Bakken (Oil Window) Age Permian Cretaceous Devonian/Mississippian Basin Midland…
  46. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 46
    Wolfcamp B Interval Prospectivity Map Scharbauer Ranch 202H Tier 1 Tier 2 Pioneer Acreage Tier 1 is highest prospectivity 24-hr IP: 979 BOEPD Peak 30-day avg. rate: 783 BOEPD 73% oil acreage, as determined by several Pioneer…
  47. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 47
    50 BBOE Recoverable Resource Potential in Midland Basin Wolfcamp and Jo Mill Shales 50 BBOE Recoverable Resource Potential by Industry Midland Basin Wolfcamp and Jo Mill Shales Jo Mill Wolfcamp D 7 BBOE 8 BBOE Wolfcamp A 13…
  48. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 48
    Largest Oil Fields Worldwide 1 Total Recoverable Resource Reserves (BBOE) 00 20 10 40 20 60 30 80 100 40 120 50 140 60 160 Ghawar, Ghawar, Saudi Saudi Arabia Arabia Spraberry/Wolfcamp, Spraberry/Wolfcamp, USA USA Burgan,…
  49. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 49
    Largest U.S. Oil Fields Estimated Recoverable Resource1 (BBOE) 0 5 10 15 20 25 30 35 40 45 50 Spraberry/Wolfcamp Eagle Ford Shale Prudhoe Bay, AK Bakken Shale Delaware Basin East Texas Basin Midway-Sunset, CA Wilmington, CA…
  50. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 50
    Spraberry/Wolfcamp Production History 550,000 22,000 Includes Vertical and Horizontal Wells 500,000 20,000 450,000 18,000 400,000 16,000 350,000 14,000 Producing Well Count Production (BOEPD) 300,000 12,000…
  51. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 51
    Production Growth Profiles For 3 Largest U.S. Oil Shale Plays 10,000,000 Includes Horizontal Wells Only Eagle Ford 1,000,000 197 Horizontal Rigs Gross Production (BOEPD) Bakken 156 Horizontal Rigs 100,000…
  52. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 52
    1 Spraberry/Wolfcamp Horizontal Drilling Production Growth Profile 2.75 Assumes Pioneers rig count increases from 12 rigs currently to 50 rigs in 2018 and thereafter 2.50 Gross Daily Production (MMBOED) 2.25 2.00 1.75…
  53. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 53
    TPHs Industry Permian Basin Production Growth Forecast TPHs Permian (Delaware + Midland) Production Forecast: 4.8 MMBOEPD by 2025 Source: IR Presentations, Drillinginfo, RigData, TPH Research; 2-stream 54
  54. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 54
    JV Agreement with Sinochem 40% of PXD interest in 207,000 acres; sold Wolfcamp and deeper horizons (retained Spraberry/Dean and shallower horizons) 1.7 B total consideration; 21,000/acre 631 MM of upfront cash (includes Sinochems…
  55. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 55
    Southern Wolfcamp JV Drilling Performance Improving Drilling Days Per Well 34 31 28 Q1 2013 Q2 2013 Q3 2013 Drilling Feet Per Day 765 610 669 Q1 2013 Q2 2013 Q3 2013 56
  56. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 56
    Southern Wolfcamp JV Completion Costs Being Reduced Average Completion Cost ( per lateral foot) 660 560 530 Q1 2013 Q2 2013 Q3 2013 57
  57. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 57
    Initial Design Reduced pad volume 4,360 (380) Switch to brown sand (115) Increase to 4 clusters/stage (110) Reduce resin coated sand (280) Increase to 5 clusters/stage (110) Replace Nanosurfactact…
  58. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 58
    Crude Pipeline Capacity to Gulf Coast Cushing Permian Basin Crude Takeaway Capacity Operator Origin Destination Name Capacity Time Frame Plains Permian Cushing Basin 450,000 Oxy Permian Cushing Centurion 75,000 Sunoco Permian GC…
  59. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 59
    Growing Midstream Infrastructure to Support Production Growth Gas Processing Pipeline NGL Takeaway Midkiff / Benedum / Driver to Mont Belvieu Current capacity: 460 MMCFD1 Chaparral & West Texas PXD production makes up 40%…
  60. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 60
    Pioneer in the Spraberry/Wolfcamp Shale Largest acreage position in the Midland Basin High oil exposure from proved reserves + net recoverable resource potential of 7.5 BBOE Technology leader Sophisticated geologic maps from 70,000…
  61. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 61
    Rigs Vertical vs. Horizontal Vertical Rig Horizontal Rig 62
  62. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 62
    Vertical Drilling Sand Supply for Fracs 63
  63. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 63
    Horizontal Drilling Sand Supply for Fracs Portable Sand Silos For Horizontal Wells 64
  64. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 64
    Vertical Drilling Water Supply for Fracs from Frac Tanks Frac Tanks 65
  65. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 65
    Horizontal Drilling Water Supply for Fracs from Frac Ponds One frac pond can support multiple well sites 66
  66. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 66
    Vertical Drilling Tank Battery, Separators and Pumping Unit 67
  67. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 67
    Horizontal Drilling Tank Battery, Separators and Compression DL Hutt Horizontal Tank Battery and Separators DL Hutt Separators and Compressor Station for gas lift 68
  68. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 68
    Water Disposal Vertical vs. Horizontal Wells Trucks haul produced water from vertical wells to disposal site Produced water piped from horizontal wells to central disposal facility 69
  69. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 69
    Pioneers Midland Basin Man Camp Trucks haul produced water from vertical wells to disposal site Produced water piped from horizontal wells to central disposal facility 70
  70. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 70
    Giddings Area Drilling Rigs Ensign 156 Giddings Estate 2135H, 2136H & 2137H Patterson 244 Giddings Estate 2132H, 2133H & 2134H 71
  71. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 71
    Giddings Area Frac Fleet Fleet 2 Giddings Estate 3064H, 3065H & 3066H 72 72
  72. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 72
    Giddings Area Facilities (Tank Batteries) Facilities/Tank Batteries Fleet 2 Giddings Estate 3064H, 3065H & 3066H 73
  73. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 73
    Giddings Area D&C Simultaneous Operations Ensign 156 Giddings Estate 2135H, 2136H & 2137H Patterson 244 Giddings Estate 2132H, Fleet 1 2133H & 2134H Giddings Estate 3067H, 3068H & 3069H Fleet 2 Giddings Estate 3064H, H&P…
  74. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 74
    Pioneers Eagle Ford Shale Acreage Oil Window PXD Acreage Area 75
  75. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 75
    Eagle Ford Shale Resource Breakdown Lean Condensate Rich Condensate Dry Gas 45% of Acreage 35% of Acreage 20% of Acreage (60 BBL/MMSCF) (200 BBL/MMSCF) 20% 20% 30% Condensate NGL* NGL* 50% 100% Condensate Gas 50% 30% Gas…
  76. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 76
    Pioneers Edwards Trend and Eagle Ford Shale Production Growth1 120 Pioneer grew gross Eagle Ford Shale production from 0 MBOEPD to 100 MBOEPD in 3 years 100 PRODUCTION (MBOEPD) 80 60 40 20 Edwards Trend…
  77. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 77
    PXDs Vertical Integration Reduces Costs and Enhances Execution Spraberry Barnett Shale Combo Eagle Ford Shale 3 vertical frac fleets (20,000 HP each) 1 frac fleet 2 frac fleets 3 horizontal frac fleets (35,000 HP each) (30,000 HP)…
  78. INVESTOR PRESENTATION – Pioneer Natural Resources Co. – slide 78
    Certain Reserve Information Cautionary Note to U.S. Investors --The U.S. Securities and Exchange Commission (the SEC) prohibits oil and gas companies, in their filings with the SEC, from disclosing estimates of oil or gas resources other…

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