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Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co.

Pioneer Natural Resources Co. · May 15, 2013 · 50 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. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 1
    Credit Suisse Best of Breed Symposium Spraberry/Wolfcamp Midland Basin May 15, 2013
  2. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 2
    Agenda PXD Overview Midland Basin Geology and Resource Potential Potential Spraberry/Midland Growth Profile PXDs Southern Horizontal Wolfcamp Shale Joint Venture (Sinochem) PXDs Northern Spraberry/Wolfcamp Horizontal…
  3. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 3
    PXD Overview 4
  4. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 4
    Pioneer At A Glance Total Enterprise Value (B) 20 Top U.S. Fields By Rig Count1 2013 Drilling Capex (B) 2.8 (Pioneer Operated Count in Green 36 rigs) Q1 2013 Production (MBOEPD) 171 264 2012 Reserves (BBOE) 1.1 226 2012 Reserves +…
  5. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 5
    Targeting 13% - 18% Compound Annual Production Growth for 2013 - 2015 High end of 2013-2015 growth range assumes 100 oil / 4.25 gas; low end assumes 85 oil / 3.25 gas Excludes annualized 4+ MBOEPD MBOEPD conveyed to Sinochem post…
  6. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 6
    2013E Capital Spending and Cash Flow1 Capital program of 3.0 B includes: Drilling Capital: 2.75 B 1,225 MM northern Spraberry/Wolfcamp area 400 MM for horizontal program Sensitivity to Commodity Prices ( MM) 6.00 625 MM for vertical…
  7. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 7
    Pioneers Significant Proved Reserves and Resource Potential1 Proved Reserves + Estimated Net Resource Potential of 9 BBOE and 40,000 Drilling Locations 12/31/12 Proved Reserves: 1.1 BBOE2 Additional Net Resource Potential: 8 BBOE…
  8. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 8
    Midland Basin Geology and Resource Potential 9
  9. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 9
    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…
  10. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 10
    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…
  11. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 11
    Deposition of 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) 12
  12. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 12
    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…
  13. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 13
    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…
  14. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 14
    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 77%…
  15. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 15
    Wolfcamp B Interval Prospectivity Map Tier 1 Tier 2 Pioneer Land Tier 1 is highest prospectivity acreage, as determined by several Pioneer Wolfcamp B wells geologic properties, including: Wolfcamp B depth contour Original oil in place…
  16. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 16
    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…
  17. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 17
    Largest Oil Fields Worldwide Reserves1 (BBOE) Total Recoverable Resource 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,…
  18. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 18
    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…
  19. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 19
    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…
  20. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 20
    Potential Spraberry/Midland Growth Profile 21
  21. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 21
    Spraberry/Wolfcamp Production History 500,000 20,000 Includes Vertical and Horizontal Wells 450,000 18,000 400,000 16,000 350,000 14,000 Producing Well Count Production (BOEPD) 300,000 12,000 250,000 10,000…
  22. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 22
    Production Growth Profiles For 3 Largest U.S. Oil Shale Plays 10,000,000 Includes Horizontal Wells Only 1,000,000 Eagle Ford 218 Horizontal Rigs Bakken Gross Production (BOEPD) 100,000 176 Horizontal Rigs…
  23. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 23
    1 Spraberry/Wolfcamp Horizontal Drilling Production Growth Profile 2.75 Spraberry/Wolfcamp Production 70% to 75% Oil 2.50 Gross Daily Production (MMBOED) 2.25 2.00 1.75 1.50 Other Operators2 (200 Independent Operators)…
  24. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 24
    Permian Oil Production Takeaway Options Permian Oil Production vs Takeaway (MBOEPD) 3,000 2,500 2,000 1,500 1,000 500 Permian Basin Crude Takeaway Capacity Name Capacity Time Frame Basin 450,000 0 West Texas Gulf…
  25. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 25
    PXDs Southern Horizontal Wolfcamp Shale Joint Interest Area (Sinochem) 26
  26. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 26
    Southern Wolfcamp Joint Interest Area - Q1 2013 Horizontal Drilling Results Placed 9 new Wolfcamp B wells on production during Q1 with average peak 24-hour IP rate of 911 BOEPD; 82% oil1 University 10-1 4H: 1,203 BOEPD University…
  27. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 27
    Southern Wolfcamp Joint Interest Area Drilling Program Currently running 7 rigs; expect to increase to 10 rigs in 2014 and 13 rigs in 2015 Equates to 86 wells in 2013, 120 wells in 2014 and 165 wells in 2015 2013 drilling program…
  28. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 28
    PXDs Northern Wolfcamp/Spraberry Horizontal Appraisal Program 29
  29. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 29
    Northern Spraberry/Wolfcamp Acreage Pioneers 2013 Drilling Plan Wolfcamp Wolfcamp Wolfcamp M. Spraberry L. Spraberry D B A Shale Jo Mill Shale U. Spraberry 15 to 20 wells M. Spraberry Shale Jo Mill Shale Jo Mill Silt L.…
  30. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 30
    Pioneers Q2 Northern Spraberry/Wolfcamp Drilling Plan Initial rig drilled first two horizontal Wolfcamp Shale wells in Midland County 25 miles north of highly successful Giddings horizontal Pioneers northern Wolfcamp Shale wells…
  31. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 31
    Pioneers Horizontal Wolfcamp Shale and Jo Mill Well Results Exceeding Expectations DL Hutt C 1H (Midland County) First northern acreage horizontal, 7,380 lateral 24-hr IP natural flow rate of 1,693 BOEPD; 75% oil Peak 30-day…
  32. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 32
    Northern Spraberry/Wolfcamp Acreage Progressing 1 B Appraisal Program 2013/2014 Appraisal Areas 2013 drilling program expected to cost 400 MM Appraise prospective acreage and confirm additional resource potential across 6 stacked…
  33. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 33
    Spraberry Vertical Drilling Program 6,000 ft Upper Clear- Spraberry fork Deeper drilling expected to account for 90% of 2013 vertical drilling program 2013 drilling program includes 15 vertical rigs that are forecast to drill…
  34. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 34
    Continuing to Successfully Grow Spraberry/Wolfcamp Production Spraberry/Wolfcamp Net Production1 (MBOEPD) 75 80 MBOEPD Q1 production benefited by 2,000 BOEPD from FY Guidance reduction in vertical frac bank of 55 wells 75 Q1…
  35. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 35
    PXD and Midland Basin Takeaways 36
  36. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 36
    Spraberry/Wolfcamp is a Game Changer Spraberry/Wolfcamp production has the potential to reach 2.5 million BOEPD with 70% - 75% oil over the next 20 years Combined with production growth from the Eagle Ford, Bakken and the remainder…
  37. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 37
    PXD Investment Highlights U.S. asset base High oil exposure from proved reserves + estimated net resource potential of 9 BBOE Drilling program focused in three liquids and resource rich core assets in Texas Spraberry Vertical…
  38. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 38
    Appendix 39
  39. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 39
    Rigs Vertical vs. Horizontal Vertical Rig Horizontal Rig 40
  40. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 40
    Vertical Drilling Sand Supply for Fracs 41
  41. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 41
    Horizontal Drilling Sand Supply for Fracs Portable Sand Silos For Horizontal Wells 42
  42. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 42
    Vertical Drilling Water Supply for Fracs from Frac Tanks Frac Tanks 43
  43. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 43
    Horizontal Drilling Water Supply for Fracs from Frac Ponds One frac pond can support multiple well sites 44
  44. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 44
    Vertical Drilling Tank Battery, Separators and Pumping Unit 45
  45. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 45
    Horizontal Drilling Tank Battery, Separators and Compression DL Hutt Horizontal Tank Battery and Separators DL Hutt Separators and Compressor Station for gas lift 46
  46. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 46
    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 47
  47. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 47
    Permian Basin Man Camp Trucks haul produced water from vertical wells to disposal site Produced water piped from horizontal wells to central disposal facility 48
  48. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 48
    140 MBOE Spraberry 40-Acre Vertical Well Type Curve 90 Deeper drilling in Spraberry increasing EURs 80 Gross Production Per Well (BOEPD) 70 60 50 140 MBOE Spraberry/Dean/Full Wolfcamp 40 (70% oil, 20% NGLs, 10% gas)…
  49. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 49
    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%…
  50. Credit Suisse Best of Breed Symposium – Pioneer Natural Resources Co. – slide 50
    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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