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Energy Capital Conference – Pioneer Natural Resources Co.

Pioneer Natural Resources Co. · Jun 10, 2014 · 30 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. Energy Capital Conference – Pioneer Natural Resources Co. – slide 1
    Hart Energy Energy Capital Conference June 2014
  2. Energy Capital Conference – Pioneer Natural Resources Co. – slide 2
    Pioneers 1997 to 2005 Focus: Global Conventional 2005 Total Enterprise Value (B) 8 Chinchaga 2005 Production (MBOEPD) 176 2005 Liquids % / Gas % 40%/60% Calgary Horseshoe Canyon YE 2004 Proved Reserves (BBOE) 1.0 Horizontal…
  3. Energy Capital Conference – Pioneer Natural Resources Co. – slide 3
    Pioneers Current Focus: U.S. Unconventional Current Total Enterprise Value (B) 31 Q1 2014 Production (MBOEPD) 172 Q1 2014 Liquids % / Gas % 67%/33% YE 2013 Proved Reserves (BBOE) 0.8 Horizontal Production (% of total) 35% Raton…
  4. Energy Capital Conference – Pioneer Natural Resources Co. – slide 4
    Strong Stock Price Performance Demonstrates Successful Strategy Shift Restructuring Portfolio Economic Downturn Onshore U.S. Liquids Focus Pioneer raised 8.5 billion of capital during the Companys transformation period to…
  5. Energy Capital Conference – Pioneer Natural Resources Co. – slide 5
    Change in Process and Emphasis THEN NOW (Conventional) (Unconventional) Trap Kerogen Content Seal Maturity Source Clay Content Reservoir Pressure Migration Bulk Volume Hydrocarbon Timing Economic Risk Geologic Risk…
  6. Energy Capital Conference – Pioneer Natural Resources Co. – slide 6
    Why Did Our People Stay During The Transformation Pioneer Ranked 2 Top Place to work in Dallas/Fort Worth by The Dallas Morning News Pioneer has 350 geologists and engineers who appreciate Pioneer managements commitment to…
  7. Energy Capital Conference – Pioneer Natural Resources Co. – slide 7
    Pioneers Eagle Ford Shale Acreage Concentrated in Best EUR Areas Oil Window PXD Acreage Area 8
  8. Energy Capital Conference – Pioneer Natural Resources Co. – slide 8
    Technology Leader in Exploration and Development Seismic & Microseismic Micro-Seismic Well Spacing E D X E P V Fracability L E Frac Modeling O L R O A P T M Maturity/Liquid Yield Predicted Stimulated Rock Volume I E O N…
  9. Energy Capital Conference – Pioneer Natural Resources Co. – slide 9
    Pioneers Edwards Trend and Eagle Ford Shale Production Growth1 Pioneer grew gross Eagle Ford Shale production from 0 MBOEPD to 120 MBOEPD in 4 years Edwards Trend Eagle Ford Shale 10 1) Data represents Pioneers Eagle Ford and…
  10. Energy Capital Conference – Pioneer Natural Resources Co. – slide 10
    Eagle Ford Shale - A Legacy of Continuous Improvement 2011 2012 2013 Scaled up to full rig count Started pad drilling Primarily pad drilling Developed consistent drilling Improved drilling design and Implemented two string design…
  11. Energy Capital Conference – Pioneer Natural Resources Co. – slide 11
    Shift to Pad Drilling in Eagle Ford Shale Improves Drilling Efficiency Drilling Days (rig release to rig release) 36 days 31 days 27 days 24 days 2011 2012 2013 2014 % Multi-Well Pads 4% 37% 71% 100% All wells placed on…
  12. Energy Capital Conference – Pioneer Natural Resources Co. – slide 12
    Eagle Ford Shale Completion Optimization Over the past 2 years, PXD has improved its Eagle Ford Shale completion design by: Reducing cluster spacing Increasing the pounds of proppant (white sand) pumped per foot Increasing the barrels…
  13. Energy Capital Conference – Pioneer Natural Resources Co. – slide 13
    Transferring Expertise from Eagle Ford Shale to Spraberry/Wolfcamp Seismic & Microseismic Well Spacing Upper Eagle Ford Height 100' Lower Eagle Ford 200' 400' Knowledge and People Knowledge Transfer Completion…
  14. Energy Capital Conference – Pioneer Natural Resources Co. – slide 14
    Midland Basin: Stacked Play Potential Midland Basin Delta log R (excess electrical resistance) Red intervals indicate hydrocarbons Clear Fork Petrophysical analysis indicates significantly more oil-in-place in the Wolfcamp and…
  15. Energy Capital Conference – Pioneer Natural Resources Co. – slide 15
    Drilling Results Confirming Pioneers Midland Basin Sweet Spot PXD Wolfcamp B Prospectivity Map (Early 2013) 2014 ITG Research Report Wolfcamp Test Rates Higher Tier 1 Tier 2 Pioneer Land Pioneer Wolfcamp B wells Wolfcamp B depth…
  16. Energy Capital Conference – Pioneer Natural Resources Co. – slide 16
    Midland Basin Horizontal Resource Potential Continues to Grow 75 BBOE Recoverable Resource Potential (Up from 50 BBOE in 2013) Spraberry Wolfcamp D Shales 13 BBOE 14 BBOE Wolfcamp C 2 BBOE Wolfcamp A Wolfcamp B 19 BBOE 27…
  17. Energy Capital Conference – Pioneer Natural Resources Co. – slide 17
    Largest U.S. Oil Fields Estimated Recoverable Resource (BBOE)1 0 25 50 75 Spraberry/Wolfcamp Eagle Ford Shale Prudhoe Bay, AK Bakken Shale Delaware Basin East Texas Basin Midway-Sunset, CA Wilmington, CA Kuparuk River, AK Kern…
  18. Energy Capital Conference – Pioneer Natural Resources Co. – slide 18
    Pioneers Significant Proved Reserves and Recoverable Resource Potential1 Proved Reserves + Estimated Net Recoverable Resource Potential of 11 BBOE 22,000 Horizontal Drilling Locations 12/31/13 Proved Reserves: 845 MMBOE2 Additional…
  19. Energy Capital Conference – Pioneer Natural Resources Co. – slide 19
    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 58% Vertical Rigs 96%…
  20. Energy Capital Conference – Pioneer Natural Resources Co. – slide 20
    Production Growth Profiles For 3 Largest U.S. Oil Shale Plays Includes Horizontal Wells Only 10,000,000 Eagle Ford 196 Horizontal Rigs (down from 218 rigs in early 2013) 1,000,000 Gross Production (BOEPD) Bakken 168 Horizontal…
  21. Energy Capital Conference – Pioneer Natural Resources Co. – slide 21
    Spraberry/Wolfcamp Production History Includes Vertical and Horizontal Wells 650,000 600,000 585,000 550,000 500,000 Spraberry/Wolfcamp production has 450,000 increased 425,000 BOEPD since 2009 400,000 Production (BOEPD)…
  22. Energy Capital Conference – Pioneer Natural Resources Co. – slide 22
    Spraberry/Wolfcamp Horizontal Production Growth Profile PXDs 80 HZ Rig Growth Scenario PXDs 120 HZ Rig Growth Scenario PXD adds 5 HZ rigs/year for 10 years PXD adds 10 HZ rigs/year for 10 years Assumes strip pricing for oil & gas1…
  23. Energy Capital Conference – Pioneer Natural Resources Co. – slide 23
    ITGs Permian Basin Oil Growth Forecast 1.0 - 1.8 MMbbl/d Total Permian Growth by 2025 3,500 High Case 3.2 MMbbl/d by 2025 3,000 2,500 Wellhead Oil (MBbl/d) Current 2,000 1.5 MMbbl/d Base Case 2.5 MMbbl/d by 2025 1,500…
  24. Energy Capital Conference – Pioneer Natural Resources Co. – slide 24
    U.S. Production Forecast by Grade History Forecast 12 10 8.5 MMBPD Production (MMBPD) 8 Light 6 4 2 Medium Heavy 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Heavy Medium Light Condensate…
  25. Energy Capital Conference – Pioneer Natural Resources Co. – slide 25
    U.S. PADD III (Gulf Coast) Crude Imports Since 2005 Majority of the light crude imports have been displaced, but mediums may be stickier, which could put a ceiling on U.S. production growth Oil Imports to PADD 3 7,000 32 Average API…
  26. Energy Capital Conference – Pioneer Natural Resources Co. – slide 26
    Increased U.S. Petroleum Product Exports Over 10 Years U.S. Petroleum Product Exports (million barrels per day) Product exports reached 4.3 MM in 12/2013 4.5 4.0 Gasoline 3.5 3.0 Kerosene & distillates Kerosene & driving…
  27. Energy Capital Conference – Pioneer Natural Resources Co. – slide 27
    WTI, Brent and PADD 3 Gasoline Price History Gasoline prices are more closely tied to Brent than WTI 350 PADD 3 Brent Price 300 Gasoline Price 250 Price (Cents per Gallon) 200 WTI Price 150 100 50 Jan-06…
  28. Energy Capital Conference – Pioneer Natural Resources Co. – slide 28
    The Foreseeable Consequences of Inaction Producers will be forced to lay down rigs Production growth will stall and production will quickly decline Eliminating the ban will result in 1.2 MMBOPD of additional growth (IHS) A…
  29. Energy Capital Conference – Pioneer Natural Resources Co. – slide 29
    Banned Commodities Exports Only 3 commodities are included in the Export Administration Regulations Short Supply Control list1 Unprocessed Crude Oil Horses Exported by Sea Western Red Cedar Source: BIS Short Supply Controls…
  30. Energy Capital Conference – Pioneer Natural Resources Co. – slide 30
    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…

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