T H E P O W E R OF T H E P E R M I A N
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1 T H E P O W E R OF T H E P E R M I A N 1
2 FORWARD-LOOKING STATEMENTS Except for historical information contained herein, the statements in this presentation are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of Forward-looking statements and the business prospects of Pioneer are subject to a number of risks and uncertainties that may cause Pioneer s actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, volatility of commodity prices, product supply and demand, competition, the ability to obtain environmental and other permits and the timing thereof, other government regulation or action, the ability to obtain approvals from third parties and negotiate agreements with third parties on mutually acceptable terms, completion of planned divestitures, litigation, the costs and results of drilling and operations, availability of equipment, services, resources and personnel required to perform the Company s drilling and operating activities, access to and availability of transportation, processing, fractionation, refining and export facilities, Pioneer s ability to replace reserves, implement its business plans or complete its development activities as scheduled, access to and cost of capital, the financial strength of counterparties to Pioneer s credit facility, investment instruments and derivative contracts and purchasers of Pioneer s oil, natural gas liquid and gas production, uncertainties about estimates of reserves and resource potential, identification of drilling locations and the ability to add proved reserves in the future, the assumptions underlying production forecasts, quality of technical data, environmental and weather risks, including the possible impacts of climate change, the risks associated with the ownership and operation of the Company s industrial sand mining and oilfield services businesses and acts of war or terrorism. These and other risks are described in Pioneer s Annual Report on Form 10-K for the year ended December 31, 2016, and other filings with the Securities and Exchange Commission. In addition, Pioneer may be subject to currently unforeseen risks that may have a materially adverse impact on it. Accordingly, no assurances can be given that the actual events and results will not be materially different than the anticipated results described in the forward-looking statements. Pioneer undertakes no duty to publicly update these statements except as required by law. 2
3 PERMIAN BASIN TAKES GLOBAL STAGE Ghawar, Saudi Arabia Total Recoverable Resource (BBOE) Permian Basin, USA Produced To Date Midland Basin Delaware Basin Burgan, Kuwait Safaniyah, Saudi Arabia Eagle Ford Shale, USA Samotlorskoye, Russia Shaybah, Saudi Arabia Romashkinskoye, Russia ADCO, UAE U.S. now holds more oil reserves than Saudi Arabia Rystad Energy, July 4, 2016 Zuluf, Saudi Arabia Cantarell, Mexico The Midland and Delaware basins hold the largest number of undrilled, low-cost tight oil locations in the Lower 48. No other region comes close. Wood Mackenzie 1) Total recoverable resource includes oil and gas for all fields Source: Wood Mackenzie for international fields; Permian Basin from internal estimates 3
4 IMPACT OF HORIZONTAL TECHNOLOGY IN THE MIDLAND BASIN Midland Basin Spraberry/Wolfcamp Production Spraberry/Wolfcamp production has increased ~1,200,000 BOEPD since 2009 From 2009 to 2012, production growth primarily attributable to increased vertical activity Post 2012, production growth driven by horizontal activity Source: IHS Energy monthly data through July 2017 for the Spraberry, Credo East, Garden City South and Lin Fields; 2-stream production data 4
5 THE TWO LARGEST U.S. OIL SHALE PLAYS Delaware Basin Avalon Shale Midland Basin Clear Fork Midland Basin ~75 BBOE recoverable resource potential Delaware Basin Estimates indicate similar resource potential to the Midland Basin 1 st Bone Spring 2 nd Bone Spring M. Spraberry JoMill 3 rd Bone Spring L. Spraberry Eagle Ford Condensate Niobrara Bakken Marcellus Wolfcamp A / X-Y Sands Wolfcamp A Wolfcamp B Wolfcamp B Wolfcamp D Wolfcamp D Cline Source: PXD 5
6 Million Barrels Oil Per Day PERMIAN BASIN CONTINUES TO GROW Permian Basin is the only continuously growing major U.S. oil shale since downturn began Nov OPEC Decision Permian Basin Eagle Ford Bakken Niobrara Anadarko Other regions in EIA s Drilling Productivity Report Source: EIA, Drilling Productivity Report, October
7 Daily Oil Production (MMBOPD) WTI Price ($/BBL) PERMIAN BASIN HORIZONTALS ARE A GAME CHANGER The Permian Basin has produced >35 BBOE in the past 90 years with an estimated >150 BBOE recoverable resource remaining Permian Basin Tight Oil Production $160 $140 $ $100 Oil Price $ $ Horizontal Drilling Begins - '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 Source: Production data from EIA (U.S. tight oil production selected plays) through September 2017; historical WTI price from EIA $40 $20 $0 7
8 MMBOPD U.S. OIL PRODUCTION 10.0 Average Monthly Oil Production Weekly Data Monthly Data Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Hurricane Impacts Source: EIA, monthly data through August 2017, weekly data through October 20 th
9 Horizontal Oil Rig Count Peak: 1,115 10/27/17: % vs. bottom U.S. Peak: /27/17: % vs. bottom Permian Bottom: 247 Bottom: 116 Source: Baker Hughes 9
10 Breakeven ($/bbl) Breakeven ($/bbl) Cumulative Oil (Mbbls) Cumulative Oil (Mbbls) WELL PRODUCTIVITY AND BREAKEVENS CONTINUE TO IMPROVE Midland Basin Delaware Basin Months Months $100 $120 $80 $60 $40 $100 $80 $60 $40 $20 $ Well Productivity Drivers Increased water volumes Increased sand volumes Reduced cluster spacing Longer lateral lengths Cost Reduction Drivers Focused drilling on 3 zones vs. 8 zones Decreased drilling and completion times Reduced service costs Allow for strong returns in the current oil price environment Data Source: Morgan Stanley 10
11 Breakeven Oil Price ($/BBL) OIL BREAKEVENS BY SHALE PLAY IN NORTH AMERICA $50 $40 $30 $20 $10 $ - Midland Basin considered the top oil shale play in North America with a breakeven oil price of ~$24/BBL Source: Citi Research Report (9/13/2017) Breakeven oil price assumes $3/MMBtu flat gas price 11
12 Breakeven Oil Price ($/BBL) NORTH AMERICAN SHALE PLAY OIL BREAKEVENS BY COMPANY $50 $40 $30 $20 $10 $ - Pioneer s world-class Midland Basin acreage position drives industry leading breakeven oil price Source: Citi Research Report (9/13/2017) Breakeven oil price assumes $3/MMBtu flat gas price Companies include: APC, CDEV, CHK, CLR, CPE, DVN, ECA, EOG, HES, MRO, NBL, NFX, OAS, PE, SRCI, WLL, WPX, XEC and XOG 12
13 MBOPD EXTERNAL PERMIAN OIL GROWTH FORECASTS ARE ALL OVER THE BOARD 8,000 Jefferies IHS Bentek Pira Goldman Citi Citi (Midstream) $60 Citi (Midstream) $50 Wells Fargo Parkman Whaling Bernstein RSEG 8,000 7,000 7,000 6,000 6,000 5,000 4,000 IHS Bernstein 5,000 4,000 3,000 3,000 2, ,000 13
14 PERMIAN BASIN ACTIVITY REMAINS STRONG Company Horizontal Rig Count Number of Locations Net Resource (BBOE) Permian Growth (%) Pioneer 20 20, % - 32% ExxonMobil 20>30 in , % through 2020 Apache 16 +5, TCF 3 BBO 1 30% - 40% Parsley Energy 16 +8, % Concho 15 19, % Chevron MM acres % (20% - 35% long term) EOG 14 +6, Oxy 14 +2, % Anadarko 10 10, % oil growth Diamondback 9 +4, % Devon 9 +6, % Cimarex 9 325,000 acres - 26% WPX 7 +6, RSP Permian 6 +5, % Encana 5 +3, % Noble 4 +4, % ConocoPhillips 3 +1, Source: Rig Data; Company Investor Presentations 1) Represents resource in place 191 rigs (~55% of Permian total) >110,000 locations >55 BBOE Permian Basin growth is alive and well 14
15 Billion Cubic Feet Per Day LARGEST US GAS PRODUCTION BY BASIN Appalachia Permian Basin Haynesville Eagle Ford - Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Source: EIA, Drilling Productivity Report, October
16 Billion Cubic Feet Per Day HAYNESVILLE SHALE GAS PRODUCTION Rig Count Horizontal Rig Count 2 Production - Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan Haynesville gas production has increased to the highest levels since 2013 Source: EIA, Drilling Productivity Report, October 2017; Baker Hughes 16
17 PERMIAN GAS GROWTH Permian gas production expected to grow ~17% per year from 8.8 BCFPD today to 18 BCFPD by 2023 Source: Bernstein Research U.S. Natural Gas & MLPs (10/24/2017) 17
18 PIONEER AT A GLANCE Largest Midland Basin (Spraberry/Wolfcamp) acreage position with decades of oil drilling inventory 800 M gross acres with >20 M drilling locations Low cost with high returns Low average royalty and acreage cost basis 2017 capital program of $2.75 B (~95% Permian) 1 Strong derivatives position protects cash flow Strong investment grade balance sheet Net debt to 2017 operating cash flow: 0.3x Net debt-to-book capitalization : 5% end-q Raton West Panhandle Spraberry/Wolfcamp Active Drilling Areas Spraberry/Wolfcamp Gross Production By Operator 2 (MBOEPD) Dallas Headquarters Eagle Ford Shale Oil 59% 276 MBOEPD Q Production NGL 21% Gas 20% ) July 2017 DrillingInfo data, gross reported oil and wet gas (unallocated 2-stream) 1) Capex excludes acquisitions, asset retirement obligations, capitalized interest, G&G G&A and IT system upgrades 18
19 EARLY RESULTS FROM 12 VERSION 3.0+ COMPLETIONS ENCOURAGING North University Area: LSS Cumulative Production (MBOE) 1 Hutt Area: Wolfcamp B Cumulative Production Version 3.0+: 3 wells in Q2 ~9,000 avg. lateral length 50 bbls/ft and 3,000 lbs/ft Updated End October Version 3.0: 24 wells since late-2015 ~8,800 avg. lateral length Cumulative Production (MBOE) 1 Version 3.0+: 3 wells in Q2 ~9,700 avg. lateral length 50 bbls/ft and 3,000 lbs/ft Updated End October Version 3.0: 7 wells since 2016 ~8,300 avg. lateral length South University Area: Wolfcamp B Updated End October Pembrook Area: Wolfcamp B Updated End October Cumulative Production (MBOE) 1 Version 3.0+: 3 wells in Q2 ~9,800 avg. lateral length 67 bbls/ft and 2,500 lbs/ft Version 2.0: 6 wells since mid-2016 ~10,000 avg. lateral length (MBOE/10,000 Lateral) 1,2 Version 3.0+: 3 wells in Q2 ~7,000 avg. lateral length 100 bbls/ft and 5,000 lbs/ft Version 3.0: 26 wells since mid-2016 ~9,500 avg. lateral length 1) Production normalized for shut-ins 2) Cumulative production normalized to a lateral length of 10,000 to account for the differences in lateral length between version 3.0 and version 3.0+ wells in the area 19
20 JO MILL PERFORMANCE ENCOURAGING Jo Mill wells since Q Cumulative Production (MBOE) 1 4 POPs during Q2 2017: ~8,250 avg. lateral length 2 POPs during Q3 2017: Sale Ranch 10H and 12H ~6,900 avg. lateral length Updated End October 5 POPs between Q and Q1 2017: ~6,800 avg. lateral length Jo Mill POP Locations Q3 Jo Mill POPs 11 Jo Mill wells have been POP d since Q new wells POP d during Q3 are showing strong initial results Remaining 9 wells are exhibiting encouraging performance Wells placed on production to date cover a large cross section of Pioneer s acreage Additional Jo Mill wells planned for 2018 drilling program Well cost: ~$7 MM for a 8,500 lateral 1) Production normalized for shut-ins 20
21 PIONEER S 10-YEAR VISION Targeting to grow production to 1+ MMBOEPD in 2026 Reflects organic compound annual production growth of 15%+ drilling high-return wells Growth driven by world-class Spraberry/Wolfcamp asset low cost with high returns Vertical integration and technology enhancements support execution Financial expectations: Achieve positive free cash flow (cash flow breakeven at oil price of ~$50/BBL in 2020) Grow cash flow at a compound annual rate of >20% Protect cash flow with an active derivatives program Maintain net debt to cash flow below 1.0x Improve corporate returns; include return and per-share growth metrics in executive compensation On pace to deliver 10-year oil growth target of ~700 MBOPD Total 2026 production forecasted to be 1+ MMBOEPD as a result of higher than expected NGL and gas growth 21
22 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 SEC. In this presentation, Pioneer includes estimates of quantities of oil and gas using certain terms, such as resource potential, net recoverable resource potential, recoverable resource, estimated ultimate recovery, EUR, oil in place or other descriptions of volumes of reserves, which terms include quantities of oil and gas that may not meet the SEC s definitions of proved, probable and possible reserves, and which the SEC's guidelines strictly prohibit Pioneer from including in filings with the SEC. These estimates are by their nature more speculative than estimates of proved reserves and accordingly are subject to substantially greater risk of being recovered by Pioneer. U.S. investors are urged to consider closely the disclosures in the Company s periodic filings with the SEC. Such filings are available from the Company at 5205 N. O'Connor Blvd., Suite 200, Irving, Texas 75039, Attention: Investor Relations, and the Company s website at These filings also can be obtained from the SEC by calling SEC
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