P o w e r o f t h e P e r m i a n M A Y 2018
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1 P o w e r o f t h e P e r m i a n M A Y
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, cybersecurity risks, ability to implement planned stock repurchases, 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, 2017, 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 ONE OF THE WORLD S LARGEST OIL FIELDS Permian Basin encompasses ~75,000 Permian Basin square miles Roughly equivalent to the size of South Dakota (the 17th largest state in the U.S.) Midland Basin Currently producing ~3 million barrels of oil per day, up from ~1 million in 2011 Delaware Basin ~30% of total U.S. oil production Equivalent to the 10th largest oil producing country in the world Two key producing basins are the Midland and the Delaware 3
4 PERMIAN BASIN TAKES THE 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 U.S. hits all time high of oil production exceeding 10 MMBOPD November 2017 EIA Samotlorskoye, Russia Shaybah, Saudi Arabia Romashkinskoye, Russia ADCO, UAE 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 4
5 U.S. LARGEST SHALE PLAYS Permian Basin Red Indicates Shale Oil Permian Basin Midland Basin ~3,000 of Shale South Texas Eagle Ford Colorado Niobrara North Dakota Bakken Pennsylvania Marcellus Delaware Basin Source: PXD Midland Basin Data 5
6 MMBOEPD IMPACT OF HORIZONTAL DRILLING IN THE MIDLAND BASIN Midland Basin production has increased ~1.3 MMBOEPD since 2009 Hz Source: IHS Energy 6
7 Million Barrels Oil Per Day PERMIAN BASIN CONTINUES TO GROW Permian Basin is the only continuously growing major U.S. oil shale play Nov OPEC Decision Permian Basin Eagle Ford Bakken Niobrara Source: EIA, Drilling Productivity Report, April
8 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 Oil Production $160 $140 $ Oil Price $100 $80 $ Horizontal Drilling Begins '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 $40 $20 $0 Source: Production data from EIA (U.S. tight oil production selected plays) through February 2018; historical WTI price from EIA 8
9 MMBOPD U.S. OIL PRODUCTION Oil Production Weekly Data Hurricane Impacts 4.5 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 U.S. oil production has exceeded the all-time record of 10 MMBOPD set in November 1970 Source: EIA 9
10 Avg. Cumulative Production (MBOE) WELL PRODUCTIVITY CONTINUES TO IMPROVE Average Cumulative Production Per Well (MBOE) Days on Production 1) Represents all of Pioneer s 875 Midland Basin horizontal wells placed on production from 2014 to
11 Breakeven Oil Price ($/BBL) OIL BREAKEVENS BY SHALE PLAY IN THE U.S. $60 $50 $40 $30 $20 $10 $ - Permian Basin considered among the top oil shale plays in North America with a breakeven oil price of less than $30/BBL Source: Citi Research Report (4/11/2018) 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 65% IRRs ($55/BBL oil & $3/MCF gas) $20 $10 $ - Pioneer s world-class Midland Basin acreage position drives industry leading breakeven oil price Source: Citi Research Report (4/11/2018) 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 PERMIAN BASIN S GLOBAL IMPACT Low-cost shale oil manufacturing leads to long-term secular growth and reduces commodity price induced cyclicality >$1 trillion investment potential Insulates industry from Boom and Bust cycles Improves full-cycle returns Robust concurrent infrastructure development National security Energy independence Balance of trade Premium quality oil for exports LNG and natural gas exports Job creation Federal and State tax revenues Permian Basin expected to provide >40% of domestic oil production and be equivalent to the 4 th largest oil producing country in the world by
14 MBOPD EXTERNAL PERMIAN OIL GROWTH FORECASTS 8,000 7,000 6,000 5,000 Range of Research Estimates 4,000 3,000 2,
15 PERMIAN BASIN OIL TO SUPPLY GLOBAL DEMAND Permian Basin proximity to Gulf Coast export terminals provides access to key global markets Source: Internal Estimates, BP 2017 Statistical Review 15
16 Billion Cubic Feet Per Day LARGEST U.S. GAS PRODUCTION BY BASIN Appalachia Permian Basin 10 5 Eagle Ford 0 Source: EIA, Drilling Productivity Report, April
17 INNOVATION AND TECHNOLOGY WILL CONTINUE TO FURTHER DRIVE EFFICIENCIES IN THE PERMIAN BASIN PIONEER EXAMPLES New technology initiatives are focused on improving productivity Machine learning and artificial intelligence 4-D fracture propagation modeling Predictive analytics Automation Bot technology (e.g., automate manual repeatable tasks) Drilling rig of the future Dynamic drill string modeling 4-D fracture propagation modeling Dynamic drill string modeling Real-time drilling prediction software Fiber optic subsurface measurement tools Partnering with national labs, universities and service companies 17
18 SUSTAINABILITY - PIONEER S PERSPECTIVE Objective: Protect the environment and ensure the health and safety of employees and contractors by: Continuing to focus on programs to create an incident-free and injury-free workplace Improving vehicle safety by implementing mandatory driver safety training Securing increasing supplies of non-potable water and reusing produced water to minimize the use of fresh water in well completions Utilizing leak detection and repair to reduce air emissions Pioneer published its inaugural Sustainability Report in 2017 Building facilities with spill prevention in mind and being prepared to respond immediately if a spill occurs High safety standards and environmental stewardship are critical components of successful energy development 18
19 PIONEER S TEMPLATE FOR CREATING SHAREHOLDER VALUE FOCUS ON RETURNS: Low-cost, high-return Permian wells underpin increasing corporate returns CAPITAL DISCIPLINE: Capital program within cash flow drives strong production growth RETURN OF CAPITAL: Increasing free cash flow 1 generation leads to return of capital to shareholders PRESERVE STRONG BALANCE SHEET: Maintain low leverage ratios to provide financial flexibility HIGHLY REPEATABLE PROGRAM: Decades of low-risk drilling inventory with cash flow breakeven oil prices that decrease annually Permian high return on capital 1 leads to increasing return of capital 1) Refer to supplemental slides for definition of financial metrics 19
20 SUPPLEMENTAL SLIDES 20
21 DE FINIT IONS Return on Capital Employed (ROCE) equals net income adjusted for tax-effected interest expense, net noncash MTM derivative gains and losses and other unusual items 1 divided by the summation of average equity plus average net debt Free Cash Flow (FCF) occurs when net cash provided by operations (before working capital changes) exceeds Capital Expenditures Cash Flow Breakeven Oil Price is the NYMEX WTI price at which net cash flow provided by operations (before working capital changes) equals Capital Expenditures Capital Expenditures equal the Company s planned capital budget for any year excluding acquisitions, asset retirement obligations, capitalized interest, geological and geophysical G&A and IT system upgrades 1) Unusual items have historically included noncash property impairments, gain/loss on asset divestitures and tax-related items 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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