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Pioneer Natural Resources Co
March 2012 Investor Presentation
| Frank Hopkins | Page 3 of 11 |
March 09, 2014
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"March 2012 Investor Presentation"
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3 ? U.S. asset base ? 2012 drilling program focused in four liquids-rich plays in Texas with substantial resource potential – Spraberry Vertical – Horizontal Wolfcamp Shale – Eagle Ford Shale – Barnett Shale Combo ? Forecasting 20+% compound annual production growth and 25+% compound annual operating cash flow growth through 20141 – FY 2011 production averaged 120 MBOEPD2, up 16% vs. FY 2010 ? Vertical integration substantially improving returns ? Attractive derivative positions protect margins; 80% coverage for oil and 90% coverage for gas in 2012 ? Strong financial position Investment Highlights 1) Commodity prices of $100/bbl oil and $3/mcf gas in 2012 and $100/bbl oil and $4/mcf gas in 2013 and 2014 2) Excludes discontinued operations related to the planned sale of South Africa (4 MBOEPD)