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Pioneer Natural Resources Co
May 2012 Investor Presentation
| Scott Sheffield | Page 3 of 11 |
March 31, 2015
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"May 2012 Investor Presentation"
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3 U.S. asset base Oil exposure from proved reserves + estimated resource potential of >5 BBOE and 30,000 drilling locations 3 rd largest driller in the U.S. with 2012 drilling program focused in four liquids and resource rich plays in Texas 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 2014 1 FY 2012 production expected to be up 23% to 27% vs. FY 2011 Vertical integration substantially improving returns Attractive derivative positions protect margins 85% coverage for oil and 90% coverage for gas in 2012 85% coverage for oil and 65% coverage for gas in 2013 Strong financial position Investment Highlights 1) Based on commodity prices of $100/bbl oil and $3/ mcf gas in 2012 and $100/bbl oil and $4/ mcf gas in 2013 and 2014