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Pioneer Natural Resources Co
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October 2023 Merger Investor Update Presentation
| Alan Armstrong | Page 4 of 11 |
April 28, 2024
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"October 2023 Merger Investor Update Presentation"
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Unlocks significant value for ExxonMobil and Pioneer shareholders • Combination transforms ExxonMobil’s Upstream portfolio — Creates industry-leading undeveloped high-quality, high-return U.S. unconventional inventory with plans to reach ~2 Moebd of Permian production by 2027 — Increases short-cycle capital flexibility and lower cost-of-supply production in the United States • Combination enables even greater U.S. energy security by bringing the best technologies, operating excellence, and financial capability to an important source of domestic supply, benefitting the American economy and its consumers • Pioneer’s Permian inventory and basin knowledge combined with ExxonMobil’s proprietary technologies and expertise expected to generate double-digit returns by recovering more resource, more efficiently and with a lower environmental impact — Unique opportunity to create value by combining Pioneer’s large, contiguous, high-quality undeveloped Midland acreage with ExxonMobil’s demonstrated industry-leading Permian resource development — Unlocks significant capital and operating synergies — By combining both companies’ operational best practices and infrastructure, we will reduce our collective environmental footprint and accelerate Pioneer’s net-zero plan from 2050 to 2035 • Opportunity to maximize Permian value across ExxonMobil’s full integrated value chain • Transaction leverages strong value of ExxonMobil’s equity currency; balance sheet strength and Pioneer’s incremental free cash flow provide ability to further enhance shareholder returns post-closing 4