EFTA01457569.pdf

6 May 20 lb Oil & Gas Exploration & Production Pioneer Natural Resources Figure 2: PXD Results vs. DB Estimates 0115 DB Snapshot Pioneer Natural Resources DEICE) Actual Actual Actual 0115 0115 Diff. 0414 0114 Seq. Y/Y Income Statement: (S in Millions) Total Revenues 733 867 18.3% 1,666 963 (48.0%) (10.0%) EBITDA 362 337 -6.8% 714 499 (52.8%) (32.5%) Depreciation Expense 313 310 -1.0% 313 221 (1.0%) 40.3% Net Income 7 (5) -175.4% 118 180 (104.2%) (102.8%) Per Share: Operating EPS $0.05 ($0.03) MISS $0.80 $1.26 ####### ####### Operating CFPS $2.56 $2.42 -5.3% $3.68 $3.90 (34.1%) (37.9%) Shares Outstanding (Diluted) 147 149 1.4% 147 143 1.4% 4.2% Cash Flow Statement: ($ in Millions) Funds from Operations IFFO) 346 334 -3.5% 567 466 (41.1%) (28.3%) Balance Sheet: (S in Millions) Total Debt 2.690 2,668 -0.8% 2,665 2,706 0.1% (1.4%) Cash Balance 1,042 383 63.2% 1,025 257 (62.6%) 49.0% Net Debt 1,648 2,286 38.6% 1,640 2,449 39.33% -6.70% Production: Oil (MMboe/d) 97 99 2% 101 79 -2% 25% NGLs (MMboe/d) 41 35 -14% 43 36 -17% -1% Natural Gas (MMcfeld) 337 359 7% 347 346 4% 4% Total Production (Mboe/d) 194 194 0.0% 201 172 -4% 13% Unhedged Realizations Oil ($/bbl) $45.68 $43.02 -6% $66.64 $92.38 -35% -53% NGL (Tab') $17.23 $15.00 -13% $18.50 $33.38 -19% -55% Gas ($ime() $2.72 $2.70 -1% $3.60 $4.81 -25% -44% Unit Costs (USS/boe): O&G Revenue $31.12 $29.64 -5% $43.48 $58.83 -32% -50% LOE $11.22 $10.32 -8% $10.82 $10.66 -5% -3% Production Taxes $1.96 $2.24 14% $3.26 $3.68 -31% -39% SG&A $4.47 $4.70 5% $4.81 $5.23 -2% -10% Cash Margin $13.46 $12.38 -8% $24.58 539.25 -50% -68% DD&A $17.93 $17.77 -1% $16.93 $14.28 5% 24% Operating Costs $35.59 $35.03 -2% $35.32 $33.86 -1% 3% Source CPYredrly dilla Dann,* ant Deutsche Bank Securities Inc. Page 3 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0117173 CONFIDENTIAL SDNY_GM_00263357 EFTA01457569