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Pioneer Natural Resources' CEO Discusses Q4 2011 Results - Earnings Call Transcript

Fourth quarter production, we were at the high end of 140,000 barrels of oil equivalent per day. We are moving South Africa into discontinued operations. That would put us at 137,000 barrels of oil equivalent per day. We have a process that's underway and should be completed by the first half of 2012. That will be the divestment of our only remaining international asset.

Again, production was up 12,000 barrels of oil equivalent per day, up 9% versus the third quarter. Also, 19% quarter-to-quarter on oil growth primarily related to the growth in the Spraberry, Eagle Ford Shale and the Barnett Shale Combo. For the year, we averaged at 124,000 barrels of oil equivalent per day. This includes our discontinued ops in South Africa. We're up 14% versus year end -- for the full year of 2010. If we exclude discontinued ops, we're up 16%.

What's more important, and Tim will talk more about it in detail, we drilled our second successful horizontal Wolfcamp Shale well, performing exactly like the first well. Both wells are above expectations. This will probably end up being one of the largest oil shale plays in the U.S. We are the largest acreage holder in that play with well over 400,000 acres.

We're continuing our successful deeper drilling to the Strawn, Atoka and Mississippian, with about half our wells going into these areas or more in 2012. Continuing to add additional frac capacity totaling 70,000 horsepower in both Spraberry and Eagle Ford in the fourth quarter. Again, delivered great drillbit finding cost, drillbit reserve placement, 313% reserve replacement, 148 million barrels of oil equivalent and a drillbit finding cost of $13.83 per barrel of oil equivalent. Also a big achievement: reaching investment grade by S&P and also moving our debt-to-book down to 26% at year-end 2011.

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