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

Going to Slide #4. We are increasing our annual production growth of 23% to 27% from '11 to '12 as compared to the 22%. It does exclude South Africa. The primary reason for the growth increase, again, is the horizontal Wolfcamp play and the ramp-up there.

We continue to high-grade our liquids-rich drilling to optimize returns in response to low gas prices. We'll talk more about it with the activity, but obviously focusing on higher capital efficiency in liquids-rich drilling in the Spraberry, horizontal Wolfcamp Shale and Eagle Ford Shale primarily.

We are reducing our rig count expectations. We're keeping it at 12 rigs during 2012. We're moving back our planned goal of 14 rigs in 2013 in the Eagle Ford, maintaining Barnett Shale at 2 rigs and we'll be moving to 4 rigs toward the end of the year, going into 2013.

Targeting 20% compounded annual growth rate, which is an increase from 18% previously, and also expect to achieve a 25% compounded annual operating cash flow growth rate for 2012 to '14. We'll be adding more frac capacity than we have planned during 2011 of 70,000 in the Spraberry for a total of 300,000 horsepower and that's primarily due to the ramp-up of the horizontal Wolfcamp play. With the recent runoff several weeks ago of WTI, we've added some more oil derivative positions from the years 2012 to 2014. Primarily, the 3 ways that we have been doing in the past.

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