This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

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.

Read the rest of this transcript for free on seekingalpha.com

4 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs