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