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Pioneer Southwest Energy Partners L.P. Reports Fourth Quarter 2012 Financial And Operating Results

Pioneer Southwest Energy Partners L.P. (“Pioneer Southwest” or “the Partnership”) (NYSE: PSE) today announced financial and operating results for the quarter ended December 31, 2012.

Pioneer Southwest reported fourth quarter net income of $23 million, or $0.65 per common unit. Net income for the fourth quarter included unrealized mark-to-market derivative gains of $5 million, or $0.15 per common unit. Without the effect of this item, adjusted income for the fourth quarter was $18 million, or $0.50 per common unit. Cash flow from operations for the fourth quarter was $19 million.

Oil and gas sales for the fourth quarter averaged 7,668 barrels oil equivalent per day (BOEPD). Production for the quarter included a loss of approximately 200 BOEPD due to reduced ethane recoveries associated with gas processing facilities in the Spraberry field operating above capacity as a result of greater-than-anticipated industry production growth.

The Partnership’s three-rig drilling program continued during the fourth quarter, with 13 new wells being placed on production and the recompletion of one well that was previously producing from only one interval. At the end of the quarter, the Partnership had nine wells awaiting completion. The Partnership has a large inventory of remaining oil drilling locations in the Spraberry field, with approximately 160 40-acre locations and 1,275 20-acre locations.

For the full year 2012, The Partnership drilled 42 wells and recompleted five wells. Essentially all of the wells drilled were deepened to the Strawn formation, and 35% of the wells were also deepened to the Atoka formation. Production data from current Strawn completions supports the addition of an incremental 30 thousand barrels oil equivalent (MBOE) of estimated ultimate recovery (EUR) for wells completed in this interval. Completions in the Atoka interval are estimated to add an incremental 50 MBOE to 70 MBOE of EUR. Approximately 85% and 70% of the Partnership’s acreage position has Strawn and Atoka potential, respectively. Capital spending for 2012 was $126 million and generated full-year production growth of approximately 8% compared to 2011.

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