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Pioneer Natural Resources Reports Third Quarter 2013 Financial And Operating Results

Early production data from these initial Wolfcamp D interval wells suggests that EURs for these wells will equal or exceed average industry Wolfcamp D interval results to date. These successful wells, which are spread out over a significant portion of Pioneer’s northern acreage, also extend the play 50 miles west of recent industry Wolfcamp D drilling activity.

In the third quarter, Pioneer placed on production the Company’s third Wolfcamp B interval well in Midland County, Texas. The DL Hutt C #3H had the highest 24-hour peak initial production rate of 2,227 BOEPD to date in the Midland Basin for Wolfcamp B interval wells. The well had a 30-day peak average production rate of 1,087 BOEPD and an oil content of 75%. The well was completed utilizing a 30-stage hybrid fracture stimulation over the well’s perforated lateral length of 7,142 feet.

The Company also placed on production the Company’s second Wolfcamp B interval well in Martin County during the third quarter. The Scharbauer Ranch #202H had a 24-hour peak initial production rate of 979 BOEPD and a 20-day peak average production rate of 815 BOEPD, with an oil content of 73%. The well was completed utilizing a 35-stage hybrid fracture stimulation over the well’s perforated lateral length of 8,342 feet.

Pioneer has five horizontal Wolfcamp Shale wells on production in Midland and Martin Counties. In addition to the two Wolfcamp B interval wells that were placed on production during the third quarter, the Company has two other Wolfcamp B interval wells and one Wolfcamp A interval well on production. The oldest well has nine months of production history with cumulative production of 170 MBOE (Wolfcamp B), while the other two wells have produced 115 MBOE (Wolfcamp A) over five months and 100 MBOE (Wolfcamp B) over six months, respectively. The production data from these wells suggests that EURs for these wells, which are spread out over a significant portion of Pioneer’s northern Spraberry/Wolfcamp acreage, are expected to exceed 800 MBOE. Before-tax internal rates of return for wells with EURs of 800 MBOE are expected to be approximately 125% and pay out in less than one year. This assumes a single well drilling and completion cost of $8 million and an oil price of $95 per barrel.

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