Pioneer Natural Resource Company Valuation Report, May 2010 - Strategic and Operational Analysis


#29370

135pages

GlobalData

$ 3500

In Stock


Pioneer Natural Resources Company (Pioneer) is an independent oil and gas exploration and production company with operations in the US, South Africa and Tunisia. The company primarily holds interests in the Spraberry oil field, located in West Texas, the Raton gas field located in southern Colorado, the Hugoton gas field located in southwest Kansas, and the West Panhandle gas field located in the Texas Panhandle. As of December 31, 2009, it had proved undeveloped reserves and proved developed reserves of approximately 186 MMbbl of oil, 66 MMbbl of natural gas liquids (NGLs), and 870 Bcf of gas. The company is headquartered in Irving, Texas. The company has 8,738 net productive wells (48.7% oil wells and 51.3% gas wells). The companys total production was 41.9 MMboe in 2009, the majority of which was contributed by natural gas (55.1%), followed by crude oil (27.7%), with the rest being NGL

Scope

  • Investment Thesis: This section highlights the companies new ventures, liquidity issues, assets analysis, hedging, new projects details, capex funding, geographical results of oil and gas operations, and other related analysis. 
  • Goals and Strategies: Provide highlights on their existing and upcoming challenges with the possible strategies. 
  • SWOT: This section highlights the companies internal strength, weakness, opportunities and threats to better understand their position in the market
  • Production and Development profile: This section highlights the companies forecasted crude oil and natural gas production from their existing and upcoming assets. It also covers the detailed information and analysis on the producing and development assets. 
  • Exploration and M&A trends: This section includes exploration assets information resulted due to new discoveries, new drilling and other activities. Additionally, M&A section highlights the companies recent assets transactions, joint ventures, acquisition, and divestment activities during the specified period. 
  • Financial Forecast and Valuation: This section highlights the detailed financial forecast of the companies for coming five years. This section also provides intrinsic value of the companies by using different valuation techniques. 
  • Peer Group: This section compares peer group performance with the main companies on the basis of share prices, financial ratios, operational and financial parameters and other related activities.
Reasons to buy

The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to:

  • Provide detailed analysis to those who are interested in knowing the companies existing and future business strategies.
  • Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates. 
  • Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies. 
  • Use the analysis for strategy and planning, M&A identifications, and competitor analysis.
Table Of Contents

1 Table of contents 3
1.1 List of Tables 6
1.2 List of Figures 8

2 Pioneer Natural Resources Company, Company Overview 11

3 Pioneer Natural Resource, Watch List for 2010 15

4 Pioneer Natural Resources Company, Investment Summary 16
4.1 Spraberry Oil Field: The Catalyst for the Future Growth of the Company; Multiple Formations Offer Enhanced Opportunities 16
4.2 Eagle Ford Shale Will Further Strengthen the Gas Portfolio 19
4.3 Sufficient Generation of Free Cash Flow from Operations to Meet Capital Expenditure for Coming Years 21

5 Pioneer Natural Resources Company, SWOT Analysis 23
5.1 Strength 23
5.2 Weaknesses 23
5.3 Opportunities 24
5.4 Threats 24

6 Pioneer Natural Resources Company, Goal and Strategies 25
6.1 Achieving Double Digit Annual Production Growth for 20112015 25
6.2 Significantly Increasing the Rig Count and Drilling Activities in Eagle Ford Shale 25
6.3 Increasing Liquid Production from 45% in 2009 to Nearly 60% Within the Next 5 Years 26

7 Pioneer Natural Resources Company, Production Overview 27
7.1 Production Profile 27
7.2 The US: Major Reserve and Revenue Contributor 28
7.2.1 Permian Basin: Holds the Biggest Asset and Future of Pioneers growth. 28
7.2.2 Mid-Continent 28
7.2.3 Rocky Mountains 29
7.2.4 Onshore Gulf Coast 29
7.2.5 Barnett Shale 29
7.2.6 Alaska 29
7.3 International Operations: Tunisia and South Africa 30
7.4 Key Upstream Projects 31

8 Pioneer Natural Resource, Cost Incurred and Acreage Position 32

9 Pioneer Natural Resources Company, Development Overview 34
9.1 Development Profile 34
9.2 The US as the Major Growth Driving Region for the Company 35
9.3 South Africa and Tunisia 36

10 Pioneer Natural Resources Company, Exploration and M&A Highlights 37
10.1 The US 37
10.2 M&A Activity 38

11 Pioneer Natural Resources Company, Outlook 40

12 Pioneer Natural Resources Company, Forecast Production and Financial Statements 41
12.1 Income Statement (20072014) 43
12.2 Balance Sheet (20072014) 44
12.3 Cash Flow Statement (20072014) 45
12.4 Financial Ratios 46

13 Pioneer Natural Resources Company, Valuation 48
13.1 Net Asset Value 48
13.2 Valuation Horizon 52

14 Pioneer Natural Resources Company, Peer Comparision 53
14.1 Share Price Performance 53
14.2 Operational and Financial Performance 54
14.3 Key Financial and Operational Ratios 57

15 Pioneer Natural Resources Company, Key Risks 59
15.1 Volatile Commodity Price 59
15.2 Reserve Replacement 59
15.3 Competition with Peers 59
15.4 Hedging and Legal Risks 59

16 Pioneer Natural Resources Company, Detailed Financial and Operational Metrics 60
16.1 Pioneer Natural Resources Company, Quarterly Results of Oil and Gas Operations per boe Produced 60
16.1.1 Results of Oil and Gas Operations per boe Produced, Q4 2008 Q4 2009 60
16.1.2 Results of Oil and Gas Operations per boe Growth Rates, Q4 2008 Q4 2009 61
16.2 Pioneer Natural Resources Company, Quarterly E&P Costs Trends 62
16.2.1 Upstream Capital Expenditure, Q4 2008 Q4 2009 62
16.3 Pioneer Natural Resources Company, Quarterly Production Trends 63
16.3.1 Total Crude Oil and Natural Gas Production Trend, Q4 2008 Q4 2009 63
16.3.2 Total Crude Oil and Natural Gas Production, by Country/Region, Q4 2008 Q4 2009 64
16.3.3 Total Crude Oil and Natural Gas Production per Share, Q4 2008 Q4 2009 65
16.4 Pioneer Natural Resources Company Crude Oil Production 66
16.4.1 Total Crude Oil Production Trend, Q4 2008 Q4 2009 66
16.4.2 Crude Oil Production, by Country/Region, Q4 2008 Q4 2009 67
16.5 Pioneer Natural Resources Company, Natural Gas Production 68
16.5.1 Total Natural Gas Production Trend, Q4 2008 Q4 2009 68
16.5.2 Natural Gas Production, by Country/Region, Q4 2008 Q4 2009 69
16.6 Pioneer Natural Resources Company, Production and Reserves Trends 70
16.6.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2004 2009 70
16.6.2 Total Crude Oil and Natural Gas Production and Reserves by Country/Region, 2004 2009 72
16.6.3 Total Crude Oil and Natural Gas Reserve Changes, 2004 2009 74
16.7 Pioneer Natural Resources Company, Crude Oil/Liquids Production and Reserve 75
16.7.1 Crude Oil/Liquids Production and Reserve Trend, 2004 2009 75
16.7.2 Crude Oil Production and Reserves by Country/Region, 2004 2009 76
16.7.3 Crude Oil/Liquids Reserve Changes, 2004 2009 78
16.8 Pioneer Natural Resources Company, Natural Gas Production and Reserve 79
16.8.1 Natural Gas Production and Reserve Trend, 2004 2009 79
16.8.2 Natural Gas Production and Reserves, by Country/Region, 2004 2009 80
16.8.3 Natural Gas Reserve Changes, 2004 2009 82
16.9 Pioneer Natural Resources Company, Total Crude Oil and Natural Gas Reserves Life Index 83
16.9.1 Total Crude Oil and Natural Gas Reserves Life Index, 2004 2009 83
16.9.2 Total Crude Oil and Natural Gas Reserves Life Index, by Country/Region, 2004 2009 84
16.10 Pioneer Natural Resources Company, Pioneer Natural Resources Company, E&P Costs Trends 86
16.10.1 Upstream Capital Expenditure, 2004 2009 86
16.10.2 Acquisition Costs by Country/Region, 2004 2009 87
16.10.3 Exploration and Development Costs, by Country/Region, 2004 2009 89
16.11 Pioneer Natural Resources Company, Oil and Gas Cost per boe, $/boe 91
16.11.1 Oil and Gas Cost per boe, $/boe, 2004 2009 91
16.11.2 Oil and Gas Cost per boe, $/boe, by Country/Region, 2004 2009 92
16.12 Pioneer Natural Resources Company, Reserve Replacement Ratio 95
16.12.1 Oil and Gas Production Replacement Ratio, 2004 2009 95
16.12.2 Oil and Gas Production Replacement Ratio, by Country/Region, 2004 2009 97
16.13 Pioneer Natural Resources Company, Results of Oil and Gas Operations Trend 102
16.13.1 Oil and Gas Revenue and Expenses, 2004 2009 102
16.13.2 Oil and Gas Revenue and Expenses, by Country/Region, 2004 2009 103
16.14 Pioneer Natural Resources Company, Oil and Gas Revenue and Expenses, per boe 109
16.14.1 Oil and Gas Revenue and Expenses, by boe, 2004 2009 109
16.14.2 Oil and Gas Revenue and Expenses per boe, by Country/Region, 2004 2009 110
16.15 Oil and Gas Performance Metrics 115
16.16 Pioneer Natural Resources Company, Land Holdings and Well Data 116
16.16.1 Gross and Net Developed and Undeveloped Acreage, 2004 2009 116
16.16.2 Gross and Net Developed and Undeveloped Acreage, by Country/Region, 2004 2009 117
16.17 Pioneer Natural Resources Company, Well Statistics 119
16.17.1 Producible Oil and Gas Well, 2004 2009 119
16.17.2 Producible Oil and Gas Well, by Country/Region, 2004 2009 120
16.17.3 Exploration and Development Wells Drilled, 2004 2009 125
16.17.4 Exploration and Development Wells Drilled, by Country/Region, 2004 2009 126
16.17.5 Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil and Gas (Mboe per Well), 2004 2009 128
16.17.6 Developed Reserves per Well, by Country/Region, 2004 2009 129

17 Appendix 132
17.1 Methodology 132
17.1.1 Coverage 132
17.1.2 Secondary Research 132
17.1.3 Primary Research 132
17.2 Data Sources 133
17.2.1 Company Source 133
17.2.2 SEC/Other Regulatory Filings 133
17.2.3 Agency Reports 133
17.2.4 Other Sources 133
17.3 Expert Panel Validation 133
17.4 Definitions 133
17.5 Units of Measure 134
17.6 About GlobalData 134
17.7 Disclosure 135
17.8 Disclaimer 135
 
Table 1: Pioneer Natural Resource Company, Key Events 20092010 14
Table 2: Pioneer Natural Resource Company, Total Upstream Production, 2010 2014 31
Table 3: Pioneer Natural Resource Company, Recent Transactions as a Seller, 20072009 38
Table 4: Pioneer Natural Resource Company, Recent Transactions As A Buyer, 20042009 39
Table 5: Pioneer Natural Resources Company, Forecast Production, 20072014 41
Table 6: GlobalData, Price Forecast, Crude Oil and Natural Gas, 20102014 41
Table 7: Pioneer Natural Resource Company, Income Statement ($m), 20072014 43
Table 8: Pioneer Natural Resource Company, Balance Sheet ($m), 20072014 44
Table 9: Pioneer Natural Resource Company, Cash Flow Statement ($m), 20072014 45
Table 10: Pioneer Natural Resource Company, Profitability Ratios, 20072014 46
Table 11: Pioneer Natural Resource Company, Other Financial Ratios, 20072014 47
Table 12: GlobalData, Price Forecast, 20102014 48
Table 13: Pioneer Natural Resource Company, Summary of Target Price ($/share), 2010 49
Table 14: Pioneer Natural Resource Company, Acreage and Resource Potential 2010 49
Table 15: Pioneer Natural Resource Company, NPV of Oil/NGL Reserves, $/bbl, 2010 50
Table 16: Pioneer Natural Resource Company, NPV of Natural Gas Reserves, $/Mcf, 2010 50
Table 17: Pioneer Natural Resource Company, NPV of Total Oil and Natural Gas Reserves, $/boe, 2010 50
Table 18: Pioneer Natural Resource Company, Sensitivity Analysis on Fair Value ($/share), 2010 51
Table 19: Pioneer Natural Resource Company and its Peer Group, Operational and Financial Performance, 2009 54
Table 20: Pioneer Natural Resource, Company and its Peer Group Comparison, Profitability and Other Ratios, 2009 57
Table 21: Pioneer Natural Resource Company and its Peer Group Comparison, Operational Ratios, 2009 57
Table 22: Pioneer Natural Resource Company and its Peer Group Comparison, Liquidity Ratios (Absolute), 2009 58
Table 23: Pioneer Natural Resources Company, Results of Oil and Gas Operations per boe Produced, $/boe, Q4 2008 Q4 2009 60
Table 24: Pioneer Natural Resources Company, Results of Oil and Gas Operations per boe Growth Rates, %, Q4 2008 Q4 2009 61
Table 25: Pioneer Natural Resources Company, Upstream Capital Expenditure, Q4 2008 Q4 2009 62
Table 26: Pioneer Natural Resources Company, Total Crude Oil and Natural Gas, Production, Q4 2008 Q4 2009 63
Table 27: Pioneer Natural Resources Company, Total Oil and Gas Production, by Country/Region, MMboe, Q4 2008 Q4 2009 64
Table 28: Pioneer Natural Resources Company, Total Crude Oil and Natural Gas Production per Share, Q4 2008 Q4 2009 65
Table 29: Pioneer Natural Resources Company, Total Crude Oil Production, MMbbl, Q4 2008 Q4 2009 66
Table 30: Pioneer Natural Resources Company, Crude Oil Production, by Country/Region, MMbbl, Q4 2008 Q4 2009 67
Table 31: Pioneer Natural Resources Company, Total Natural Gas Production, bcf, Q4 2008 Q4 2009 68
Table 32: Pioneer Natural Resources Company, Natural Gas Production, by Country/Region, bcf, Q4 2008 Q4 2009 69
Table 33: Pioneer Natural Resources Company, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2004 2009 71
Table 34: Pioneer Natural Resources Company, Total Crude Oil and Natural Gas Production and Reserves, by Country/Region, MMboe, 2004 2009 73
Table 35: Pioneer Natural Resources Company, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2004 2009 74
Table 36: Pioneer Natural Resources Company, Crude Oil Production and Reserves Metrics, MMbbl, 2004 2009 75
Table 37: Pioneer Natural Resources Company, Crude Oil Production and Reserves, by Country/Region, MMbbl, 2004 2009 77
Table 38: Pioneer Natural Resources Company, Crude Oil Reserve Changes, MMbbl, 2004 2009 78
Table 39: Pioneer Natural Resources Company, Natural Gas Production and Reserves Metrics, bcf, 2004 2009 79
Table 40: Pioneer Natural Resources Company, Natural Gas Production and Reserves, by Country/Region, bcf, 2004 2009 81
Table 41: Pioneer Natural Resources Company, Natural Gas Reserve Changes, bcf, 2004 2009 82
Table 42: Pioneer Natural Resources Company, Oil and Gas Reserves Life Index, Years, 2004 2009 83
Table 43: Pioneer Natural Resources Company, Oil and Gas Reserves Life Index, by Country/Region, Years, 2004 2009 85
Table 44: Pioneer Natural Resources Company, Upstream Capital Expenditure, $m, 2004 2009 86
Table 45: Pioneer Natural Resources Company, Proved and Unproved Acquisition Costs, by Country/Region, $m, 2004 2009 88
Table 46: Pioneer Natural Resources Company, Exploration and Development Costs, by Country/Region, $m, 2004 2009 90
Table 47: Pioneer Natural Resources Company, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs per boe, $/boe, 2004 2009 91
Table 48: Pioneer Natural Resources Company, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs per boe, $/boe, by Country/Region, 2004 2009 94
Table 49: Pioneer Natural Resources Company, Oil and Gas Production Replacement Ratio, %, 2004 2009 96
Table 50: Pioneer Natural Resources Company, Three-Year Wt.Avg. Oil and Gas Production Replacement Ratio, by Country/Region, %, 2004 2009 100
Table 51: Pioneer Natural Resources Company, Revenue and Expenses, $m, 2004 2009 102
Table 52: Pioneer Natural Resources Company, Revenue and Expenses, by Country/Region, $m, 2004 2009 107
Table 53: Pioneer Natural Resources Company, Oil and Gas Revenue and Expenses, $/boe, 2004 2009 109
Table 54: Pioneer Natural Resources Company, Oil and Gas Revenue and Expenses, $/boe, by Country/Region, 2004 2009 113
Table 55: Pioneer Natural Resources Company, Oil and Gas Performance Metrics, 2004 2009 115
Table 56: Pioneer Natural Resources Company, Land Holdings (Developed and Undeveloped Acreage), Acres, 2004 2009 116
Table 57: Pioneer Natural Resources Company, Land Holdings (Developed and Undeveloped Acreage), by Country/Region, Acres, 2004 2009 118
Table 58: Pioneer Natural Resources Company, Producible Oil and Gas Wells, 2004 2009 119
Table 59: Pioneer Natural Resources Company, Producible Oil and Gas Wells, by Country/Region, 2004 2009 123
Table 60: Pioneer Natural Resources Company, Exploratory and Developed Wells, 2004 2009 125
Table 61: Pioneer Natural Resources Company, Exploratory and Developed Wells, by Country/Region, 2004 2009 126
Table 62: Pioneer Natural Resources Company, Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil and Gas (Mboe per Well), 2004 2009 128
Table 63: Pioneer Natural Resources Company, Developed Reserves per Well, by Country/Region, Mboe per Well, 2004 2009 131 
Figure 1: Pioneer Natural Resource Company, Operational Map, 2010 11
Figure 2: Pioneer Natural Resource Company, Company Performance Charts 20062009 12
Figure 3: Pioneer Natural Resource Company, Share Price Performance, April 2009April 2010 13
Figure 4: Pioneer Natural Resource Company, Spraberry field Overview 2010 16
Figure 5: Pioneer Natural Resource Company, Spraberry field Production Mboe/d, 20082013 17
Figure 6: Pioneer Natural Resource Company, Spraberry Field Contribution to Total Production, 20072014 17
Figure 7: Pioneer Natural Resource Company, Wolfberry Field, 2010 18
Figure 8: Pioneer Natural Resource Company, Break Even Cost of Shales, $/MMbtu 2009 19
Figure 9: Pioneer Natural Resource Company, Eagle Ford Shale Overview 2010 20
Figure 10: Pioneer Natural Resource Company and Peer Group, Operating Cash Flows as a Percentage of Capital Expenditure, 20072009 21
Figure 11: Pioneer Natural Resource Company and Peer Group, Debt/Capital Ratio, 20072009 22
Figure 12: Pioneer Natural Resource Company, Total Production From Upstream Assets, MMboe, 2007 2014 27
Figure 13: Pioneer Natural Resource Company, Total production country-wise, Mboe, 20052009 30
Figure 14: Pioneer Natural Resource Company, Costs Incurred, $m, 2004 2009 32
Figure 15: Pioneer Natural Resource Company and its Peers Total Net Developed and Undeveloped Acreage, Million Acres 2009 33
Figure 16: Pioneer Natural Resource Company, Estimated Production Oil and Gas Segment, 20092014 34
Figure 17: Pioneer Natural Resource Company, Valuation Range, 2009 52
Figure 18: Pioneer Natural Resource Company and its Peers, Relative Share Price Performance Index, April 20092010 53
Figure 19: Pioneer Natural Resource Company, F&D Costs and Reserve Replacement Ratio, 2008 55
Figure 20: Pioneer Natural Resource Company and Peer Group, Operational and Financial Parameters in $/boe, 2009 55
Figure 21: Pioneer Natural Resource Company and Peer Group, Total Reserves and Production, MMboe, 2008 56
Figure 22: Pioneer Natural Resource Company and Peer Group Comparison, Valuation Ratio, 2009 58
Figure 23: Pioneer Natural Resources Company, Results of Oil and Gas Operations per boe Produced, $/boe, Q4 2008 Q4 2009 60
Figure 24: Pioneer Natural Resources Company, Upstream Capital Expenditure, $m, Q4 2008 Q4 2009 62
Figure 25: Pioneer Natural Resources Company, Total Crude Oil and Natural Gas, Production, MMboe, Q4 2008 Q4 2009 63
Figure 26: Pioneer Natural Resources Company, Total Oil and Gas Production, by Country/Region, MMboe, Q4 2008 Q4 2009 64
Figure 27: Pioneer Natural Resources Company, Total Crude Oil and Natural Gas Production per Share, boe/Share, Q4 2008 Q4 2009 65
Figure 28: Pioneer Natural Resources Company, Total Crude Oil Production, MMbbl, Q4 2008 Q4 2009 66
Figure 29: Pioneer Natural Resources Company, Crude Oil Production, by Country/Region, MMbbl, Q4 2008 Q4 2009 67
Figure 30: Pioneer Natural Resources Company, Total Natural Gas Production, bcf, Q4 2008 Q4 2009 68
Figure 31: Pioneer Natural Resources Company, Natural Gas Production, by Country/Region, bcf, Q4 2008 Q4 2009 69
Figure 32: Pioneer Natural Resources Company, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2004 2009 70
Figure 33: Pioneer Natural Resources Company, Total Oil and Gas Production (Reserves Reconciliation), by Country/Region, MMboe, 2004 2009 72
Figure 34: Pioneer Natural Resources Company, Total Proved Oil and Gas Reserves, by Country/Region, MMboe, 2004 2009 72
Figure 35: Pioneer Natural Resources Company, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2009 74
Figure 36: Pioneer Natural Resources Company, Crude Oil Production and Reserves Metrics, MMbbl, 2004 2009 75
Figure 37: Pioneer Natural Resources Company, Oil Production (Reserves Reconciliation), by Country/Region, MMbbl, 2004 2009 76
Figure 38: Pioneer Natural Resources Company, Total Proved Oil Reserves, by Country/Region, MMbbl, 2004 2009 76
Figure 39: Pioneer Natural Resources Company, Crude Oil Reserve Changes, MMbbl, 2009 78
Figure 40: Pioneer Natural Resources Company, Natural Gas Production and Reserves Metrics, bcf, 2004 2009 79
Figure 41: Pioneer Natural Resources Company, Gas Production (Reserves Reconciliation), by Country/Region, bcf, 2004 2009 80
Figure 42: Pioneer Natural Resources Company, Total Proved Gas Reserves, by Country/Region, bcf, 2004 2009 80
Figure 43: Pioneer Natural Resources Company, Natural Gas Reserve Changes, bcf, 2009 82
Figure 44: Pioneer Natural Resources Company, Oil and Gas Reserves Life Index, Years, 2004 2009 83
Figure 45: Pioneer Natural Resources Company, Gas Reserve Life Index, by Country/Region, Ratio, 2004 2009 84
Figure 46: Pioneer Natural Resources Company, Oil and Gas Reserve Life Index, by Country/Region, Ratio, 2004 2009 84
Figure 47: Pioneer Natural Resources Company, Oil Reserve Life Index, by Country/Region, Ratio, 2004 2009 85
Figure 48: Pioneer Natural Resources Company, Upstream Capital Expenditure, $m, 2004 2009 86
Figure 49: Pioneer Natural Resources Company, Proved Acquisition Costs, by Country/Region, $m, 2004 2009 87
Figure 50: Pioneer Natural Resources Company, Unproved Acquisition Costs, by Country/Region, $m, 2004 2009 87
Figure 51: Pioneer Natural Resources Company, Development Costs, by Country/Region, $m, 2004 2009 89
Figure 52: Pioneer Natural Resources Company, Exploration Costs, by Country/Region, $m, 2004 2009 89
Figure 53: Pioneer Natural Resources Company, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs per boe, $/boe, 2004 2009 91
Figure 54: Pioneer Natural Resources Company, Three-Year Wt. Avg. Oil and Gas Finding & Development Cost per boe, by Country/Region, $/boe, 2004 2009 92
Figure 55: Pioneer Natural Resources Company, Three-Year Wt. Avg. Oil and Gas Finding Cost per boe, by Country/Region, $/boe, 2004 2009 92
Figure 56: Pioneer Natural Resources Company, Three-Year Wt. Avg. Reserve Replacement Cost per boe, by Country/Region, $/boe, 2004 2009 93
Figure 57: Pioneer Natural Resources Company, Three-Year Wt. Avg. Proved Acquisition Cost per boe, by Country/Region, $/boe, 2004 2009 93
Figure 58: Pioneer Natural Resources Company, Three-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2004 2009 95
Figure 59: Pioneer Natural Resources Company, Three-Year Wt. Avg. Gas F&D Production Replacement, by Country/Region, %, 2004 2009 97
Figure 60: Pioneer Natural Resources Company, Three-Year Wt. Avg. Gas RRC Production Replacement, by Country/Region, %, 2004 2009 97
Figure 61: Pioneer Natural Resources Company, Three-Year Wt. Avg. Oil and Gas F&D Production Replacement, by Country/Region, %, 2004 2009 98
Figure 62: Pioneer Natural Resources Company, Three-Year Wt. Avg. Oil and Gas RRC Production Replacement, by Country/Region, %, 2004 2009 98
Figure 63: Pioneer Natural Resources Company, Three-Year Wt. Avg. Oil F&D Production Replacement, by Country/Region, %, 2004 2009 99
Figure 64: Pioneer Natural Resources Company, Three-Year Wt. Avg. Oil RRC Production Replacement, by Country/Region, %, 2004 2009 99
Figure 65: Pioneer Natural Resources Company, Revenue and Expenses, $m, 2004 2009 102
Figure 66: Pioneer Natural Resources Company, Depreciation, Depletion & Amortization, by Country/Region, $m, 2004 2009 103
Figure 67: Pioneer Natural Resources Company, Exploration Expenses, by Country/Region, $m, 2004 2009 103
Figure 68: Pioneer Natural Resources Company, Income Tax/(Benefit), by Country/Region, $m, 2004 2009 104
Figure 69: Pioneer Natural Resources Company, Net Income/ Loss, by Country/Region, $m, 2004 2009 104
Figure 70: Pioneer Natural Resources Company, Oil and Gas Revenue, by Country/Region, $m, 2004 2009 105
Figure 71: Pioneer Natural Resources Company, Pre-tax Profit, by Country/Region, $m, 2004 2009 105
Figure 72: Pioneer Natural Resources Company, Production Expenses, by Country/Region, $m, 2004 2009 106
Figure 73: Pioneer Natural Resources Company, Total Expenses, by Country/Region, $m, 2004 2009 106
Figure 74: Pioneer Natural Resources Company, Oil and Gas Revenue and Expenses, $/boe, 2004 2009 109
Figure 75: Pioneer Natural Resources Company, Exploration Expenses per boe, by Country/Region, $/boe, 2004 2009 110
Figure 76: Pioneer Natural Resources Company, Income Tax/(Benefit) per boe, by Country/Region, $/boe, 2004 2009 110
Figure 77: Pioneer Natural Resources Company, Lifting Cost per boe, by Country/Region, $/boe, 2004 2009 111
Figure 78: Pioneer Natural Resources Company, Annual Net Income per boe, by Country/Region, $/boe, 2004 2009 111
Figure 79: Pioneer Natural Resources Company, Oil and Gas Revenue per boe, by Country/Region, $/boe, 2004 2009 112
Figure 80: Pioneer Natural Resources Company, Total DD&A per boe, by Country/Region, $/boe, 2004 2009 112
Figure 81: Pioneer Natural Resources Company, Total Revenue per boe, by Country/Region, $/boe, 2004 2009 113
Figure 82: Pioneer Natural Resources Company, Oil and Gas Performance Metrics, 2004 2009 115
Figure 83: Pioneer Natural Resources Company, Land Holdings (Developed and Undeveloped Acreage), Acres, 2004 2009 116
Figure 84: Pioneer Natural Resources Company, Total Gross Undeveloped Acreage, by Country/Region, Acres, 2004 2009 117
Figure 85: Pioneer Natural Resources Company, Total Net Developed Acreage, by Country/Region, Acres, 2004 2009 117
Figure 86: Pioneer Natural Resources Company, Producible Oil and Gas Wells, 2004 2009 119
Figure 87: Pioneer Natural Resources Company, Gross Producible Gas Wells, by Country/Region, Number, 2004 2009 120
Figure 88: Pioneer Natural Resources Company, Gross Producible Oil and Gas Wells, by Country/Region, Number, 2004 2009 120
Figure 89: Pioneer Natural Resources Company, Gross Producible Oil Wells, by Country/Region, Number, 2004 2009 121
Figure 90: Pioneer Natural Resources Company, Net Oil and Gas Wells as Percentage of Gross Oil and Gas Wells, by Country/Region, %, 2004 2009 121
Figure 91: Pioneer Natural Resources Company, Net Producible Gas Wells, by Country/Region, Number, 2004 2009 122
Figure 92: Pioneer Natural Resources Company, Net Producible Oil and Gas Wells, by Country/Region, Number, 2004 2009 122
Figure 93: Pioneer Natural Resources Company, Net Producible Oil Wells, by Country/Region, Number, 2004 2009 123
Figure 94: Pioneer Natural Resources Company, Exploratory and Developed Wells, 2004 2009 125
Figure 95: Pioneer Natural Resources Company, Developed Gas Reserves per Well (MMcf per Well), by Country/Region, 2004 2009 129
Figure 96: Pioneer Natural Resources Company, Developed Oil and Gas Reserves per Well (Mboe per Well), by Country/Region, 2004 2009 129
Figure 97: Pioneer Natural Resources Company, Developed Oil Reserves per Well (Mbbls per Well), by Country/Region, 2004 2009 130