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Permian Investor Presentation October 2012

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1 Permian Investor Presentation October 2012

2 Forward-Looking Statements
Except for historical information contained herein, the statements, charts and graphs in this presentation are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of Forward-looking statements and the business prospects of Pioneer are subject to a number of risks and uncertainties that may cause Pioneer's actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, volatility of commodity prices, product supply and demand, competition, the ability to obtain environmental and other permits and the timing thereof, other government regulation or action, the ability to obtain approvals from third parties and negotiate agreements (including joint venture agreements) with third parties on mutually acceptable terms, litigation, the costs and results of drilling and operations, availability of equipment, services and personnel required to complete the Company's operating activities, access to and availability of transportation, processing and refining facilities, Pioneer's ability to replace reserves, implement its business plans (including its plan to complete certain asset divestments) or complete its development activities as scheduled, access to and cost of capital, the financial strength of counterparties to Pioneer's credit facility and derivative contracts and the purchasers of Pioneer's oil, NGL and gas production, uncertainties about estimates of reserves and resource potential and the ability to add proved reserves in the future, the assumptions underlying production forecasts, quality of technical data, environmental and weather risks, including the possible impacts of climate change, the risks associated with the ownership and operation of an industrial sand mining business, international operations and acts of war or terrorism. These and other risks are described in Pioneer's 10-K and 10-Q Reports and other filings with the Securities and Exchange Commission. In addition, Pioneer may be subject to currently unforeseen risks that may have a materially adverse impact on it. Pioneer undertakes no duty to publicly update these statements except as required by law. Please see the appendix slides included in this presentation for other important information.

3 Topics PXD Overview Tim Dove
Spraberry Overview & Geology Chris Cheatwood Spraberry Operations Danny Kellum Horizontal Wolfcamp Shale Chris Cheatwood

4 PXD Overview

5 Investment Highlights
U.S. asset base Oil exposure from proved reserves + estimated net resource potential of >7 BBOE 2012 drilling program focused in three liquids and resource rich core assets in Texas Spraberry Vertical Horizontal Wolfcamp Shale Joint venture accelerates future development Eagle Ford Shale Barnett Shale divestiture allows reallocation of capital to three core Texas assets Strong production growth profile Vertical integration substantially improving returns Attractive derivative positions protect margins Strong investment grade financial position

6 2012 Production Growth Target1
MBOEPD Increased 2012 production growth target from 23% - 27% to 25% - 29% Strong drilling and well performance outweighs continuing third-party NGL fractionation capacity shortfalls and reduced 2H drilling activity Production growth rate beyond dependent on commodity prices and service costs 148 – FY Guidance 151 147 120 104 25% - 29% ~65% Liquids 27% Oil 34% Oil 39% Oil 41% Oil 2012 E Reflects Tunisia and South Africa as discontinued operations

7 2012E Capital Spending and Cash Flow1
$B Capital program includes: Drilling capital 2.4 Vertical integration 0.5 Includes $100 MM for field facilities accelerated into 2012 2.9 Capital program funded from: Operating cash flow 1.8 Equity offering proceeds 0.5 Liquidated derivatives and inventory reduction 0.3 Credit facility borrowings 0.2 South Africa divestiture and South Texas acreage sale 0.1 Sensitivity to Commodity Prices ($ MM) NYMEX Gas Price ($/MCF) NYMEX Oil Price ($/BBL) $85/bbl oil and $3/mcf gas 7 1) Capital spending excludes acquisitions, asset retirement obligations, capitalized interest and G&G G&A

8 Pioneer’s Liquids-Rich Growth Areas
Spraberry Vertical 70% Oil / 20% NGLs / 10% Gas 900,000 Gross Acres 609 MMBOE Proved Reserves 2.1 BBOE Resource Potential ~23,000 Drilling Locations 64 MBOEPD Q2 Net Production Eagle Ford Shale 40% Oil / 20% NGLs / 40% Gas 300,000 Gross Acres 70 MMBOE Proved Reserves 600 MMBOE Resource Potential ~1,800 Drilling Locations 24 MBOEPD Q2 Net Production Horizontal Wolfcamp Shale 80% Oil / 10% NGLs / 10% Gas 400,000+ Gross Acres 3.5 BBOE Resource Potential ~8,000 Drilling Locations

9 Significant Proved Reserves and Resource Potential1
Proved Reserves + Estimated Net Resource Potential of >7 BBOE and 35,000 Drilling Locations 12/31/11 Proved Reserves: 1.1 BBOE2 Additional Net Resource Potential: 6.7 BBOE Spraberry 40-ac Drilling4 600 MMBOE 5,200 locations Raton 170 MMBOE 150 PUD locations Eagle Ford Shale 600 MMBOE 1,700 locations Eagle Ford Shale 70 MMBOE 120 PUD locations Barnett 300 MMBOE 1,300 locations Mid-Continent 107 MMBOE Spraberry 20-ac Drilling4 1.2 BBOE 13,500 high-graded locations Other3 200 MMBOE 500 locations Other 107 MMBOE 120 PUD locations Spraberry Waterflood 300 MMBOE 40% acreage Spraberry 609 MMBOE 4,700 PUD locations Horizontal Wolfcamp5 3.5 BBOE 8,000 locations All drilling locations shown on a gross basis SEC pricing of $96.13/BBL for oil and $4.12/MMBTU for gas (NYMEX) Primarily reflects Alaska, Raton and South Texas Includes vertical well potential from Wolfcamp and deeper intervals Assumes average EUR of 575 MBOE per well, >8,000 locations, >400,000 acres , 140-acre spacing, laterals in all intervals (A, B, C & D) and 75% NRI Permian 5.6 BBOE 9

10 Spraberry Overview & Geology

11 Permian Basin Producing Fields
Spraberry Trend Largest Field in Midland Basin (~5,000 sq miles) >14,000 producing wells >1 billion barrels produced >180,000 BOPD current production Source: Geomap, 2006

12 Geologic Provinces of the Permian Basin
CONFIDENTIAL OZONA PLATFORM PEDERNAL UPLIFT & ROOSEVELT POSITIVE Spraberry Trend Basin Basement Uplift DEVIL’S RIVER UPLIFT Shelf Thrust Belt Permian Basin is composed of multiple uplifts and basins that formed during the Pennsylvanian and early Permian The Spraberry Trend, which includes the Wolfcamp interval, is located in the Midland Basin of the Permian Basin It was discovered in 1948 and commenced production in 1949 It contains 40 BBO in-place in Spraberry-Dean interval Much more oil in-place in deeper zones of Wolfcamp, Strawn, Atoka and Mississippian

13 Midland Basin Depositional Setting and Source
Submarine fans of Dean and Spraberry were deposited during relative sea-level fall via submarine canyons cut mainly in Northern Shelf Spilled into main depocentre to south forming distal fans Saddles between atoll mounds acted as conduits for clastics Spraberry formation was a mud-rich fan complex High transport efficiencies allowed extensive network of muds, silts and very fine sands over 150 miles Main productive interval in Spraberry Trend is the middle-upper Spraberry Formation Subordinate production Dean and Wolfcamp Sourced from Spraberry shales and basal shales Clear- fork ~6,000 ft Spraberry Upper Spraberry Lower Dean Wolfcamp ~10,000 ft Limestone Pay Sandstone Pay Non-Organic Shale Non-Pay Organic Rich Shale Pay Strawn Atoka or Miss. ~11,000 ft Blakey, Early Leonardiian Representation Handford, 1981

14 Evolution of Spraberry Trend Area
1983 Present Day PXD Acreage Spraberry Field >1,700,000 acres and growing 429,000 acres Source: Bureau of Economic Geology Source: PXD

15 Spraberry Operations

16 Example of Spraberry Development, NW Martin County
Operations Example of Spraberry Development, NW Martin County Excellent operating environment PXD has long history of development in the area

17 Progression of Field Development1
1960s – Field extension 1970s – Dramatic expansion 1950s – Early Development Major Oil Company development; principally Texaco, Phillips and Mobil Continued development by Majors with a few minor Independents Continued development by Majors with a few minor Independents 1980s – Expansion & Infill 1990s – Infill and efficiency 2000s – Infill and efficiency 2010s – Deeper and horizontals Independents including Parker & Parsley (Pioneer’s predecessor Company) become large players; less emphasis by Majors Independents become the dominant player Independents continue to dominant the landscape driven by Pioneer Independents lead the charge going deeper; activity builds in the Horizontal Wolfcamp Shale in southern portion of the basin 1) Source: IHS – Well location data prior to 1970 is limited

18 History of Spraberry Trend Completions
2010+ Clear- fork ~6,000 ft Average Casing Depth Spraberry Upper Fracture Stimulation Stages Spraberry Lower Dean Wolfcamp Limestone Pay Sandstone Pay Non-Organic Shale Non-Pay Organic Rich Shale Pay ~10,000 ft Strawn Drilling deeper, adding fracture stimulation stages and capturing pay from non-traditional shale/silt intervals have added production and improved recoveries Testing deeper zones Atoka or Miss. ~11,000 ft

19 Permian Basin Historical Oil Production

20 Permian Rig Count Increased 5X Since 2009
Source: Baker Hughes

21 PXD – Largest Spraberry Acreage Holder, Driller and Producer
PXD Acreage (~900,000 Acres; ~75% HBP) Spraberry Field PXD leasehold represents ~50% of total Spraberry acreage ~7,000 operated wells Drilling locations: >23,000 vertical (central and northern parts of the field) >8,000 horizontal Wolfcamp (based on 400,000 acres primarily in the southern portion of the field) 540 total wells drilled YTD 21

22 San Angelo Field Office
Field Operations & Logistics Currently operate ~7,000 wells 1,600+ well batteries/facilities Substantial expansion of field offices Growth and expansion Drilling ~650 vertical wells and ~35 horizontal wells in 2012 Ongoing construction of new roads, tank batteries and gathering lines Significant expansion of gas processing facilities in Manage growth and increased workload Hiring additional field personnel Optimizing field personnel workloads by becoming more efficient Providing housing solutions for employees Highway 80 Field Office Midkiff Field Office San Angelo Field Office

23 Automation Expansion XSPOC SCADA1 System currently contains over 5,600 wells PXD’s Permian Asset Team operates the largest XSPOC System in the US Adding advanced programmable logic controllers to disposal & injection wells Added monitoring for waterflood injection system Installing electronic gauging on tank batteries Radio Transmitters 1) eXpert System Pump Off Controller – Supervisory Control And Data Aquisition

24 Production Optimization Pays Dividends
~7,000 Operated Wells 1 Failure Every 55 Months Failures per Month Mean Time Between Failures (Months) 2,900 Operated Wells 1 Failure Every 10 Months

25 PXD’s Vertical Integration Reduces Costs and Enhances Execution
Spraberry 5 vertical frac fleets (~20,000 HP each) 2 horizontal frac fleets (~35,000 HP each) 15 drilling rigs Well service equipment1 Barnett Shale Combo 1 frac fleet (30,000 HP) 1 coiled tubing unit Eagle Ford Shale 2 frac fleets (50,000 HP each) 2 coiled tubing units Brady sand mine Current frac capacity: ~300,000 HP 13th largest pressure pumping company in North America Includes pulling units, frac tanks, hot oilers, water trucks, blowout preventers, construction equipment and fishing tools

26 Spraberry Vertical Deeper Drilling Driving Production Outperformance
Clear- fork ~6,000 ft Deeper drilling increased from 50% to 65% of 2012 vertical drilling program Spraberry Upper Commingled Wells Placed on Production in Q2 Average 24-hour IP (BOEPD)1 Potential Incremental EUR (MBOE) Prospective PXD Acreage Strawn 53 147 30 ~70% Atoka 54 163 50 – 70 40% - 50% Mississippian 7 124 15 – 40 ~20% Spraberry Lower Dean Wolfcamp Current Spraberry 40-acre type curve EUR including Lower Wolfcamp: 140 MBOE Deeper drilling provides potential to add up to 100 MBOE ~10,000 ft Strawn Limestone Pay Sandstone Pay Non-Organic Shale Non-Pay Organic Rich Shale Pay Atoka or Miss. ~11,000 ft Compares to average 24-hour IP of 90 BOEPD for 140 MBOE EUR type curve well in the Lower Wolfcamp

27 Continuing to Successfully Grow Spraberry Production
Spraberry Net Production1 (MBOEPD) Q2 production negatively impacted by ~4,800 BOEPD due to unplanned third- party fractionation capacity shortfall Included 2,800 BOEPD associated with inventory build and 2,000 BOEPD from ethane rejection Inventory build expected to be drawn down by year-end Increased 2012 production growth target from 61 MBOEPD – 65 MBOEPD to 63 MBOEPD - 67 MBOEPD Strong drilling and well performance expected to offset continuing ethane rejection (up to 2,000 BOEPD) and an earlier than anticipated reduction in the vertical rig count 61 – 65 MBOEPD FY Guidance 62 64 45 2012 2 1) Includes production from Strawn, Atoka and Mississippian in vertical wells and horizontal Wolfcamp Shale wells 2) Production from horizontal Wolfcamp Shale forecast at ~2,000 BOEPD in 2012; ~1,000 BOEPD average in Q2; ~2,300 BOEPD as of July 1st

28 Horizontal Wolfcamp Play

29 Industry Activity Focused in the Southern Area
PXD Acreage Spraberry Field Current Industry horizontal Wolfcamp Shale Focus Area Source: PXD

30 Southern Horizontal Wolfcamp Players
Laredo PXD Apache Apache PXD PXD EOG Devon El Paso COP El Paso BHP Approach Horizontal Wells Horizontal Permits

31 43 Wolfcamp Horizontal Rigs
Horizontal Wolfcamp Rig Count Increasing 43 Wolfcamp Horizontal Rigs

32 Horizontal Wolfcamp Shale
PXD Has Multiple Horizontal Wolfcamp Shale Target Intervals PXD has an extensive Midland Basin geologic database: Over 70,000 logs of which 9,000 are digital, allow for excellent structural control and detailed petrophysics Growing 3-D seismic database (currently at 1,400+ square miles) ensures appropriate well placement Access to ~4,000 feet of whole core provides increased confidence in petrophysical models and supports repeatable results Petrophysical analysis has identified multiple prospective horizontal Wolfcamp Shale intervals with substantial resource potential U. Spraberry M. Spraberry L. Spraberry Jo Mill Sand L. Spraberry Shale Dean Wolfcamp A Lower Wolfcamp B Wolfcamp C1 Wolfcamp C2 Wolfcamp D Strawn Upper Wolfcamp B Horizontal Wolfcamp Shale Target Intervals Miss/Atoka

33 Regional Structure Maps: Strawn and Wolfcamp B
U. Spraberry M. Spraberry L. Spraberry Jo Mill Sand L. Spraberry Shale Dean Wolfcamp A Wolfcamp B1 Wolfcamp C1 Wolfcamp C2 Wolfcamp D Strawn Wolfcamp B2 Wolfcamp B3 Strawn Structure CI = 200’ Wolfcamp B1 Structure CI = 200’ 10 Miles 10 Miles 13,820 Control Points 6,558 Control Points

34 Wolfcamp Facies & Depositional Model
Platform Carbonate Land Platform Carbonate Shelf Edge Carbonate Clastic Detrital Pelagic Sediments View from NW Slope Sediments & Reef Talus Fluvial - Deltaic Silt Cloud in Suspension Carbonate Debris Flows Delta CBP Midland Basin Anaerobic Zone (Organic-rich Sediments) Block Diagram Outline Carbonate Gravity Flows Clastic Slope Sediments Basinal Sediments Clastic Gravity Flows Land Sea Level Marathon Thrust Belt Land Fluvial- Deltaic Marathon Thrust Belt Glasscock Nose Pelagic Sed. Clastic Slope Land Suspended Silt Wolfcamp Facies Map Organic-rich Basinal Sediments Carbonate Slope Older Wolfcamp Clastics Clastic Gravity Flow Debris Flow Platform Carbonate Val Verde Basin Carb Gravity Flow Land Central Basin Platform Schematic Block Diagram of Wolfcamp Facies In Midland Basin North Basin Platform San Simon Channel Simultaneous deposition of organic-rich carbonate and clastic sediments in an anaerobic basin results in hydrocarbon-rich, interbedded, conventional and unconventional reservoirs North

35 Wolfcamp Comparison to Other Plays
Major Oil Shale Play Characteristics Attribute Units Wolfcamp Shale1 Eagle Ford2 (Oil Window) Barnett Shale3 (Combo Play) Niobrara4 Bakken5 Age Permian Cretaceous Mississippian Devonian/Mississippian Basin Midland South Texas Fort Worth Denver Williston TVD Depth ft 5, ,000 7, ,000 5, ,000 4, ,000 9, ,000 Thickness 1,500 – 2,600 OOIP/Section MMBO 80 – 220 Porosity % 2 – 10 4 - 11 4 - 5 4 - 14 5 - 8 Quartz 20 – 50 Carbonate 10 – 60 6 - 25 ~70 Clay 25 Permeability nd 10 - 3,000 40 - 1,300 <10,000 50, ,000 Pressure Gradient psi/ft 0.54 Recovery Factor 3 - 15 3 - 10 4 5 - 10 8 - 15 Wolfcamp compares favorably to other major oil shale plays Pioneer internal research (modified according to recent core and petrophysical data) EOG Analyst Conference April 2010 AAPG Bulletin April 2007, Hart Energy Databank December 2011, HIS, REPSI, EOG February 2010 Investor Presentation Hart Energy Databank December 2011, Oil & Gas Investor June and August 2011 Tudor, Pickering, Holt, “The Bakken Momentum Continues” November 2011, Hart Energy Bakken Playbooks 2008 and 2010, Jarvie – AAPG Section Meeting 2008

36 Horizontal Wolfcamp Shale Drilling Activity
Currently focused on holding 50,000 acres in southern part of play during 2012 and 2013 Expect to drill 90 wells by YE 2013 to hold acreage 5 rigs currently running; increasing to 7 rigs late Q4 4 rigs drilling in southern area Recently added 5th rig focused on delineating northern acreage in Midland, Martin and Gaines counties Substantial portion of Pioneer’s acreage position in these counties could be prospective Currently targeting ~7,000’ laterals; expect to test longer laterals up to 9,000’ Transitioning from “science” drilling to “development” drilling Results from recent “development” wells suggest wells can be drilled for ~$7 MM Increasing utilization of Brady Brown® sand Railroad Commission of Texas recently adopted new field rules to optimally develop horizontal Wolfcamp Shale and vertical Spraberry Current Drilling Focus Area

37 Horizontal Wolfcamp 960-Acre Development Block
Up to 55 wells per 960-acre section (20-acre field rules) 41 vertical wells in Spraberry-Wolfcamp Up to 14 horizontal Wolfcamp wellbores 7 horizontal wells in Wolfcamp A 7 horizontal wells in Wolfcamp B Additional horizontal wellbores possible in B, C and D intervals 960-acre section metrics (55 wells) Capital required: $ 180 MM Resource potential: ~15 MMBOE F&D cost: ~$15 / BOE Spacing Vertical wells 900’ from other vertical wells 360’ from horizontal wells Horizontal wells 725’ from other horizontals in same interval Stacked horizontals within 300’ in map-view count as one location for spacing purposes 960 acres 1 Mile 7,920 ft ½ Mile Vertical Well Horizontal “A” Well Horizontal “B” Well 100’ from lease line 5,280 ft 467’ from lease line Horizontal wells in same interval spaced at ~725’

38 Horizontal Wolfcamp Shale Results Exceeding Expectations
Gross cumulative production of 2 Giddings wells in northern Upton county from B interval: 107 MBOE in 9.5 months (75% oil) 83 MBOE in 7 months (75% oil) Placed 5 additional B interval wells on production during Q2 in southern Upton and Reagan counties Wells delivered 30-day peak rates ranging from 332 BOEPD to 597 BOEPD (77% to 90% oil) Continuing to bring new wells on production, including A and B intervals Expect increasing production rates and EURs as stimulated lateral lengths increased to 7,000’+ First two wells in XBC Giddings Estate Stimulated lateral lengths: 5,300’ Frac stages: 30 EURs: 650 MBOE PECOS PXD Acreage PXD Initial Drilling Areas Competitor Horizontal Acreage Spraberry Field First 5 wells in southern area Based on strong production results and continuing petrophysical analysis, increased EURs in southern area to 575 MBOE1 1) Based on 7,000’ stimulated lateral with 30 – 35 frac stages; previous EUR range was 350 MBOE – 500 MBOE based on early offset operator data

39 Horizontal Wolfcamp Well Performance Above 575 MBOE Type Curve
Actual production from horizontal Wolfcamp wells Wells unloading fracture stimulation fluid Average daily oil production from all 7 horizontal Wolfcamp wells (includes Giddings wells) Average daily oil production from 5 horizontal Wolfcamp wells on University Lands (excludes Giddings wells) 575 MBOE Type Curve for 7,000’ lateral (oil portion only) 39

40 Horizontal Wolfcamp Well Performance Above 575 MBOE Type Curve
Horizontal Wolfcamp production normalized to 7,000’ lateral Wells unloading fracture stimulation fluid Average daily oil production from all 7 horizontal Wolfcamp wells (includes Giddings wells) Average daily oil production from 5 horizontal Wolfcamp wells on University Lands (excludes Giddings wells) 575 MBOE Type Curve for 7,000’ lateral (oil portion only) 40

41 Wolfcamp Shale JV Opportunity
Offering 33% to 50% of Pioneer’s working interest in ~200,000 acres in southern portion of Midland Basin (8% to 12% of total acreage position) Large, contiguous acreage position located in Upton, Reagan, Irion and Crockett counties Includes all intervals (A, B, C & D) >4,000 potential horizontal development locations excluding downspacing potential >2.0 billion barrel gross resource potential Oil content >70%; liquids > 90% EUR: ~575 MBOE for 7,000’ lateral ~45% before-tax IRR $85 oil and $4 gas $7 MM well cost Proposed JV Area Accelerated development enhances net asset value and project returns

42 Pioneer’s Permian Resource Potential Continues To Grow1
Drilling deeper vertical wells, capturing non-traditional shale/silt intervals and drilling horizontally into the Wolfcamp Shale has increased Pioneer’s Permian resource potential by ~400% since 2010 Spraberry 40-ac Drilling2 600 MMBOE 20-ac Drilling2 1.2 BBOE Spraberry Waterflood 300 MMBOE Horizontal Wolfcamp3 3.5 BBOE Spraberry 20-ac Drilling 500 MMBOE 40-ac Drilling 350 MMBOE Spraberry Waterflood 300 MMBOE +400% 2010 Permian Resource Potential: 1.15 BBOE4 All drilling locations shown on a gross basis Includes vertical well potential from shalt/silt, Wolfcamp and deeper intervals Assumes average EUR of 575 MBOE per well, >8,000 locations, >400,000 acres , 140 acre spacing, laterals in all intervals (A, B, C & D) and 75% NRI Total PXD Proved Reserves + Estimated Net Resource Potential of >3 BBOE in 2010 and >7 BBOE in 2012 2012 Permian Resource Potential: 5.6 BBOE4 42

43 Why Invest In PXD? Significant Upside Potential From:
Oil exposure from proved reserves + estimated resource potential of >7 BBOE and 35,000 drilling locations Aggressive Spraberry & Eagle Ford Shale drilling program Extensive horizontal Wolfcamp Shale potential Joint Venture accelerates future development Strong returns from vertical integration Margin protection from attractive derivatives Strong balance sheet

44 Appendix

45 140 MBOE Spraberry 40-Acre Type Curve
Deeper drilling in Spraberry increasing EURs 140 MBOE Spraberry/Dean/Full Wolfcamp (70% oil, 20% NGLs, 10% gas) Gross Production Per Well (BOEPD) 110 MBOE Spraberry/Dean/Upper Wolfcamp (70% oil, 20% NGLs, 10% gas) Month Strawn / Atoka / Mississippian Potential Not Included

46 Spraberry 20-Acre Vertical Well Update
20-Acre Drilling (~13,500 locations) Drilled 39 wells to date Most wells drilled to the Lower Wolfcamp with a few drilled to the Strawn Results to date indicate production near type curve for a 40-acre Lower Wolfcamp well (EUR of 140 MBOE) Targeting ~25 wells in 2012 Spraberry Drilling Rig

47 Spraberry Waterflood Continuing to Perform
Water injection begins 7,000-acre project in Spraberry 12 injectors and 110 producers Injecting 4,100 BWPD $6 - $7 MM capital cost LOE savings from water handling BOPD Strong waterflood production wedge from flooded zone; number of responding wells continues to increase Upper Spraberry Base Production (110 wells) Upper Spraberry Base Production Forecast Continuing to see uptick in production; Upper Spraberry production increased ~25% during Q2 within project area compared to base production decline; further increase expected

48 Permian Oil Production Transport Options
Permian Basin Crude Takeaway Current Operator Destination Name Capacity Time Frame Plains Cushing Basin 450,000 Sunoco Nederland West Texas Gulf 400,000 Kinder Morgan El Paso Wink 100,000 Local Refiners Local 200,000 Rail 20,000 TOTAL 1,170,000 Planned Magellan Houston Longhorn (phase I) 135,000 early-2013 Longhorn (phase II) 90,000 mid-2013 225,000 Possible Magellan/Oxy BridgeTex 278,000 mid-2014 Permian Express II 478,000

49 Growing Midstream Infrastructure to Support Production Growth
Gas Processing Midkiff / Benedum Current capacity: 260 MMCFD1 PXD production makes up ~40% of throughput Sale Ranch Current capacity: 25 MMCFD1 Q expansion: +100 MMCFD1 Planned Driver Plant Online 1Q 2013 Planned additional capacity: 200 MMCFD1,2 Pipeline NGL Takeaway to Mont Belvieu Chaparral & West Texas Pipelines PXD production throughput of ~13 MBPD in Q1 2012 Recent West Texas pipeline debottlenecking providing an additional 4 MBPD to PXD New Lone Star Pipeline 4 MBPD to PXD in late-2012 increasing to 16 MBPD by 2020 Will connect to all PXD gas processing plants Expect >425 MBPD, or ~50%, increase in fractionation capacity at Mont Belvieu in 2013 Chaparral Pipeline To Mont Belvieu Sale Ranch West Texas Pipeline To Mont Belvieu Planned Driver Plant Lone Star Pipeline (est.) To Mont Belvieu Midkiff Benedum PXD Acreage Spraberry Field Existing NGL Pipeline Planned NGL Pipeline Expanding processing capacity and contracted takeaway to support Pioneer’s aggressive production growth 1) Wet gas stream with ~160 BBL/MMSCF NGL yield 2) Initial capacity of 100 MMCFD with expansion to 200 MMCFD by end of 2013 49

50 Certain Reserve Information
Cautionary Note to U.S. Investors --The U.S. Securities and Exchange Commission (the "SEC") prohibits oil and gas companies, in their filings with the SEC, from disclosing estimates of oil or gas resources other than “reserves,” as that term is defined by the SEC. In this presentation, Pioneer includes estimates of quantities of oil and gas using certain terms, such as “resource,” “resource potential,” “oil in place,” “EUR” or other descriptions of volumes of reserves, which terms include quantities of oil and gas that may not meet the SEC’s definitions of proved, probable and possible reserves, and which the SEC's guidelines strictly prohibit Pioneer from including in filings with the SEC. These estimates are by their nature more speculative than estimates of proved reserves and accordingly are subject to substantially greater risk of being recovered by Pioneer. U.S. investors are urged to consider closely the disclosures in the Company’s periodic filings with the SEC. Such filings are available from the Company at 5205 N. O'Connor Blvd., Suite 200, Irving, Texas 75039, Attention Investor Relations, and the Company’s website at These filings also can be obtained from the SEC by calling SEC-0330.

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