Company report

Pioneer Natural Resources corporate report

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Report summary

Pioneer trades at a significant discount to our base-case valuation, even though our assumptions are more conservative than the company's own targets. Pioneer's holistic approach to Permian development differentiates it from peers and mitigates downside risk. Recent share-price weakness driven by concerns about rising gas-oil ratios (GOR) is a big reason for the discounted valuation. But it is only part of the story.

What's included

This report contains

  • Document

    Pioneer Natural Resources corporate report

    ZIP 1.34 MB

  • Document

    Pioneer Corporate Report.xls

    XLS 3.53 MB

  • Document

    Pioneer Natural Resources corporate report

    PDF 570.85 KB

Table of contents

  • Other Pioneer Research
  • Executive summary
    • Share-price performance
    • Risking scenarios for Pioneer
    • Key assets
  • Valuation
  • Investment
  • Production
  • Reserves and resources
  • Economic assumptions

Tables and charts

This report includes 37 images and tables including:

Images

  • Valuation: market vs. WM scenarios
  • Benchmarking: market premium/discount
  • Upstream EV vs. upstream NPV10
  • Upstream disc. rate sensitivities vs. upstream EV
  • Base case upstream NPV10
  • Current NPV10 vs future NPV10
  • Forecast development expenditure (nominal)
  • Historical development expenditure
  • Historical operating expenditure
  • New project returns
  • Reported and WM forecast production
  • Liquids vs. Gas
  • Liquid production
  • Gas production
  • Total reserves: WM commercial
  • Total reserves: reported vs. WM
  • Total reserves: liquids vs gas
  • Reserve life
  • Base price assumptions (nominal terms)
  • Base, high and low Brent (nominal terms)
  • Strategy: Image 3
  • EURs: Pioneer vs. WM scenarios
  • Initial well production: Pioneer vs. WM cases
  • Locations: Pioneer vs. WM scenarios
  • Zones: wells drilled by formation interval
  • Strategy: Image 8
  • Benchmarking: hedging volumes
  • Strategy: Image 10
  • Benchmarking: Dividend yield vs. prod. growth

Tables

  • SWOT analysis
  • Base price assumptions (nominal terms)
  • High price assumptions
  • Low price assumptions
  • Valuation assumptions
  • Foreign exchange rate assumptions
  • Strategy: Table 1
  • Portfolio summary: Table 1

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