Company Report

Pioneer Natural Resources corporate report

Get this report


You can pay by card or invoice

Contact us

Submit your details to receive further information about this report.

For details on how your data is used and stored, see our Privacy Notice.

- FAQ's about online orders
- Find out more about subscriptions

10 September 2018

Pioneer Natural Resources corporate report

Report summary

Pioneer's market valuation has lagged our base-case valuation for over a year. We think a holistic development approach will insulate Pioneer from Permian bottlenecks in the near term. And beyond 2020, a dominant, efficiency-rich position in the Midland Basin supports strong growth.

Table of contents

  • Other Pioneer Research
  • Executive summary
    • Manage expectations
    • Leverage competitive advantages
    • Address risks more directly
    • Catalyzing investor sentiment
    • Divesting non-Permian assets
    • Shareholder distributions: transitioning from tokenism to materiality
    • Income
    • Cash flow
    • Returns and capitalization
    • Debt
    • Unit-level analysis
    • Hedges
  • Valuation
    • Type wells
    • Development assumptions
  • Development
  • Economic assumptions

Tables and charts

This report includes 35 images and tables including:

  • Executive summary: Table 1
  • Valuation: WoodMac vs. market
  • WM NAV vs market EV
  • Multiples
  • WoodMac vs. Wall Street consensus
  • NPV10 by asset
  • Production: Image 1
  • Production: Image 2
  • Production: Image 3
  • Production: Image 4
  • Base price assumptions (nominal terms)
  • Absolute terms: Wolfcamp well productivity
  • Normalized: Wolfcamp well productivity
  • Price realizations versus indexes
  • Capital efficiency
  • Downside-scenario valuation
  • Share-price performance
  • A preference for distributions: share-price performance during February 2018 earnings season
  • Base case: dividend payout and yield
  • Hypothetical case: dividend payout and yield
  • Earnings
  • Earnings components
  • Cash flows by category
  • Free cash flow
  • Annual returns
  • Capitalization
  • Leverage metrics
  • Debt maturities
  • Unit-level income
  • Netback analysis
  • Oil hedges
  • Gas hedges
  • EUR and costs
  • Economics
  • Production: Table 3

What's included

This report contains:

  • Document

    Pioneer Natural Resources corporate report

    ZIP 1.94 MB

  • Document

    Pioneer Natural Resources corporate report

    PDF 971.58 KB

  • Document

    Pioneer model assumptions data.xlsx

    XLSX 1.21 MB

Trusted by leading organisations