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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
  • Strategy
  • Portfolio summary
  • 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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