7th Annual AGA Energy Market Regulation Conference Bryan L. Clark, Associate General Counsel October 9, 2014

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 1995. 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 with third parties on mutually acceptable terms, completion of planned divestitures, litigation, the costs and results of drilling and operations, availability of equipment, services, resources and personnel required to perform the Company's drilling and operating activities, access to and availability of transportation, processing, fractionation and refining facilities, Pioneer's ability to replace reserves, implement its business plans 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 the Company’s industrial sand mining and oilfield services businesses 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.

Primary Sources of Domestic Oil Growth Bakken Niobrara Permian Midland Basin Spraberry/Wolfcamp 75 BBOE Recoverable Resource Potential Delaware Basin Eagle Ford Deepwater Gulf of Mexico

Pioneer At A Glance Top U.S. Fields By Rig Count2 Total Enterprise Value ($B) ~$30 2014 Drilling Capex ($B) $3.0 Q2 2014 Production (MBOEPD)1 176 2013 Reserves (BBOE) 0.8 2013 Reserves + Resource (BBOE) >11.0 Top U.S. Fields By Rig Count2 (Pioneer Operated Count in Green – 41 rigs) Resource-focused strategy, with activity concentrated in 2 of the most active U.S. fields Best performing energy stock in S&P 500 since 2009 Operating in core Spraberry/Wolfcamp asset since early 1980s PXD holds ~825,000 acres in Spraberry/Wolfcamp Largest producer in Spraberry/Wolfcamp Preeminent, low-cost operator benefitting from vertical integration strategy Attractive derivative positions protect margins ~100% of Spraberry/Wolfcamp oil production protected against volatility in Midland-Cushing oil price differential Strong investment grade financial position 2) Baker Hughes Rig Count (9/12/14) and PXD Internal Spraberry/Wolfcamp Gross Production By Operator3 (MBOEPD) top 10 producers in the Spraberry Trend area (only includes Spraberry, Garden City South, Credo East and Lin Fields; does not include a multitude of generally shallower production/operators) Reflects Alaska, Barnett Shale and Hugoton production as discontinued operations (Hugoton assets expected to be reflected as discontinued operations beginning in Q3 2014) 3) April 2014 DrillingInfo data, gross reported oil and wet gas 4

Midland Basin: Stacked Play Potential “Delta log R” (excess electrical resistance) Red intervals indicate hydrocarbons Petrophysical analysis indicates significantly more oil in place in the Wolfcamp and Spraberry Shale intervals in the Midland Basin compared to other major U.S. shale oil plays Clear Fork U. Spraberry M. Spraberry Shale Jo Mill Shale L. Spraberry Shale Eagle Ford Condensate Barnett Combo Niobrara Bakken Dean Marcellus Wolfcamp A 200 ft Wolfcamp B Wolfcamp C Wolfcamp D “Cline” Strawn Atoka Barnett Miss Lime Woodford Source: PXD

Spraberry/Wolfcamp is the largest oil field in the U.S. Largest U.S. Oil Fields Spraberry/Wolfcamp is the largest oil field in the U.S. Cumulative production + estimated recoverable resource Source: DOE, EIA, ITG and other sources

Spraberry/Wolfcamp: Transitioning to a Horizontal Play Counties: Andrews, Borden, Crockett, Dawson, Ector, Gaines, Glasscock, Howard, Irion, Martin, Midland, Mitchell, Reagan, Schleicher, Scurry, Sterling, Tom Green and Upton 55% Vertical Rigs 96% Vertical Rigs 45% Horizontal Rigs (up from 23% in early 2013) Vertical Rigs 4% Horizontal Rigs Horizontal Rigs Source: Rig count data provided by Baker Hughes, 9/12/14

Spraberry/Wolfcamp Horizontal Production Growth Profile PXD’s 80 HZ Rig Growth Scenario PXD adds ~5 HZ rigs/year for 10 years Assumes strip pricing for oil & gas1 PXD’s 120 HZ Rig Growth Scenario PXD adds ~10 HZ rigs/year for 10 years Assumes flat $95 oil & $4.50 gas +3.2 MMBOEPD in 10 Years +2.2 MMBOEPD in 10 Years Other Operators2,3 Other Operators2,3 Pioneer3,4 Pioneer3,4 As of 9/17/2014; oil price declines from $100 in 2014 to $87 in 2019+; gas price increases from $4.50 in 2014 to $5.00 in 2022+ Assumes PXD operates 1/3 of horizontal rigs in Spraberry/Wolfcamp and other operators account for 2/3 of horizontal rigs Assumes indicative EURs and lateral lengths across PXD acreage Includes royalty volumes, joint venture partner’s share of production in southern Wolfcamp and volumes for other small working interest owners

Spraberry/Wolfcamp Production History Includes Vertical and Horizontal Wells Spraberry/Wolfcamp production has increased ~510,000 BOEPD since 2009 Monthly Production From 2009 to 2012, production growth primarily attributable to increased vertical activity Post 2012, production growth expected to be driven by horizontal activity Source: IHS Energy through May 2014 for the Spraberry, Credo East, Garden City South and Lin Fields; 2-stream production data

Rig Growth Focuses on Oil/Liquids Areas 192/+44 5/-7 Dry Gas Fairway PICEANCE CALIFORNIA MICHIGAN POWDER RIVER GREEN RIVER WIND RIVER OTHER ROCKIES WILLISTON SAN JUAN UINTA OTHER APPALACHIAN D-J MARCELLUS WET MARCELLUS DRY UTICA ILLINOIS ARK FAYETTEVILLE ARK WOODFORD OFFSHORE TX GULF EAGLE FORD PERMIAN ANADARKO FT WORTH AL-MS-FL LA GULF EAST TX ARKLA OTHER MIDCONTINENT 2/-2 34/+16 7/-1 19/-16 67/+37 53/-48 49/+40 123/+54 15/+8 26/-2 13/-23 57/+34 0/-1 242/+51 3/-14 9/-1 RATON 11/-24 42/-1 8/-22 43/-63 569/+251 49/-78 33/-99 24/+3 86/+6 25/-5 TOTAL 2148 CHANGE +273 223/+97 Rig Increases Dry Gas Focused Areas Rig Increases Liquids-Rich/Oil Focused Areas Rig Declines 103/+42 Source: BENTEK, Aug 2014 Active rig count August 1, 2014 / Change in rig count from August 6, 2010

Outlook for Total U.S. Liquids Production Source: EIA, Annual Energy Review 2013, Table 5.1b. Forecast from EIA Annual Energy Outlook 2014, Various Sources

Developing 10-Year Growth Plan for Spraberry/Wolfcamp Optimized Development Plan Marketing/ Takeaway Gas Processing Procurement/ Services Pioneer is committed to optimal long-term resource development, while remaining an industry leader in safety, compliance and environmental stewardship Field Infrastructure Water Electric Power Roads

Extending Gas Processing Agreement with Atlas PXD Acreage Pioneer and Atlas Pipeline Mid-Continent WestTex recently extended its gas processing agreement, covering a significant portion of its Midland Basin production 2 plants built in 3 years Current system capacity of 655 MMCFD expected to be fully utilized by mid-2015 Announced new plant to be in service in mid-2015 with additional capacity of 200 MMCFD Incremental 200 MMCFD processing plant to be added in each of the next five years Other gas processors in the Midland Basin include WTG Gas Processing, DCP Midstream, Energy Transfer Partners, and Targa Resources Spraberry Field PXD/Atlas Coverage Area Existing Plant Future Plant New Plant Driver Midkiff Edward Benedum

Associated Gas Natural gas produced in conjunction with tight or shale oil Contributed to an increase in Lower 48 natural gas reserves associated with oil from 21.9 Tcf in 2007 to 44.5 Tcf in 2012, or 103% Between 2011 and 2014, production of associated gas in the Bakken, Eagle Ford, and Permian Basin increased 88% from 6.5 Bcf/d to 13.9 Bcf/d Permian Basin production increased 33%, from 4.2 Bcf/d in 2011 to an estimated 5.6 Bcf/d in June 2014 Source: EIA Natural Gas Weekly Update July 17, 2014 and June 26, 2014