1. 7th Annual AGA Energy Market Regulation Conference
Bryan L. Clark,
Associate General Counsel
October 9, 2014

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 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.

3. 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

4. Pioneer At A Glance Top U.S. Fields By Rig Count2
Total Enterprise Value ($B) ~$30
2014 Drilling Capex ($B) $3.0
Q Production (MBOEPD)
2013 Reserves (BBOE)
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

5. 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

6. 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

7. 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

8. 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

9. 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

10. 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

11. 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

12. 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

13. 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 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

14. 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 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