EX-99.1 2 correctedpxdq22018earnings.htm EXHIBIT 99.1 Exhibit


PIONEER NATURAL RESOURCES COMPANY
UNAUDITED SUMMARY PRODUCTION, PRICE AND MARGIN DATA

 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2018
 
2017
 
2018
 
2017
Average Daily Sales Volumes (a):
 
 
 
 
 
 
 
Oil (Bbls)
185,495

 
146,884

 
184,015

 
146,255

Natural gas liquids ("NGL") (Bbls)
64,473

 
53,268

 
65,324

 
50,066

Gas (Mcf)
466,414

 
353,612

 
422,880

 
346,149

Total (BOEs)
327,704

 
259,087

 
319,819

 
254,012

 
 
 
 
 
 
 
 
Average Prices (a):
 
 
 
 
 
 
 
Oil (per Bbl)
$
61.20

 
$
45.00

 
$
61.42

 
$
47.01

NGL (per Bbl)
$
28.83

 
$
16.91

 
$
28.28

 
$
18.03

Gas (per Mcf)
$
1.97

 
$
2.62

 
$
2.25

 
$
2.70

Total (per BOE)
$
43.12

 
$
32.56

 
$
44.08

 
$
34.31


 
Three Months Ended June 30, 2018
 
Permian Horizontals
 
Permian Verticals
 
Eagle Ford
 
Other Assets
 
Total
 
($ per BOE)
Margin Data:
 
 
 
 
 
 
 
 
 
Average prices
$
45.73

 
$
44.91

 
$
35.18

 
$
23.78

 
$
43.12

Production costs
(4.68
)
 
(23.83
)
 
(11.83
)
 
(13.43
)
 
(8.15
)
Production and ad valorem taxes
(2.52
)
 
(2.55
)
 
(1.58
)
 
(1.14
)
 
(2.35
)
 
$
38.53

 
$
18.53

 
$
21.77

 
$
9.21

 
$
32.62

Percent Oil
63
%
 
61
%
 
34
%
 
14
%
 
57
%
_______________
(a)
On January 1, 2018, the Company adopted ASC 606, "Revenue from Contracts with Customers." Changes in oil and gas revenue, gas production volumes and oil and gas production costs are due to the conclusion under the control model in the new revenue rule that the third-party processor or transporter is only providing gas processing or transportation services, and that the Company remains the principal owner of the commodity until sold to the ultimate purchaser. Results for the three and six months ended June 30, 2018 are presented in accordance with the new rule, while results for the three and six months ended June 30, 2017 continue to be reported in accordance with historical accounting rules.