Investor

Presentation
JUNE 2017
FORWARD-LOOKING STATEMENTS
Except for historical information contained herein, the statements 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
Pioneers 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 Companys drilling and operating activities, access to and
availability of transportation, processing, fractionation and refining facilities, Pioneers 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 Pioneers credit facility, investment instruments and derivative contracts and
purchasers of Pioneers oil, natural gas liquid and gas production, uncertainties about estimates of reserves and resource
potential, identification of drilling locations 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 Companys industrial sand mining and
oilfield services businesses and acts of war or terrorism. These and other risks are described in Pioneers Annual Report
on Form 10-K for the year ended December 31, 2016 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.
Accordingly, no assurances can be given that the actual events and results will not be materially different than the
anticipated results described in the forward-looking statements. Pioneer undertakes no duty to publicly update these
statements except as required by law.

Please see the appendix slides included in this presentation for other important information.

2
 PIONEER AT A GLANCE

~$30 B $2.8 B 15% - 18% Active Drilling Areas

Current 2017 Planned Forecasted

Enterprise Capex1 2017
Value $2.4 B Permian Production
Growth
Raton

West Panhandle

Gas Spraberry/Wolfcamp Dallas Headquarters

Oil 249 22%
59% MBOEPD Eagle Ford Shale

Q1 2017
Production
240 Spraberry/Wolfcamp Gross
NGL Production By Operator2
19% (MBOEPD)

Largest Spraberry/Wolfcamp acreage position 64 62 59 57 57 52 41

with decades of oil drilling inventory 35 33 33
Low average royalty and acreage cost basis
Strong investment grade balance sheet
Strong derivatives position protects cash flow
15%+ CAGR through 2026
2) January 2017 DrillingInfo data, gross reported oil and wet gas (unallocated 2-stream)
Spend within cash flow in 2018 at $55 oil
3
1) Capex excludes acquisitions, asset retirement obligations, capitalized interest, G&G G&A and IT system upgrades
 2017 UPDATE

Operating 18 horizontal rigs in the Spraberry/Wolfcamp in 2017

14 rigs in northern area and 4 rigs in southern Wolfcamp JV area (60% WI)

Utilizing Version 3.0 completions

o Planning to test larger completions during 2017

Operating 2 horizontal rigs and commenced completions of DUCs in the Eagle Ford
Shale in April (11 new drills and 9 DUCs; 46% WI)
Objective of limited new well program is to test longer laterals and higher intensity completions
Transferred West Panhandle gas processing operations from the Companys Fain
plant to a third-party facility in late April
The 2017 drilling program is expected to deliver production growth ranging from
15% to 18% compared to 2016, with oil production up 24% to 28%
Spraberry/Wolfcamp production forecasted to grow by 30% to 34%, with oil production up
33% to 37%
Expect IRRs ranging from 50% to 100% including facilities costs1

1) Based on $55/BBL oil price and $3/MCF gas price 4

 2017 UPDATE (CONT.)

2017 capital program remains at $2.8 B

Includes $2.5 B for drilling and completions and $275 MM for vertical integration

Assumes ~5% cost inflation offset by efficiency gains; vertical integration expected to mitigate

impact of 10% to 15% cost inflation forecasted for the industry in 2017

Program to be funded from forecasted cash flow of $2.2 B and cash on hand1

Derivatives coverage:
~85% of forecasted oil and gas production for the remainder of 2017

~20% of forecasted oil production and ~15% of forecasted gas production for 2018

Net debt to 2017 operating cash flow forecasted to remain below 1.0x
Evaluating offers to sell approximately 10,500 net acres in the Eagle Ford Shale

2017 program delivers strong high-return growth and positions Pioneer to

spend within cash flow in 20181

5
1) Based on $55/BBL oil price and $3/MCF gas price
 2017 CAPITAL PROGRAM 1 AND CASH FLOW

2017 capital program remains at $2.8 B

Drilling and Completion Capital: $2.5 B 2017 Cash Flow Sensitivity to
Forward Commodity Prices ($ MM)
$2.4 B Spraberry/Wolfcamp2 (~95% of total)
5.00
o $1.9 B for horizontal drilling program

o $265 MM for tank batteries/SWDs

NYMEX Gas Price ($/MCF)

4.00
o $115 MM for gas processing facilities

o $110 MM for land/science/other

$95 MM Eagle Ford Shale 3.00

o $65 MM for horizontal drilling program

o $30 MM for compression/land/other 2.00

$20 MM Other Assets

Other Capital: $275 MM3 1.00
30.00 40.00 50.00 60.00 70.00
Capital program funded from: NYMEX Oil Price ($/BBL)
Cash flow of $2.2 B at $55/BBL oil and $3/MCF gas Based on 2017E prices
$55/BBL oil and $3/MCF gas
Cash on hand (including liquid investments)
1) Capital spending excludes acquisitions, asset retirement obligations, capitalized interest, G&G G&A and IT system upgrades
2) 2017 budget incorporates remaining JV carry from Sinochem of $30 MM, which was fully utilized in April
3) Includes vertical integration (pressure pumping and well services equipment, water distribution system and
sand mine), field facilities and vehicles 6
 PRODUCTION GROWTH FORECAST

Total Net Production (MBOEPD) ~1 MMBOEPD

269 - 276

254 - 259
249
234

204

59% Oil

2015 2016 Q1 Q2 Q3 Q4 2026E 1

52% Oil 57% Oil >70% Oil
2017E1
~60% Oil

1) Assumes ethane rejection continues in Spraberry/Wolfcamp (~5 MBOEPD of ethane was rejected in Q1 2017)
7
 LIQUIDITY POSITION

Net debt at the end of Q1 2017 (reflects cash on hand, including liquid $0.4 B
investments, of $2.4 B)
Reflects repayment of March debt maturity of $485 MM from cash
on hand
Unsecured credit facility availability $1.5 B
Net debt-to-book capitalization at the end of Q1 3%
Maturities and Balances1

2018 2020 2021 2022 2026 2028

$450 MM $450 MM $500 MM $600 MM $500 MM $250 MM

6.875% 7.500% 3.450% 3.950% 4.450% 7.200%

$1.5 B unsecured credit facility

(undrawn as of 3/31/17)

Net debt to 2017 operating cash flow of 0.2x

Mid-investment grade rated by Moodys, S&P and Fitch
Upgraded to Baa2 by Moodys, BBB by S&P and BBB by Fitch

8
1) Excludes issuance costs and issuance discounts of ~$21 MM
 PIONEERS 10-YEAR VISION

Targeting to grow production to 1 MMBOEPD in 2026

Reflects organic compound annual production growth of 15%+ drilling high-return wells
Growth driven by world-class Spraberry/Wolfcamp asset
Vertical integration and technology enhancements support execution
Financial expectations:
Spend within cash flow in 2018; free cash flow positive thereafter
Grow cash flow at a compound annual rate of >20%
Protect cash flow with an active derivatives program
Maintain net debt to cash flow below 1.0x
Improve corporate returns

Forecast based on $55/BBL oil price and $3/MCF gas price 9

INNOVATION WILL BE A KEY CONTRIBUTOR TO
ACHIEVING PIONEERS 10 -YEAR VISION
New technology initiatives are focused on
4-D fracture propagation modeling
improving productivity
Machine learning and artificial intelligence
Predictive analytics
Automation
Fluid end metallurgy
4-D fracture propagation modeling
Development and use of advanced materials (e.g. fluid
end metallurgy)
Dynamic drill string modeling
Dynamic drill string modeling
Real-time drilling prediction software
State-of-the-art downhole tools
Advanced subsurface measurement (e.g. fiber optics)
Large-scale produced water recycling

Partnering with national labs and service companies

10
 V E R SIO N 3 .0 C OMP LE T IO N S OUT P E R FOR MING V E R SION 2 .0
C OM P LE T IONS IN SP R A B E R RY /WO LFC AMP
Northern and Southern JV Areas - Wolfcamp B Updated Northern Area - Wolfcamp A Updated
400 End April End April
400
Cumulative Production 1

Version 3.0 80 wells since early 2016 Version 3.0 57 wells since early 2016
(MBOE) (MBOE)

1
(MBOE) (MBOE)
Cumulative Production
350 Q1 POPs 16 wells (~9,400 avg. lateral length) 350 Q1 POPs 12 wells (~8,800 avg. lateral length)

300 300
Cumulative Production

Cumulative Production
250 250
200 200
150 150
Version 2.0 131 wells since mid-2015 Version 2.0 20 wells since mid-2015
100 ~8,400 avg. lateral length 100 ~8,000 avg. lateral length
50 50
- -
- 60 120 180 240 300 360 420 480 540 600 660 - 60 120 180 240 300 360 420 480 540 600 660
Days on Production Days on Production
Northern Area - Lower Spraberry Shale Updated
End April
350 Version 3.0 17 wells since late-2015
Cumulative Production (MBOE)1

Q1 POPs 10 wells (~8,800 avg. lateral length)

300

250

200
Version 3.0 wells payout incremental
capital cost of $0.5 MM to $1.0 MM in
150
less than 1-year
100
Version 2.0 37 wells since mid-2015
~9,100 avg. lateral length
50

-
- 60 120 180 240 300 360 420 480 540 600 660
Days on Production

1) Production normalized for shut-ins 11

 COMPLETION OPTIMIZATION PROGRAM

Designing completions to allow more rock

to be contacted closer to the wellbore

Version 1.0 Version 2.0 Version 3.0

Initial Frac Design Initial Larger Design Current Frac Design
(2013 - 2014) (Mid 2015 2016) (Q1 2016 Today)

1,000 lbs/ft proppant 1,400 lbs/ft proppant Up to 1,700 lbs/ft proppant

30 bbls/ft fluid 36 bbls/ft fluid Up to 50 bbls/ft fluid
60-ft cluster spacing 30-ft cluster spacing Down to 15-ft cluster spacing
240-ft stage spacing 150-ft stage spacing Down to 100-ft stage spacing
$0.5MM per well vs. +$0.5MM to $1.0MM per well vs.
initial frac design1 initial larger frac design1
>150 wells placed on >100 wells placed on production
production

12
12
1) Assumes perforated lateral length of 9,000
 JO MILL PERFORMANCE ENCOURAGING

Jo Mill wells since Q4 2014 Updated

End April
250
Cumulative Production (MBOE)1

TX Ten Y 19H;
~4,900 lateral
2017 POPs
Sale Ranch 28E 5H;
200 ~6,900 lateral
POPs since Q4 2014
Most recent POP
150 Pembrook 1401H;
~5,100 lateral

100
Hutt C 2450H;
~7,400 lateral
50 Raymond
Glasscock 5F 6H;
~9,800 lateral
-
- 60 120 180 240 300 360 420 480 540 600 660
Days on Production

Performance from all 5 Jo Mill wells POPd

since Q4 2014 encouraging
Wells represent a large cross section of
Pioneers acreage
Average EURs of ~900 MBOE at ~6,800
lateral length
Plan to POP 6 additional Jo Mill wells in 2017
~10,000 laterals at a cost of ~$6 MM
1) Production normalized for shut-ins 13
 2017 SPRABERRY/WOLFCAMP DRILLING PROGRAM

Expect to place ~260 horizontal wells on Pioneers Spraberry/Wolfcamp Acreage Position

and 2017 Drilling Areas
production during 2017 (244 net POPs)
Horizontal drilling program continuing to Northern
Area
deliver strong returns
Southern
Version 3.0 completions are the standard design Wolfcamp
JV Area
Drilling and completion cost per well:

Lateral Well Cost Expected EUR

Interval Length ($MM) (MMBOE)
Wolfcamp B ~10,000 ~$8.5 1.5
Wolfcamp A ~9,500 ~$7.5 1.2
Lower Spraberry Shale ~9,500 ~$7.2 1.0

Forecasted horizontal production costs per well:

o $4/BOE to $5/BOE (includes taxes)

Expect to spend $265 MM for tank batteries/SWDs

o Includes facilities in 5 new areas

Forecasting IRRs of 50% to 100% assuming Version 3.0
completions and prices of $55/BBL for oil and $3/MCF
for gas (includes 2017 tank battery/SWD costs)
Plan to place ~260 horizontal wells on production in 2017
(~220 wells in northern area and ~40 gross wells in JV area)
~55% Wolfcamp B; ~30% Wolfcamp A; ~15% LSS
Will also appraise Clearfork, Jo Mill and Wolfcamp D intervals
14
 MEETING LONG-TERM WATER REQUIREMENTS
Water Handling Facilities Near Midland
Pioneers demand for water to support its
fracture stimulation operations in the
Permian Basin has more than doubled from
~150 MBPD in 2014 to ~350 MBPD in 2017
Water demand is expected to more than
quadruple by 2026 in order to achieve the
Companys production target of 1 MMBOEPD
Centralized Water Control Center
Pioneer expects to continue to reduce its use
of fresh water by utilizing additional brackish
water, effluent water and reuse of produced
water
Pioneer is constructing an automated
fieldwide water transport system to support
its growing water demand
15
 PIONEERS WATER DISTRIBUTION SYSTEM
$300 MM spent through 2016 for partial completion Pioneers Water Distribution System
of ~100-mile mainline, Odessa effluent water tie-in
(~120 MBPD), subsystems/frac ponds and water well
sources near major drilling areas Future
Midland
2017 spending expected to be ~$160 MM primarily for Source

completion of the mainline and additional

2017
subsystems/frac ponds; also includes engineering Mainline
Odessa
capital for upgrading the Midland wastewater Source Expansions
treatment plant
Expect to spend ~$115 MM over the 2017 through 2020 period

for the Midland plant upgrade

Ensures the supply of ~240 MBPD of low-cost, effluent water to

Subsystem
support completion operations with frac
ponds
Future development focused on additional
subsystems/frac ponds, water well sources and reuse Large Existing
Supply from
of produced water
3rd Parties
Ultimate savings: ~$500 M per well
16
 SPRABERRY/WOLFCAMP PRODUCTION FORECAST

Spraberry/Wolfcamp Net Production (MBOEPD)1

Q1 production: 201 MBOEPD

222 229
(+13 MBOEPD, or 7%, vs. Q4 2016)

38 wells placed on production in Q1 2017

201 (37 wells in northern area and 1 well in the

southern Wolfcamp JV area)

171 153
2017 production outlook
119
125 Expect to grow 30% - 34% in 2017

Horizontal o Expect to place ~260 wells on production

66
(244 net wells)

Q2 production outlook
Vertical Expect to POP 60 - 65 wells in Q2 weighted
2015 2016 Q1 Q2 Q3 Q4
toward the second half of the quarter

2017E2
1) Includes horizontal and vertical production from Pioneers northern acreage and the southern Wolfcamp
joint venture area (60% Pioneer/40% Sinochem)
2) Assumes ethane rejection continues (~5 MBOEPD of ethane was rejected in Q1 2017) 17
 LIMITED 2017 EAGLE FORD SHALE DRILLING
PROGRAM UNDERWAY
Operating 2 horizontal rigs and commenced
completions of DUCs in the Eagle Ford Shale in April
Pioneers Eagle Ford Shale
Includes 11 new wells that will be drilled and completed and 9

DUCs that were drilled in late 2015/early 2016

Objective of drilling program is to test longer laterals with wider

spacing and higher intensity completions

D&C cost of new wells: $8.5 MM

2017
Previous New Well
Summary of Design Changes: Design Testing
Longer Laterals ~5,200 ~7,500
2017 activity
Tighter Cluster Spacing 50 30
Increased Proppant Concentration 1,200 lb/ft 2,000 lb/ft

Drilling program moderates production decline

Pioneers Eagle Ford Shale Statistics:
Expecting EURs averaging 1.3 MMBOE with IRRs ranging from ~59,000 net acres in Eagle Ford Shale1
100% held-by-production
40% to 50% on the new wells2 Q1 production: 22 MBOEPD
Q4 2017 production expected to be ~20% below Q4 2016 (35% condensate, 31% NGLs and 34% gas)

Year-over-year decline expected to be ~40%

1) Reflects planned divestment of ~10,500 net acres

18
2) Based on $55/BBL oil price and $3/MCF gas price
 PXD INVESTMENT HIGHLIGHTS

U.S. asset base

Largest Spraberry/Wolfcamp acreage position (~800,000 gross acres) with

a low average royalty and low acreage cost basis

High oil exposure from substantial resource potential in the

Spraberry/Wolfcamp: >20,000 drilling locations

Strong derivatives position protects cash flow

Strong investment grade balance sheet provides financial flexibility

Expect to spend within cash flow in 20181

Expect to deliver compound annual production growth of ~15%+ and

maintain net debt-to-operating cash flow below 1.0x through 20261

Expect cash flow to grow at a compound annual rate of >20% through 20261

1) Based on $55/BBL oil price and $3/MCF gas price 19

APPENDIX

20
PIONEERS AREAS OF OPERATIONS

Current Total Enterprise Value ($B) ~$30

Q1 2017 Production 59% Oil (MBOEPD) 249
2016 Drillbit F&D ($/BOE) $9.59
2016 Proved Developed F&D ($/BOE) $9.11
2016 Reserve Replacement (%) 232%
YE 2016 Proved Reserves (BBOE) 0.7

Raton

West Panhandle

Spraberry/Wolfcamp Dallas Headquarters

Active Drilling Areas

Eagle Ford Shale
21
 PRODUCTION BY COMMODITY BY AREA
Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17
Spraberry/Wolfcamp Oil (BOPD) 102,016 117,388 120,663 130,236 134,522
NGL (BOEPD) 24,802 27,829 34,631 31,637 36,5291
Gas (MCFPD) 132,029 131,847 144,249 154,836 178,5861
Total (BOEPD) 148,823 167,192 179,336 187,679 200,815
Eagle Ford Oil (BOPD) 16,020 12,697 10,567 9,047 7,871
NGL (BOEPD) 10,544 11,018 10,659 8,830 6,799
Gas (MCFPD) 90,290 76,056 64,498 55,018 45,070
Total (BOEPD) 41,612 36,391 31,976 27,047 22,182
Raton Oil (BOPD) - - - - -
NGL (BOEPD) - - - - -
Gas (MCFPD) 100,358 98,096 95,200 92,937 89,959
Total (BOEPD) 16,726 16,349 15,867 15,490 14,993
West Panhandle Oil (BOPD) 3,360 3,329 1,745 2,311 1,997
NGL (BOEPD) 3,734 2,207 3,641 3,566 3,344
Gas (MCFPD) 13,567 12,812 7,541 5,041 5,390
Total (BOEPD) 9,354 7,671 6,642 6,717 6,240
South Texas Oil (BOPD) 1,404 1,305 1,261 1,238 1,226
NGL (BOEPD) 151 169 303 221 154
Gas (MCFPD) 22,366 21,689 20,902 20,607 19,565
Total (BOEPD) 5,283 5,088 5,047 4,893 4,641
Other Oil (BOPD) 2 4 4 3 4
NGL (BOEPD) 1 1 1 1 1
Gas (MCFPD) 41 41 25 26 33
Total (BOEPD) 10 12 10 7 10
Total Continuing Ops Oil (BOPD) 122,802 134,723 134,240 142,834 145,619
NGL (BOEPD) 39,232 41,223 49,235 44,255 46,828
Gas (MCFPD) 358,651 340,542 332,415 328,465 338,602
Total (BOEPD) 221,809 232,703 238,878 241,833 248,881

1) Q1 2017 gas and NGL production was higher than expected due to lower line pressures across the field and improved NGL yields
22
 G A S P R O C E S S I N G A N D V E RT I C A L I N T E G R AT I O N S U P P O RT E X E C U T I O N

Gas Processing
2017 spending expected to be ~$115 MM; includes

~$70 MM for gathering system compression and

new connections and ~$45 MM for capacity

additions

Brady Sand Mine

2017 spending expected to be ~$30 MM to

complete optimization of existing facilities to

improve yields and reduce overall supply costs

Pioneer Pumping Services

2017 spending expected to be ~$45 MM for fleet
upgrades and maintenance

23
CRUDE PIPELINE CAPACITY TO GULF COAST

Major Permian Crude Pipeline Takeaway

Operator Origin Destination Pipeline Capacity (BOPD)
Plains Permian Cushing Basin 450,000
Cushing Oxy Permian Cushing Centurion 75,000
Sunoco Permian GC West Texas Gulf 400,000
Kinder Morgan Permian El Paso Wink 135,000
Magellan Permian GC Longhorn 275,000
Current Magellan Permian GC BridgeTex 300,000
Plains Permian Corpus Cactus 300,000
Sunoco Permian GC Permian Express II 300,000

Gulf Coast
Seaway
Total 2,235,000
Permian
Basin
Operator Origin Destination Pipeline Capacity (BOPD)
Q3 2017 Magellan Permian GC BridgeTex (expansion) 60,000
Wink Q3 2017 Plains Permian Corpus Cactus (expansion) 90,000
Q3 2017 Sunoco Permian GC Permian Express III 100,000
Q1 2018 Enterprise Midland GC Midland to Sealy 450,000
GC Q1 2018 Sunoco Permian GC Permian Express III 200,000
Market
Cushing to Gulf Coast Pipeline Takeaway
Operator Origin Destination Pipeline Capacity (BOPD)
Enbridge/Enterprise Cushing GC Seaway 850,000
Current
Transcanada Cushing GC Gulf Coast 700,000

Pioneer is currently delivering 60 MBOPD of Spraberry/Wolfcamp oil to the Gulf Coast

Current Permian surplus oil takeaway capacity to the Gulf Coast estimated at ~400 MBOPD, taking into
account local refinery demand
With the announcement of the new Enterprise pipeline to the Gulf Coast in Q1 2018 and the expansions
of Bridgetex, Cactus and Permian Express in 2H 2017, Pioneer expects sufficient Permian oil takeaway
capacity through at least 2018
24
 SPRABERRY/WOLFCAMP MIDSTREAM INFRASTRUCTURE

Gas Processing Pipeline NGL Takeaway

Targa System
PXD has ~27% interest
Current capacity: 855 MMCFD1
o Includes Q1 Benedum
startup (45 MMCFD)
PXD production makes up ~40%
of throughput
Joyce Plant expected to be
online in Q1 2018 (200 MMCFD)
and Johnson Plant in Q3 2018
WTG (Martin County / Sale
Ranch)
PXD has ~30% interest
Current capacity: 320
PXD production makes up ~30%
of Sale Ranch throughput
to Mont Belvieu
Chaparral & West Texas
Pipelines
Martin County / PXD production throughput of
Sale Ranch
~13 MBPD
Buffalo
Lone Star Pipeline
PXD production throughput of
Driver ~27 MBPD
Connect to all PXD gas
processing plants
Midkiff
Mont Belvieu fractionation
capacity at ~2.1 MMBPD
Benedum/Edward
MMCFD2 PXD Acreage
Existing NGL Pipeline

Processing and takeaway capacity sufficient to support

Pioneers production in the Midland Basin
1) Wet gas stream with ~160 BBL/MMSCF NGL yield
2) Wet gas stream with ~135 BBL/MMSCF NGL yield 25
 CASH MARGINS BY ASSET

Q1 2017 Cash Margin by Asset

($ per BOE)

Permian Permian Other Total

Horizontals Verticals Eagle Ford Assets Company
Realized price (ex-hedges) $ 39.25 $ 37.18 $ 28.79 $ 22.13 $ 36.14

Production costs 1 (2.33) (14.36) (10.71) (11.12) (6.31)

Production and ad valorem taxes (2.31) (2.57) (1.00) (1.09) (2.11)

Cash margin $ 34.61 $ 20.25 $ 17.08 $ 9.92 $ 27.72

% Oil 69% 62% 35% 12% 59%

1) Includes lease operating expense, third-party transportation, workover expense and net natural gas processing cost
26
PRODUCTION COSTS (PER BOE)

$9.17 Q1 2017 compared to Q4 2016:

Workovers $8.36 $8.20 $8.42
$0.28 $7.85 Production costs (excluding taxes)
Production & $0.59
Ad Valorem $1.46 $0.25 $0.46
Taxes $0.37 declined to $6.31 per BOE in Q1 2017
$1.70 $1.78 $2.11
Third-Party $1.43 vs. $6.42 per BOE in Q4 2016
Transportation $2.01
$1.47 $1.31 $1.13 $1.01
Taxes increased primarily due to
commodity price improvements
LOE
$5.20 $4.99 $4.99 Increased workover activity in Q1
$4.95 $4.72

Natural Gas
Processing
$0.22 ($0.01) $0.02 ($0.16) ($0.28)
Q1 16 Q2 16 Q3 16 Q4 16 Q1 17

27
 DERIVATIVE PHILOSOPHY

Continue to use derivatives to mitigate commodity price exposure in order

to ensure funding for development programs and to maintain strong
financial position
Continue to use a variety of derivative instruments, but focus will be on
providing floor protection while retaining upside; primary derivative
instruments will be:
Swaps

Collars with short puts (three-way collars)

Enter derivative agreements only with counterparties that are A rated or

better
Actively monitor credit exposure to each counterparty and counterparty
credit trends
No margin requirements with counterparties

28
 OPEN COMMODITY DERIVATIVE POSITIONS AS OF 5/1/17

Oil Q2 2017 Q3 2017 Q4 2017 2018

Collars (BPD) 6,000 6,000 6,000 -
NYMEX Short Call Price ($/BBL) $70.40 $70.40 $70.40 $-
NYMEX Put Price ($/BBL) $50.00 $50.00 $50.00 $-
Three Way Collars (BPD)1 129,000 147,000 155,000 46,000
NYMEX Call Price ($/BBL) $61.19 $62.03 $62.12 $62.51
NYMEX Put Price ($/BBL) $48.46 $49.81 $49.82 $50.11
NYMEX Short Put Price ($/BBL) $40.45 $41.07 $41.02 $40.00
% Total Oil Production ~85% ~85% ~85% ~20%

Midland-Cushing Fixed Oil Differential Q2 2017 Q3 2017 Q4 2017 2018

Market Transaction (BPD)2 35,000 35,000 - -

Price Differential ($/BBL) $(1.75) $(1.75) $- $-

Oil coverage: ~85% for the remainder of 2017 and ~20% in 2018

1) When NYMEX price is above call price, Pioneer receives call price. When NYMEX price is between put price and call price, Pioneer receives NYMEX price. When NYMEX price is
between the put price and the short put price, Pioneer receives put price. When NYMEX price is below the short put price, Pioneer receives NYMEX price plus the difference
between the put price and short put price
2) Not a derivative; contractual agreement that fixes the basis differential between Midland, Texas WTI-posted prices and Cushing, Oklahoma WTI-posted prices; contract expires in
September 2017
29
 OPEN COMMODITY DERIVATIVE POSITIONS AS OF 5/1/17

Ethane Q2 2017 Q3 2017 Q4 2017 2018

Collars (BPD)1 3,000 3,000 3,000 -
Mont Belvieu Call Price ($/BBL) $11.83 $11.83 $11.83 $-
Mont Belvieu Put Price ($/BBL) $8.68 $8.68 $8.68 $-
Frac Spread (BPD) 2 2,500 2,500 2,500 2,500
MMBTUPD Equivalent 6,920 6,920 6,920 6,920
Price differential to NYMEX ($/MMBTU) $1.60 $1.60 $1.60 $1.60

Butane
Three Way Collars (BPD)3 2,000 2,000 - -
Call Price ($/BBL) $36.12 $36.12 $- $-
Put Price ($/BBL) $29.25 $29.25 $- $-
Short Put Price ($/BBL) $23.40 $23.40 $- $-
% Total NGL Production ~20% ~15% ~10% ~5%
% Total Liquids ~70% ~70% ~70% ~15%

1) Represent collar contracts that reduce the price volatility of ethane forecasted for sale by the Company at Mont Belvieu, Texas-posted prices
2) Represent basis swap contracts that reduce the price volatility of ethane forecasted for sale by the Company at Mont Belvieu, Texas-posted prices. The basis swaps fix
the basis differential on a NYMEX Henry Hub ("HH") MMBtu equivalent basis. The Company will receive the HH price plus the price differential on 6,920 MMBtu per day
(March 2017 to December 2019), which is equivalent to 2,500 Bbls per day of ethane
3) Represent three way collar contracts that reduce the price volatility of butane forecasted for sale by the Company at Mont Belvieu, Texas posted prices
30
 OPEN COMMODITY DERIVATIVE POSITIONS AS OF 5/1/17

Gas Q2 2017 Q3 2017 Q4 2017 2018

Three Way Collars (MMBTUPD)1,2 270,000 290,000 300,000 62,329
NYMEX Call Price ($/MMBTU) $3.56 $3.57 $3.60 $3.56
NYMEX Put Price ($/MMBTU) $2.95 $2.95 $2.96 $2.91
NYMEX Short Put Price ($/MMBTU) $2.47 $2.47 $2.47 $2.37
% Total Gas Production ~85% ~85% ~85% ~15%

Gas Basis Swaps Q2 2017 Q3 2017 Q4 2017 2018

Permian Basin (MMBTUPD) - - 26,522 9,863
Price Differential to SoCal ($/MMBTU) $- $- $0.30 $0.30
Mid-Continent (MMBTUPD) 45,000 45,000 45,000 -
Price Differential to NYMEX ($/MMBTU) $(0.32) $(0.32) $(0.32) $-

Gas coverage: ~85% for the remainder of 2017 and ~15% for 2018

1) Represents the NYMEX Henry Hub index price or approximate NYMEX price based on historical differentials to the index price at the time the derivative was entered into
2) When NYMEX price is above call price, Pioneer receives call price. When NYMEX price is between put price and call price, Pioneer receives NYMEX price. When NYMEX
price is between the put price and the short put price, Pioneer receives put price. When NYMEX price is below the short put price, Pioneer receives NYMEX price plus the
difference between put price and short put price
31
THREE-WAY COLLARS ($40 BY $50 BY $65 EXAMPLE)

NYMEX Oil Three-Way Collar Realization

$80
Short-Put at Long-Put at Short-Call at
$75 $40/BBL $50/BBL $65/BBL

$70 Potential
Opportunity
Loss
Realized Price ($/BBL)

$65 Realize NYMEX

plus $10/BBL Realize Realize $65/BBL
$60 (difference NYMEX Price
between long-put
and short-put)
$55
Realize $50/BBL
$50

$45
Potential
$40
Gain
$35

$30
$30 $35 $40 $45 $50 $55 $60 $65 $70 $75 $80
NYMEX Oil Price ($/BBL)

Three-way collars protect downside while providing upside exposure

32
 PIONEERS YEAR-END 2016 PROVED RESERVES 1

Added 205 MMBOE from the drillbit, or 232% of full-year

production, at a drillbit F&D cost of $9.59 per BOE2
Reflects successful Spraberry/Wolfcamp horizontal

drilling program Year-end 2016

Proved Reserves
Proved developed F&D cost of $9.11 per BOE3 (MMBOE)
Spraberry/Wolfcamp 556
Reserve mix
Raton 85
100% U.S. Eagle Ford 45
52% oil / 19% NGLs / 29% gas Other 40
Total 726
93% PD / 7% PUD

Proved Reserves / Production: ~8 years

PD Reserves / Production: ~8 years

1) Reflects 2016 SEC pricing (12-month NYMEX average) of $42.82/BBL for oil and $2.48/MMBTU for gas as compared to 2015 SEC pricing of $50.11/BBL for oil and $2.59/MMBTU for gas
2) Excludes negative price revisions (58 MMBOE) and reserves added from acquisitions (4 MMBOE)
3) Added 213 MMBOE of proved developed reserves from (i) discoveries and extensions placed on production during 2016, (ii) transfers from proved undeveloped reserves at year-end
2015 and (iii) technical revisions of previous estimates for proved developed reserves during 2016. Revisions of previous estimates excludes price revisions
33
PERMIAN BASIN REGIONAL OVERVIEW

Outline of
Central Basin Uplift
Outline of
Tatum Central Basin Platform
Basin

Grisham Fault

Big Lake Fault

Ozona
Uplift

Top Woodford structure

(from Geomap)
Kerr
Devils River Basin
Uplift

34
 PERMIAN RESOURCE PERSPECTIVE

Total Recoverable Resource (BBOE)1

0 20 40 60 80 100 120 140 160

Ghawar, Saudi Arabia

Permian Basin, USA Produced To Date Midland Basin Delaware Basin

Burgan, Kuwait

Safaniyah, Saudi Arabia

Eagle Ford Shale, USA

Samotlorskoye, Russia

Shaybah, Saudi Arabia

Romashkinskoye, Russia U.S. now holds more oil reserves than

Saudi Arabia
ADCO, UAE Rystad Energy, July 4, 2016
Zuluf, Saudi Arabia

Cantarell, Mexico

The Midland and Delaware basins hold the largest number of undrilled, low-cost tight
oil locations in the Lower 48. No other region comes close. Wood Mackenzie
1) Total recoverable resource includes oil and gas for all fields
Source: Wood Mackenzie for international fields; Permian Basin from internal estimates
35
 PERMIAN BASIN HORIZONTALS ARE A GAME CHANGER

The Permian Basin has produced >35 BBOE in the past 90 years with an
estimated >150 BBOE recoverable resource remaining
1.8 $160
Permian Basin Tight
1.6 Oil Production $140
Daily Oil Production (MMBOPD)

1.4
$120
1.2

WTI Price ($/BBL)

$100
1.0
Oil Price $80
0.8
$60
0.6
$40
0.4

0.2 $20
Horizontal Drilling Begins
- $0
'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17
Source: Production data from EIA (U.S. tight oil production selected plays) through Feb. 2017; historical WTI price from EIA
36
PERMIAN BASIN ONLY GROWING OIL SHALE PLAY

Permian Basin is the only growing major U.S. oil shale since downturn began

2.5
Nov. 2014 Permian
OPEC Decision Basin
2.0
Million Barrels Oil Per Day

1.5

Eagle Ford
1.0 Bakken

0.5
Niobrara
Other regions in
EIAs Drilling
0.0 Productivity
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Report

Source: EIA, Drilling Productivity Report, April 2017

37
PERMIAN HORIZONTAL RIG COUNT

400
Peak: 349
350
April 17: 291
300 +150% vs bottom

250

200

150

100 Bottom: 116

50

0
Feb-11Aug-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17

Source: Baker Hughes rig count data as of 4/28/2017

38
 DRILLING RIG ADDITIONS DIRECTED TO PERMIAN

Basin Rig Count Permian Basin

180 Delaware
160 Midland
140
120
100
Eagle Ford
80
Cana
60
Woodford
40 Williston
20
0

Source: Baker Hughes rig count data as of 4/28/2017

39
 PERMIAN BASIN: INCREASING RIG COUNT MARKET SHARE

% U.S. Horizontal Oil Rigs By Basin

100%
Williston
90%

80%

70% Permian Basin ~50%

60%
~15%
50%
Other
40%

30%

20%
Eagle Ford
10%
Woodford
0%
Feb/11 Feb/12 Feb/13 Feb/14 Feb/15 Feb/16 Feb/17

Permian Basin currently accounts for ~50% of the horizontal oil rigs
in the U.S., up from ~15% six years ago
Source: Baker Hughes rig count data as of 4/28/2017
40
 PERMIAN BASIN HORIZONTAL ECONOMICS AMONG
THE BEST IN THE WORLD

Average breakeven oil price ($/barrel)

Recent transactions for Permian Basin acreage:

Delaware Basin $49M per acre
Midland Basin $58M per acre

PXD Midland HZ

Source: Financial Times

41
 HISTORY OF TECHNOLOGY LEADERSHIP

Examples of existing technologies: 3-D seismic attribute volumes

Geosteering
Oil, gas and water chemistry
3-D seismic attribute volumes
Microseismic
Multiple mobile applications
Sliding sleeve completions
Route optimization Centralized field control centers Mobile applications

Laser-based methane leak detection

Centralized field control centers
o Advanced SCADA systems

o Fieldwide water delivery system

In some cases, these technologies

have been in use by Pioneer for 10 years or more
42
 WELL PRODUCTIVITY AND COSTS CONTINUE TO
IMPROVE
50% Permian Well
Well Productivity1

Productivity1 Well Productivity Drivers

40% Increased water volumes
Change in

30% Increased sand volumes

Reduced cluster spacing
20% Longer lateral lengths
10%

0%

-10%
Well Costs2

Cost Reduction Drivers

Change in

-20% PXD D&C Focused drilling on

Cost per Well2 3 zones vs. 8 zones
-30%
Decreased drilling and
-40% completion times
Reduced service costs
-50%
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Q4
2014 Q1
2015 Q2
2015 Q3
2015 Q4
2015 Q1
2016 Q2
2016 Q3
2016 Q4
2016
2014 2015 2015 2015 2015 2016 2016 2016 2016

Increases in well productivity coupled with decreasing well costs

allow for strong returns in the current oil price environment

1) Source: IHS Energy Blog The Permian Basin: A magnet for risk capital January 31, 2017
2) Drilling and completion costs per perforated lateral foot; represents all PXD horizontal wells in Spraberry/Wolfcamp since Q4 2014
43
 PERMIAN BASIN POISED FOR LONG -TERM GROWTH

The Permian Basin will drive long-term U.S. oil production growth

6 2025
Permian Basin Oil Growth Forecast
~5 MMBOPD
(2016 - 2025)
Daily Oil Production (MMBOPD)

3 Today
~2 MMBOPD

Associated Gas Production Growth Forecast

1
The Permian Basin produces ~8 BCFPD of natural gas today
o 2nd largest gas producing region in the U.S. (#1 is Marcellus)
Associated gas volumes expected to increase to 15 16 BCFPD by 2025
-
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Source: PXD Internal Forecast
44
MIDLAND BASIN HORIZONTAL RESOURCE POTENTIAL

75 BBOE Recoverable Resource Potential

Spraberry
Wolfcamp D Shales
Wolfcamp C 13 BBOE 14 BBOE
2 BBOE

Wolfcamp A
Wolfcamp B 19 BBOE
27 BBOE

75 BBOE recoverable resource potential in shale intervals where successful horizontal

wells have been drilled
Assumes 140-acre spacing on 75% of acreage and downspacing to 100-acres on 25% of
acreage; additional down-spacing potential exists
Additional horizontal potential from other intervals (e.g. Clearfork, Middle Spraberry
Shale, Atoka, Woodford) 45
 WOLFCAMP DEPOSITIONAL MODEL MIDLAND BASIN

Platform Carbonate Land

Platform
Shelf Edge Carbonate Pelagic Sediments
Carbonate Clastic Detrital

Slope Sediments & Reef Talus Fluvial - Deltaic

Silt Cloud in Suspension
Midland Carbonate Debris Flows Delta
CBP Anaerobic Zone
Basin
Carbonate Gravity Flows Clastic Slope Sediments (Organic-rich Sediments)

Basinal Sediments Clastic Gravity Flows

Land
Marathon
Midland Thrust Belt

Land

Glasscock Pelagic Sed. Clastic

Marathon
Slope
Thrust Belt Nose

Land

Wolfcamp Map Carbonate Slope Older

Wolfcamp
Clastic Clastics
Debris Gravity Flow
Flow
Platform
Carbonate
Carb
Gravity Flow

North Basin
Platform

San Simon
Channel

North

46
Source: Adapted from Handford, 1981
REGIONAL CROSS SECTION D-D
13 horizontal play intervals identified (so far)
Successful Horizontal Wells in the Play 10 intervals have been tested successfully
Future Horizontal Play 3 additional intervals remain to be tested

North D South
D

Spraberry
Spraberry

MSS
MSS
Jo Mill Shale Jo Mill Shale
LSS Clear Fork LSS
WC-A
WC-A
WC B,C1
WC-Upper B
WC-Lower B
WC-D
WC-C
Strawn

Miss
WC-D
Woodford
Woodford

Miss Ozona Platform

Atoka
Woodford
Barnettford
Horseshoe
Big Lake Fault
Atoll

Calvin Fault 47
 MIDLAND BASIN: STACKED PLAY POTENTIAL
Midland Basin

Clear Fork Delta log R (excess electrical resistance)

Red intervals indicate hydrocarbons
U. Spraberry
M. Spraberry
Petrophysical analysis indicates significantly more oil in place in
Shale
the Wolfcamp and Spraberry Shale intervals in the Midland
Jo Mill Shale
Basin compared to other major U.S. shale oil plays
L. Spraberry
Shale
Eagle Ford Barnett
Dean Condensate Combo Niobrara Bakken Marcellus
Wolfcamp A
200 ft

Wolfcamp B

Wolfcamp C

Wolfcamp D
Cline

Strawn

Atoka

Barnett
Miss Lime Source: PXD
Woodford 48
 MIDLAND BASIN PERFORMANCE:
PXD - LEADER OF REPEATABLE SUCCESS

220

200 Pioneer
Highlights Pioneers:
180 Core acreage position

160 Contiguous leasehold

that allows for longer
140 laterals
Well Count

Scale of operations
120
Peers1 Repeatability of well
100 performance
80 Completion
optimization program
60

40

20

30,000 35,000 40,000 45,000 50,000 55,000 60,000 65,000

Well Performance by Operator
(Avg. Peak 3-Month Oil in Barrels)

Source: IHS; Wells w/ 4000+ Laterals; Counties: Andrews, Ector, Glasscock, Howard, Martin, Midland, Reagan, Upton, Irion;
Started Production: Oct-2015 and later w/ minimum of 4 months production data; lateral lengths not normalized

1) Peers include: APA, CPE, CVX, CXO, ECA, EGN, FANG, LPI, OXY, PE, QEP, RSPP, SM, XOM
49
 IMPACT OF HORIZONTAL TECHNOLOGY IN THE
MIDLAND BASIN
1,300,000
Midland Basin Spraberry/Wolfcamp Production
1,200,000

1,100,000

1,000,000

Spraberry/Wolfcamp production has 900,000

increased ~1,000,000 BOEPD since 2009 800,000

Production (BOEPD)
700,000

600,000

500,000

400,000

300,000

200,000

100,000

-
1970

1972

1980

1982

1984

1992

1994

1996

2004

2006

2008

2016
1974

1976

1978

1986

1988

1990

1998

2000

2002

2010

2012

2014
From 2009 to 2012, production growth primarily attributable to increased vertical activity
Post 2012, production growth driven by horizontal activity
Source: IHS Energy monthly data through December 2016 for the Spraberry, Credo East, Garden City South
and Lin Fields; 2-stream production data 50
 DR ILLING R E SULTS CONFIR MING P IONE E R S MIDLA ND BA SIN
SW E E T SP OT

2014 RSEG Research Report

PXD Wolfcamp B Prospectivity Map (Early 2013) Wolfcamp (All Zones) Test Rates
Higher
Tier 1 Tier 2 Pioneer Land

Pioneer Wolfcamp B wells

Wolfcamp B depth contour

Test Rate (BOEPD/1000 lateral)

Source: Internal Pioneer developed in early 2013 Source: RS Energy Group Lower
51
RESERVES AUDIT, F&D COSTS AND RESERVE
REPLACEMENT
An audit of proved reserves follows the general principles set forth in the standards pertaining to the
estimating and auditing of oil and gas reserve information promulgated by the Society of Petroleum
Engineers ("SPE"). A reserve audit as defined by the SPE is not the same as a financial audit. Please see the
Company's Annual Report on Form 10-K for a general description of the concepts included in the SPE's
definition of a reserve audit.

"Drillbit finding and development cost per BOE," or drillbit F&D cost per BOE, means the summation of
exploration and development costs incurred divided by the summation of annual proved reserves, on a BOE
basis, attributable to discoveries and extensions (excludes purchases of minerals-in-place) and revisions of
previous estimates. Revisions of previous estimates exclude price revisions. Consistent with industry practice,
future capital costs to develop proved undeveloped reserves are not included in costs incurred.

Drillbit reserve replacement is the summation of annual proved reserve additions, on a BOE basis,
attributable to discoveries and extensions (excludes purchases of minerals-in-place) and revisions of
previous estimates divided by annual production of oil, NGLs and gas, on a BOE basis. Revisions of previous
estimates exclude price revisions.

Proved developed finding and development cost per BOE, or proved developed F&D cost per BOE,
means the summation of exploration and development costs incurred (excluding asset retirements
obligations) divided by the summation of annual proved reserves, on a BOE basis, attributable to proved
developed reserve additions, including (i) discoveries and extensions placed on production during 2016, (ii)
transfers from proved undeveloped reserves at year-end 2015 and (iii) technical revisions of previous
estimates for proved developed reserves during 2016. Revisions of previous estimates exclude price
revisions.

52
CERTAIN RESERVE INFORMATION

Cautionary Note to U.S. Investors --The SEC prohibits oil and gas companies, in their filings with
the SEC, from disclosing estimates of oil or gas resources other than reserves, as that term is
defined by the SEC. In this presentation, Pioneer includes estimates of quantities of oil and gas
using certain terms, such as resource potential, net recoverable resource potential,
recoverable resource, estimated ultimate recovery, EUR, oil in place or other
descriptions of volumes of reserves, which terms include quantities of oil and gas that may not
meet the SECs definitions of proved, probable and possible reserves, and which the SEC's
guidelines strictly prohibit Pioneer from including in filings with the SEC. These estimates are
by their nature more speculative than estimates of proved reserves and accordingly are subject
to substantially greater risk of being recovered by Pioneer. U.S. investors are urged to consider
closely the disclosures in the Companys periodic filings with the SEC. Such filings are
available from the Company at 5205 N. O'Connor Blvd., Suite 200, Irving, Texas 75039, Attention:
Investor Relations, and the Companys website at www.pxd.com. These filings also can be
obtained from the SEC by calling 1-800-SEC-0330.

53