Specialist
Engineer at Petroleum Inc
Agenda
- Key E&P trends within the Permian
- Competitive landscape of E&P and Pioneer's (NYSE: PXD) positioning
- Possibility of Pioneer being acquired and potential buyers
- Outlook for 2019 and beyond
Questions
1.
Can you share your updated perspective on Pioneer, highlighting key themes or trends that you find particularly interesting or noteworthy?
2.
How has Pioneer performed as of late? Can you compare its performance to any of its peers, as you see fit?
3.
Can you assess the performance or economics of assets?
4.
What synergies might arise in acquiring acreage? Might Pioneer be able to lower operational costs on a per- well basis?
5.
Valuations have varied, especially as the Delaware ramped up. What are your thoughts on Delaware valuations? How much have operators typically paid out in recent transactions, especially in less delineated counties?
6.
How difficult do you think it would be for Pioneer to enter the Delaware, given the backdrop of high valuations requiring the need to come in as a premium? Do you think that is doable? Are many active sellers looking?
7.
What logistical advantages do larger players such as Pioneer have over smaller players? What’s helping with that cost curve?
8.
Returning to Pioneer’s assets, can you compare Wolfcamp A to Wolfcamp B and outline what is developing there, especially efforts to lower CAPEX? What impact could that have on the portfolio?
9.
You’ve talked about overdrilling or ineffective spacing. Are you seeing this with Pioneer or do you think it is investing in the right areas?
10.
On the divestiture, one thing that it constantly pushed was its vertical integration. Is this impacting the company’s cost structure significantly? Are there any other areas that it could look to improve on the cost efficiency side?
11.
Can you highlight anything you are sceptical of relating to the Eagle Ford divestiture?
12.
If it were to be acquired, do you think that Pioneer’s acreage is worth that premium? Is the quality of its assets that more superior to its competitors?
13.
Do you think the Midland Basin is attractive to the supermajors or are they more focused on the Delaware?
14.
You talked about contiguous acreage and where Pioneer would start to push forward. Is there a specific county or area that you expect to be most advantageous?
15.
Is there anything else that you feel we should consider generally and to better understand in Pioneer? What might take place and do you expect it to be a buyer or seller?
16.
How are other operators approaching cost cutting? Have any been doing it more efficiently or adopting a particular strategy? Most cuts are seemingly through G&A.
17.
Do you have any final remarks?
