Pioneer Natural Resources is a large independent exploration and production company focused on delivering competitive and sustainable results. With over 90% of proved reserves and daily production in low-risk, predictable basins in the lower 48 states of the U.S. and total proved reserves and resource potential of 2.8 billion barrel oil equivalent, Pioneer has established an extensive drilling inventory in its core development areas, supplemented by several emerging resource plays and a large development project in Alaska. In addition, Pioneer has completed a major development project in South Africa and is expanding its resource play in Tunisia.
Pioneer has successfully refocused its strategy to lower-risk operations through a series of strategic initiatives. The Company has established an extensive low-risk drilling inventory in its core assets (West Texas Spraberry field, Raton Basin which include locations in Coal Bed Methane and the newly discovered Pierre Shale, South Texas Edwards Trend and Tunisia) supplemented by several emerging growth resource assets (Barnett Shale, Rockies and Cosmopolitan in Alaska). Pioneer expects to deliver compounded annual production per share growth of 14+% through 2011 while targeting 20% cash flow compounded annual growth rate.
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