This document provides an overview of Pioneer Natural Resources' operations in the Eagle Ford Shale. Pioneer has been a leader in the Eagle Ford, being one of the first movers to the play and utilizing technology such as 3D seismic, core analysis, and microseismic monitoring to optimize drilling and completions. Over the past 3 years, Pioneer has brought 210 wells online, built out significant midstream infrastructure including 11 central gathering points, and increased production from 5,000 to 67,000 barrels of oil equivalent per day. The company continues to focus on increasing efficiency through pad drilling, optimized completions including zipper fracs, and production optimization techniques like choke management.

1. DUG
Operator Spotlight:
Pioneer Natural Resources
Exceptional Eagle Ford Shale
October 15, 2012

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 1995. 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, litigation, the
costs and results of drilling and operations, availability of equipment, services and personnel
required to complete the Company's operating activities, access to and availability of
transportation, processing 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 an
industrial sand mining business, international operations 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.
Please see the appendix slides included in this presentation for other important information.
2

3. PXD: Industry Leader in Eagle Ford Shale
 Geologic Data
 Drilling Efficiency
 Completion Optimization
 Operational Optimization
 First Mover Midstream Build Out
 Production Growth
3

4. PXD: First Mover in the Eagle Ford Shale
 Band of dry gas below the Eagle Ford Shale extending
250 miles across SE Texas
 Started infill drilling in 1991 in legacy Edwards field
Edwards (Pawnee); horizontal drilling in 1999
Trend  Acquired ~300,000 acres along the trend in 2005
 Drilled 150+ Edwards wells with full suite of logs; each
well drilled through Eagle Ford Shale
 Shot >2,000 sq. miles of 3-D seismic
 Re-completed several vertical wells in late 2006; first
Eagle Ford completions targeting Eagle Ford Shale
 Drilled several high-rate horizontal wells beginning late
Shale 2009
 Cut over 1,500 feet of core
4

5. PXD: Significant Progress Over the Past 3 Years
 Successful joint venture with Reliance Industries Limited
 210 wells on production
 12 rigs operating during 2012
 11 Central Gathering Points (CGPs) and >600 miles of pipeline completed
 Sophisticated geologic and reservoir models
5

6. PXD: Technology Leader in Eagle Ford Shale
Microseismic
Surface
Core Analysis
A Downhole
A’
Logging
3-D Seismic Geologic & Pilot hole logs
Open hole horizontal logs
Coherency
Curvature
Reservoir Production logging
Model Radio active tracers
Mud logging
6

7. PXD: Technology Drives Strong Well Performance
N
Geologic and reservoir models identify:
 Resource in place
 Productivity by area
 Wellbore placement
 Completion optimization
7

8. PXD: Delivering Strong Well Results
 50% of PXD wells are in the top quartile of industry
EURs across the entire Eagle Ford Shale1
 80% of PXD wells are above the industry median EUR1
 Well performance varies across the Eagle Ford Shale
due to geologic properties
– PXD has 14 type curves with EURs averaging
1 MMBOE (6 BCFE)
1) Based on public wellhead production data from IHS; does not include NGL uplift 8

9. PXD: Drilling Results Improving
Average drilling cost per foot has decreased 12% and average
drilling feet per day has increased 27% over the last year
$300
$150
$0
800
400
0
2011 Q2 2011 Q3 2011 Q4 2012 Q1 2012 Q2
9

10. PXD: Well Spud to POP Time Decreasing1
200
Spud to put-on-production (POP) time has decreased 40% over the last year
159
150 145
116
105
Days
100 96
50
0
Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012
1) Reflects single well pads only 10

11. Pad Drilling Expected To Increase in 2013
80%
75%
25%
20%
Single Well Multi-Well Pads Single Well Multi-Well Pads
1H 2012 2013
11

12. PXD: Leading Fracture Stimulation Optimization
 Implementing completion optimization study to
improve frac design
– Varying frac size, pump rate and clusters per foot by
area according to analysis of Pioneer and offset
operator data
 Utilizing zipper fracs on pad completions
– Saves $400 M - $500 M per well
 Testing sliding sleeve technology
 Continuing to test white sand proppant
– 53 wells stimulated using white sand through Q2
– Early well performance similar to direct offset
ceramic-stimulated wells
– Saves ~$700 M per well
– 50% of 2012 program, expect further increase in 2013
12

13. PXD’s Vertical Integration Improves Returns and Enhances Execution
Spraberry Barnett Shale Combo Eagle Ford Shale
5 vertical frac fleets (~20,000 HP each) 1 frac fleet 2 frac fleets
2 horizontal frac fleets (~35,000 HP each) (30,000 HP) (50,000 HP each)
15 drilling rigs 1 coiled tubing unit 2 coiled tubing units
Well service equipment1
Brady sand mine
Current frac capacity: ~300,000 HP
13th largest pressure pumping company in North America
1) Includes pulling units, frac tanks, hot oilers, water trucks, blowout preventers, construction equipment and fishing tools 13

14. PXD: Production Operations Developments
 Choke management reduces well production declines
and increases well EURs
 Artificial lift Installations beginning in oilier areas
– Varying hydrocarbon yields across PXD’s acreage
require multiple artificial lift methods including rod
pump, gas lift and plunger lift
 Capillary strings enable chemical paraffin inhibition
14

15. PXD: Example of Choke Management Effectiveness
Cumulative Production Per Lateral Foot
Cum BOE/Lateral FT
100.0
E.Roeder 03
Harlan Metting 12/64” Choke
Riedesel
Cumulative BOE Per Lateral Foot
22/64” Choke
16/64” Choke
10.0
Cumulative production from wells operating under choke
management crosses over cumulative production from wells
operating at higher choke sizes within 6 months1
Choke management benefits:
− Higher well EURs
− Higher sustained wellhead pressure and extended stable flow regime
1.0
106
113
120
127
134
141
148
155
162
169
176
183
190
197
204
211
218
225
232
239
246
253
260
267
274
281
288
295
302
309
1
8
15
22
29
36
43
50
57
64
71
78
85
92
99
Days
1) Wells are geologically similar 15

16. PXD: Midstream Build Out Almost Complete
 11 Central Gathering Points on line to date
− Gas and condensate gathering and separation
− Gas treatment and condensate stabilization
 Build out executed ahead of drilling plan
 Infrastructure build out minimizes
production delays
 Modular design allows for expansion ahead
of drilling plans
 Processing third-party volumes –
EFS Midstream is open for business
 Allows delivery of wet gas and condensate
to multiple third-party processors
EFS Midstream LLC.
Midstream Development
16

17. Midstream Build Out
2010 2011 2012 2013+ Total
CGPs 3 5 3 3 14
Pipelines (Miles) 70 210 181 106 567
Key Capabilities
• Multiple gas redelivery points (Copano, Enterprise, DCP)
• 665 MMcfd of gas gathering, treating and dehydration capacity
• 79 Mbbld of condensate gathering and stabilizing capacity
11
17

18. Area 71 Central Gathering Point
18

19. PXD: Secured Third-Party Takeaway and Processing Capacity
 Contracted gas and NGL transportation, processing and fractionation for the
joint venture’s forecasted production volumes
– Utilizing multiple parties over 5-year to 10-year periods
• Enterprise (10-year), Copano (5-year), DCP Midstream (5-year)
• Diversifies gas processing and NGL fractionation capacity
• Greater market access
• Cost control
 Contracted condensate transportation with Enterprise
– Pipeline commitment substantially reduces trucking
– Provides flexibility to move condensate to Cushing and Houston markets
19

20. PXD: Delivering Substantial Production Growth
PXD Eagle Ford
Production (MBOEPD)
67
Gross
34
23
PXD Net
5 12
2010 2011 1H 2012
20

21. Certain Reserve Information
Cautionary Note to U.S. Investors --The U.S. Securities and Exchange Commission (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,” “resource potential,” “EUR”, “oil in place” or other
descriptions of volumes of reserves, which terms include quantities of oil and gas that
may not meet the SEC’s 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 Company’s 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 Company’s website
at www.pxd.com. These filings also can be obtained from the SEC by calling 1-800-SEC-
0330.
21