two and a half times more, page-2

Pioneer Q3 Quarterly Transcript

Investment Highlights on Slide #7 . Again, with an inventory of well over 20,000 drilling locations, I'm primarily focused on oil. Again, the Spraberry is what's shining this quarter. The Eagle Ford will be the shining star going into next quarter. Both of those are the key drivers for us over the next several years. Again, forecasting 15% compounded annual production growth rate with operating cash flow doubling by 2013, and we got strong price protection obviously with our three-way callers over the next several years.


Analyst Q&A

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Kenneth Carroll - Johnson Rice & Company, L.L.C.

And if I heard you correctly, it sounds like just given the competitive nature of their, how much acreage is locked up while you're still adding acreage? We shouldn't see a huge incremental increase in acreage going forward?

Scott Sheffield

No, we're only targeting picking up another 10,000 to 20,000 at the most acreage. So it's about as much as -- it's about where we are going to stop at.

Scott Sheffield

And then, Scott, you talked about seeing some big bio breaker value transactions on the Permian. I recognized it's a much material asset than the Eagle Ford and strategically, different assets for the Pioneer. Have you ever thought about similar debut transactions that you get in the Eagle Ford or in the Permian or any scenarios there that might make sense?

Scott Sheffield

Yes, obviously, with the big pickup -- when people start paying $15,000 to $20,000 per acre, we start asking ourselves questions, is there enough universe out there to continue that trend? And is there any interest? There has not been any JVs to my knowledge. These are all complete divestitures by -- or land acquisitions, about these parties so it does raise a question and obviously, we're discussing that at the management level and at the Board level over the next several months.

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Link to excellent investor presentation - slide 7 onwards for Eagle Ford activities
http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NjQ4Nzh8Q2hpbGRJRD0tMXxUeXBlPTM=&t=1

Link to Q3 2010 transcript
http://seekingalpha.com/article/232815-pioneer-natural-resource-q3-2010-earnings-call-transcript?find=eagle%2Bford%2Bpioneer