Pioneer Natural Resources Co. (NYSE:PXD) Q1 2019 Earnings Conference Call Transcript

May 07, 2019 • 10:00 am ET


Pioneer Natural Resources Co. (NYSE:PXD) Q1 2019 Earnings Conference Call Transcript


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Welcome to Pioneer Natural Resources, First Quarter Conference Call. Joining us today will be Scott Sheffield, President and Chief Executive Officer; Rich Dealy, Executive Vice President and Chief Financial Officer; Joey Hall, Executive Vice President at Permian Operations and Neal Shah, Vice President, Investor Relations.

Pioneer has prepared PowerPoint slides to supplement their comments today. These slides can be accessed over the Internet at Again, the Internet site to access the slides related to today's call is At the website, select Investors, then select Earnings and Webcasts.

This call is being recorded. A replay of the call will be archived on the Internet site through June 1, 2019. The company's comments today will include forward-looking statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These statements and the business prospects of Pioneer are subject to a number of risks and uncertainties that may cause actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties are described in Pioneer's news release, on page 2 of the slide presentation, and in Pioneer's public filings made with the Securities and Exchange Commission.

At this time, for opening remarks, I would like to turn the call over to Pioneer's Vice President, Investor Relations, Neal Shah. Please go ahead, sir.

Neal Shah

Thank you, Anna. Good morning everyone and thank you for joining us. Let me briefly review the agenda for today's call. Scott will begin by discussing our strong first quarter results and our solid execution, including our positive outlook for the remainder of the year. Scott will then comment on the many initiatives in progress to enhance shareholder value. Further, Scott will review our strong performance in the Permian Basin specifically our best-in-class oil production and the benefits of our low cost basis acreage.

After Scott concludes his remarks, Joey will update you on our strong horizontal Permian well performance and Rich will then review the benefits of our firm transportation commitments to the Gulf Coast. Scott will then return with a brief recap and commentary. After that, we will open up the call for your questions. Thank you.

So with that, I'll turn it over to Scott.

Scott D. Sheffield

Good morning. Thank you, Neil. It will probably take me a couple of quarters to get back in practice, but I think I have to allow you this already, but I spent the first 100 days interviewing and listening to over 150 employees and investors. I did have, among the investor tour, we did listening tour. I did have Kenneth Thompson, our Non-Executive Chairman and several outside directors and several other the meetings and it's a practice. We are going to continue to do an annual meeting like that where I invite the Non-Executive Chairman and some of our outside directors to listen to what investors are thinking and what they are saying.

There is something that definitely has not changed since the 2.5 years since I've been gone and that the