Pioneer Natural Resources Co. (NYSE:PXD) Q3 2019 Earnings Conference Call - Final Transcript
Nov 05, 2019 • 10:00 am ET
Welcome to the Pioneer Natural Resources Third 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 and 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 www.pxd.com. Again, the Internet site to access the slides related to today's call is www.pxd.com. At the website, select Investors, then select Earnings and Webcasts. [Operator Instructions] A replay of the call will be archived on the Internet site through December 2, 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.
Thank you, Anna. Good morning, everyone, and thank you for joining us. Let me briefly review the agenda for today's call. Scott will be up first. He will discuss our strong third quarter results driven by solid execution from the Pioneer team. After Scott concludes his remarks, Joey will review our strong horizontal well performance, optimized for rate of return while delivering best-in-class oil production. Rich will then update you on the benefits of our downstream planning for both oil and gas. Scott will then return to discuss Pioneer's focus on sustainable practices and our commitment to social and governance issues. 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
Thank you, Neal. Good morning. First of all, I want to thank all of our employees and our management team for really three great quarters and especially for achieving $250 million in free cash flow in the third quarter in just a short -- very, very short time frame.
We're reducing the top end of our full-year guidance, again, by additional $150 million. We're increasing our full year production guidance by 3% at the midpoint. We continue to see positive benefits for our exporting of our crude oil, $46 million in the quarter, uplift, a total for $279 million for the year.
Also as you noticed, we're starting to put in some ESG slides and we are reducing our -- although '16 to '18 time period, we've had a 38% reduction in our total greenhouse gas emissions intensity. We'll talk more about that later. Again, focused on free cash flow yield and return on capital employed.
Going to Slide