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| So the teams are really doing an excellent job of making sure that we have the supplies that we need and improving upon them with efficiencies and then lowering costs as we can -- best we can in an inflationary environment |
| Developing these long laterals drive significant efficiency gains to reduce capital costs with drilling and completion savings of approximately 15% per lateral foot |
| So we see great value in our equity and it is now a defined part of our capital return framework |
| Rich has been with Pioneer and our predecessor company for over 30 years from a $500 million company to over a $50 billion company and has served in various executive leadership roles and is uniquely positioned to lead Pioneer forward |
| I'm proud of the success that Pioneer has achieved in his 26-year history as well as key accomplishments over the previous several years |
| With consistent focus on the Permian Basin, we have formed the largest contiguous acreage position in the Midland Basin, supported by successful integration of two acquisitions during 2021 and have full confidence in our modifications we made last year as we were seeing early indication of great results with our first quarter results |
| Our methodical approach and highly efficient development program has positioned Pioneer as the most active driller and largest oil producer in the state of Texas |
| I'm especially proud to have led the independent transition to a free cash flow model that focuses on return of capital to shareholders and further strengthens our balance sheet |
| I've taken great pride in leading the efforts to reduce flaring in testings and methane and CO2 emissions in the Permian Basin and its contribution to more sustainable practices throughout our industry |
| I mean it's our goal, and we've always said it, we believe in a pristine balance sheet and 1 that provides us durability during the down cycle as well as provides us operational and financial flexibility during an up cycle |
| This strong return of capital was supported by efficient operations and oil production near the top end of our first quarter guidance range |
| And it's well deserved |
| First quarter results, as we discussed on the previous slide, Pioneer delivered strong first quarter production with both oil and total production near the top end of first quarter guidance at 361,000 barrels of oil per day and 680 million barrels of oil equivalent per day |
| And especially with outperforming significantly first quarter with our production and our modifications that we made last year, I have full confidence in the fact that we're going to have significant uplift over the next several years |
| No change in our guidance, as we've talked about 1 quarter and -- but everything is moving well on that front, so we're happy about that |
| The combination of our low cash costs and strong realizations generated peer-leading cash margins for the full year of 2022 |
| So we're real pleased |
| A strong and growing base dividend remains our highest return of capital priority |
| You can see from second quarter guidance, we're continuing to see the benefit going forward |
| Could we see some upside on that potentially later this year? Richard Dealy Like I said, we're very encouraged about how the first quarter has gone |
| We are further strengthening the foundation of our capital return strategy by increasing our quarterly base dividend by 14% to $1.25 per share or $5 per share on an annualized basis |
| Today, we will be discussing our excellent first quarter results, driven by our strong oil production and fortified capital return strategy |
| While our strong price realizations were driven by our oil-weighted production, our low operating costs are a function of our unmatched infrastructure and efficient operations |
| In addition, we will discuss the resilience of our free cash flow generation at various oil prices, which is underpinned by our best-in-class margins and unmatched high-return assets in the Midland Basin |
| Pioneer's ongoing sustainability efforts continue to benefit our emissions intensities which can be seen in the graph by Pioneer's relative position globally |
| Further enhancing our strong shareholder returns, the Board of Directors has approved a new $4 billion share repurchase authorization, providing additional capacity to return capital through opportunistic share repurchases |
| Yes, really, we had -- we have canvassed our shareholders, as we've talked about in previous earnings calls over the last couple of months, but really what kind of led to the change in the framework was, one, it really allows us to improve our financial flexibility and strengthen our balance sheet, while continuing to deliver peer-leading returns of capital to shareholders |
| In total, Pioneer has repurchased $2.1 billion in equity since the beginning of 2022, reducing shares outstanding by approximately 4%, which has benefited long-term shareholder returns and per share metrics |
| When combined with our low breakeven oil price, Pioneer provides exceptionally resilient production that we expect to have a place in the global market for decades to come |
| We believe our strong corporate return profile when paired with our discounted valuation provides a highly attractive opportunity for investors |
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| Obviously, there was nothing going on, and we reacted -- and so we saw our stock get down to about 180 |
| Obviously, COVID delayed things |
| I know there's been a lot of volatility on the oil side as well as just a lot of, I guess, questions last year on operational performance, but -- of the wells |
| I mean if we pick a $70 oil price, I mean that would more than get you to net debt 0 or actually a negative net debt number |
| We've seen some declines |
| I know it's a tough one to tricky one to navigate |
| The pace of change is slowing |
| Charles Meade I want to begin by Scott saying, I will miss your willingness to share your unvarnished views on the oil markets and thank you for for doing that over the last several years |
| But on the inflation front, we're still seeing a lot of things that moderated |
| But we're not -- we've got adequate sand capacity |
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