Pioneer Natural Resources Company (PXD) Q2 2023 Earnings Call Transcript

Pioneer Natural Resources Company (NYSE:PXD) Q2 2023 Results Conference Call August 2, 2023 10:00 AM ET

Company Participants

Scott Sheffield - CEO

Rich Dealy - President and COO

Neal Shah - SVP and CFO

Conference Call Participants

John Freeman - Raymond James

Neil Mehta - Goldman Sachs

Arun Jayaram - JPMorgan

Scott Gruber - Citigroup

Matt Portillo - TPH

David Deckelbaum - Cowen

Scott Hanold - RBC Capital Markets

Charles Meade - Johnson Rice

Neal Dingmann - Truth Securities

Derrick Whitfield - Stifel

Doug Leggate - Bank of America

Roger Read - Wells Fargo

Paul Cheng - Scotiabank

Leo Mariani - ROTH MKM

Operator

Welcome to Pioneer Natural Resources Second Quarter Earnings Conference Call. Joining us today will be Scott Sheffield, Chief Executive Officer; Rich Dealy, President and Chief Operating Officer; and Neal Shah, Executive Vice President and Chief Financial Officer.

Pioneer has prepared a presentation of slides to supplement comments made today. These slides are available on the Internet @www.pxd.com. Again, the Internet website to access slides presented in today's call is www.pxd.com. Navigate to the Investors tab found at the top of the web page and then select Quarterly Results.

Today's call is being recorded. A replay of the call will be archived on www.pxd.com through September 1, 2023. The Company's comments today will include forward-looking statements 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 Chief Executive Officer, Scott Sheffield. Please go ahead, sir.

Scott Sheffield

Thank you, Jay. Good morning, everyone. It's great to be with you today. Before we highlight Pioneer's strong second quarter results, I wanted to briefly speak to the current macro outlook and its impact on oil prices. As you all know, crude has been range bound between $65 and $80 over the previous several months, has been suppressed by SBR releases, recessionary fairs and weak economic data from China. The recent upward move in oil prices reflects the expectation for a tightening supply-demand fundamentals in the second half of this year.