Pioneer Natural Resources Company (PXD) Q4 2022 Earnings Call Transcript

Pioneer Natural Resources Company (NYSE:PXD) Q4 2022 Earnings Conference Call February 23, 2023 10:00 AM ET

Company Participants

Neal Shah – Senior Vice President and Chief Financial Officer

Scott Sheffield – Chief Executive Officer

Rich Dealy – President and Chief Operating Officer

Conference Call Participants

Neil Mehta – Goldman Sachs

John Freeman – Raymond James

Scott Gruber – Citigroup

Neal Dingmann – Truist

Operator

Good day, everyone, and welcome to Pioneer Natural Resources Fourth Quarter Earnings Conference Call. Joining us today will be Scott Sheffield, Chief Executive Officer; Rich Dealy, President and Chief Operating Officer; and Neal Shah, Senior Vice President and Chief Financial Officer.

Pioneer has prepared presentation slides to supplement comments made today. These slides are available on the Internet at www.pxd.com. Again, the Internet website to access the slides presented in today's call is www.pxd.com. Navigate to the Investor 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 March 23, 2023.

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 those 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 Senior Vice President and Chief Financial Officer, Neal Shah. Please go ahead, sir.

Neal Shah

Thank you, April. Good morning everyone and thank you for joining us for Pioneer's fourth quarter earnings call. Today, we will discuss the strong fourth quarter and full year 2022 results that Pioneer delivered, which resulted in the record 30% return on capital employed and the generation of over $8 billion in free cash flow. These results were underpinned by our world-class assets, our dedicated employees and efficient operations. We're also excited to highlight our 2022 – and the strong efficiencies the teams continue to deliver. We will then open up the call for your questions.

With that, I will turn it over to Scott.