Pioneer Natural Resources Company (PXD) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

April 27, 2023 10:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks：

Operator

Welcome to Pioneer Natural Resources First Quarter Earnings Conference Call. Joining us today will be Scott Sheffield, Chief Executive Officer; Rich Daly, 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 @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 the www.pxd.com through May 27, 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 and future periods to differ materially from the forward-looking statements. These risks and uncertainties are described in Pioneer's news release on Page two of the slide presentation and in Pioneer's public filings made with 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, Joel. Good morning, everyone, and thank you for joining us for Pioneer's first quarter earnings call. Today, we will be discussing our excellent first quarter results, driven by our strong oil production and fortified capital return strategy.

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. We will then open up the call for your questions.

With that, I will turn it over to Scott.

Scott Sheffield

Thank you, Neal. Good morning. As you all saw in the news, I announced yesterday that I will retire as CEO of Pioneer beginning January 2024. Our President and Chief Operating Officer, Rich Dealy, will assume the role of CEO at that time. 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.