UNITED STATES

Pioneer's U.S. assets make up the core of the Company and provide a strong foundation. Pioneer's portfolio is well-balanced and includes legacy gas and oil fields with strong, stable cash flow and extensive development opportunities, significant new field discoveries providing tremendous production growth and solid returns, and exciting prospects for future exploration.

The strategy in the U.S. centers on adding value through the development of existing assets and by expanding the asset base through exploration and acquisitions. Pioneer's long-lived legacy assets offer above-average stability with shallow production declines as compared to industry averages. Consequently, these assets can be relied upon to provide dependable free cash flow after maintenance investments to commit to growth.

Acquiring incremental interests in core areas has proven to be a successful strategy for adding value, and the Company plans to continue to pursue similar core area acquisition opportunities. In addition, the Company has several pilot programs ongoing in emerging basins in the Rocky Mountains and the Gulf Coast.

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