Eagle Ford Shale

Pioneer has dramatically increased its share of Eagle Ford Shale production from less than 2 MBOEPD (thousand barrels of oil equivalent per day) in 2010 to 24 MBOEPD in the second quarter of 2012. To support its substantial Eagle Ford Shale production growth, Pioneer has been constructing midstream infrastructure through its majority ownership of EFS Midstream LLC, which is an unconsolidated affiliate to provide gas and liquids gathering, treating and transportation services. EFS Midstream LLC has already constructed 9 central gathering plants, and 2 additional plants are expected to be constructed by mid-2012.

Additionally, we have been testing the use of lower-cost white sand instead of ceramic proppant to fracture stimulate wells drilled in shallower areas of the field. Forty-five wells have been tested to date, with a savings of approximately $700,000 per well. Early well performance has been similar to direct offset ceramic-stimulated wells. We plan to continue monitoring the performance of these wells and plan to use white sand in 50% of our 2012 drilling program.

Another play in the same area is the Edwards Trend.

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Pioneer Natural Resources is a large independent exploration and production company that delivers competitive and sustainable results.

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