Pioneer Natural Resources Company (PXD) Goldman Sachs Global Energy and Clean Technology Conference (Transcript)

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Pioneer Natural Resources Company (NYSE:PXD) Goldman Sachs Global Energy and Clean Technology Conference January 5, 2023 8:00 AM ET

Company Participants

Scott Sheffield - Chief Executive Officer

Conference Call Participants

Neil Mehta - Goldman Sachs

Neil Mehta

It's a great honor to have Scott Sheffield from Pioneer. Scott, thank you so much for being here down in Miami.

Scott Sheffield

Thank you, Neil. It's good to be back, I guess it's been since 2019.

Neil Mehta

Yes. Pre-COVID. And so, it's great to have you here and to share your perspective on the outlook for the shale, but particularly the focus on the Permian. Scott, I know you're going to walk us through a couple of slides here and we're going to then jump into Q&A. So, we're going to turn the floor over to you, sir.

Scott Sheffield

Thank you. Good morning. Obviously, two of my favorite speakers before. It's hard to follow Jeff. I think he's been really one of the best predictors of oil prices since COVID hit. Up until recently, who would have predicted SPR, who would have predicted zero COVID policy and who would have predicted a recession? Maybe one for that, I'm a firm believer and what he's saying is going to happen. And I'll add some fuel to the fire of what's going to happen?

Let me advance the slides. The first slide, you all have seen something similar. So I picked a few slides over the Christmas and New Year break, I thought, were interesting. This is reserve replacement, which nobody looks at anymore. We never get asked the question, Neil, about reserve replacement anymore. But it's very, very important to what happens to this industry. This goes all the way back to 1933.

And so, you can see it's divided up between

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