Pioneer Natural Resources : Acquisition of DoublePoint Energy

Acquisition of

DoublePoint Energy

April 1, 2021

Forward-Looking Statements

Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements and the business prospects of Pioneer are subject to a number of risks and uncertainties that may cause Pioneer's actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, the risk that the companies' businesses will not be integrated successfully; the risk that the cost savings, synergies and growth from the proposed transaction may not be fully realized or may take longer to realize than expected; the diversion of management time on transaction-related issues; the effect of future regulatory or legislative actions on the companies or the industries in which they operate, including the risk of new restrictions with respect to development activities on the companies' assets; the risk that Pioneer's credit ratings may be different from what the Company expects; the risk that a party to the transaction may be unable to obtain governmental and regulatory approvals required for the proposed transaction, or that required governmental and regulatory approvals may delay the proposed transaction or result in the imposition of conditions that could reduce the anticipated benefits from the proposed transaction or cause the parties to abandon the proposed transaction; the risk that a condition to closing of the proposed transaction may not be satisfied; the length of time necessary to consummate the proposed transaction, which may be longer than anticipated for various reasons; potential liability resulting from pending or future litigation; changes in the general economic environment, or social or political conditions, that could affect the businesses; the potential impact of the announcement or consummation of the proposed transaction on relationships with customers, suppliers, competitors, management and other employees; the effect of this communication on Pioneer's or DoublePoint's stock price; transaction costs; volatility of commodity prices, product supply and demand; the impact of a widespread outbreak of an illness, such as the COVID-19 pandemic, on global and U.S. economic activity, competition, the ability to obtain environmental and other permits and the timing thereof, other government regulation or action, the ability to obtain approvals from third parties and negotiate agreements with third parties on mutually acceptable terms; potential liability resulting from pending or future litigation, the costs and results of drilling and operations, availability of equipment, services, resources and personnel required to perform the companies' drilling and operating activities, access to and availability of transportation, processing, fractionation, refining, storage and export facilities; Pioneer's and DoublePoint's ability to replace reserves, implement its business plans or complete its development activities as scheduled; access to and cost of capital; the financial strength of counterparties to Pioneer's or DoublePoint's credit facility, investment instruments and derivative contracts and purchasers of the companies' oil, natural gas liquid and gas production; uncertainties about estimates of reserves and resource potential; identification of drilling locations and the ability to add proved reserves in the future; the assumptions underlying forecasts, including forecasts of production, cash flow, well costs, capital expenditures, rates of return to shareholders, expenses, cash flows from purchases and sales of oil and gas net of firm transportation commitments, sources of funding and tax rates; quality of technical data; environmental and weather risks, including the possible impacts of climate change; cybersecurity risks; the risks associated with the ownership and operation of Pioneer's oilfield services businesses and acts of war or terrorism.

These and other risks are described in Pioneer's and Parsley's Annual Reports on Form 10-K for the year ended December 31, 2020, Quarterly Reports on Form 10-Q filed thereafter and other filings with the Securities and Exchange Commission. In addition, the companies may be subject to currently unforeseen risks that may have a materially adverse impact on the combined company. Accordingly, no assurances can be given that the actual events and results will not be materially different than the anticipated results described in the forward-looking statements. Pioneer undertakes no duty to publicly update these statements except as required by law.

Please see the supplemental slides included in this presentation for other important information.

2

Bolt-On Acquisition of DoublePoint Energy (DPE)

Highly Accretive

Key Financial Metrics Including Free Cash Flow per Share

Operational Synergies

	Enhances Investment		Largest Producer in the Permian
$		- Lower Cost of Capital
Framework and
	-	Economies of scale benefits
	Variable Dividend			supply chain
			-	Shared Facilities/Infrastructure
	Acquisition of		$	Maintains Strong
~100,000 Tier 1
	Balance Sheet
	Midland Basin Net Acres		2021E Net Debt/EBITDAX ~0.9x1

~$175 MM		Maintain Low
$	Flaring Intensity
In Annual Synergies	of <1%

1) Based on strip pricing as of 3/20/2021. EBITDAX is a non-GAAP financial measure; see supplemental slides.	3

The Premier Permian E&P

Midland Basin (~920,000 net acres)		Midland Basin Gross
			Production by Operator1
			(MBOEPD)

>1 Million

Net Acres

No Federal Land

Delaware Basin

(~100,000 net acres)

1) Source: Enverus, February 2021; gross two-stream MBOEPD.	4

Transaction Overview

Total Consideration ~$6.4 B1

Equity	Cash	Liabilities2
~$4.5 B	$1.0 B	~$0.9 B

Transaction Details

Expected closing mid-to-late second quarter

Combined enterprise value of ~$47 B

~244 MM pro forma shares; issuance of 27,187,500 shares, representing 11% of pro forma shares outstanding

Acquiring ~97,000 high quality, core Midland Basin net acres

Significant Accretion

Increases free cash flow per share and benefits corporate returns

Increases variable dividend3 per share

Highly contiguous, directly offsetting top-tier acreage position with minimal development to date

Accretive combination further enhances

Pioneer as the premier low-cost,

Permian independent E&P

Expected Synergies of ~$175 MM

Annually (~$1 B PV-10)4

~$15 MM G&A Savings

Expected to achieve 2H 2021

~$60 MM Interest Savings2

Fully realized by YE 2022

~$100 MM Operations Savings

Expected by YE 2021; ~$50 MM in integration expenses forecasted in 2H 2021

1) Based on Pioneer's share price as of 4/1/2021. 2) Liabilities include debt of $650 MM at 7.75% callable at YE 2022 and approximately $300 MM of reserve-based lending and working capital. 3) Dividends are	5
authorized and determined by the Company's board of directors in its sole discretion. 4) PV-10 of $175 MM annual synergies over ten years.