Good afternoon, everyone, and thank you for joining us to discuss the highly accretive bolt-on acquisition of DoublePoint Energy, a private Midland-based E&P company. A copy of the slides I will be reviewing can be found on our website, www.pxd.com. I encourage you to take a moment to review the forward-looking statements on slide number two. I will begin on slide number three. Slide three, this is a bolt-on acquisition of DoublePoint Energy. The slide is a brief overview of the many benefits of the bolt-on acquisition of DoublePoint Energy. Many of these points are covered in more detail on subsequent slides. I mentioned this transaction is highly accretive to key financial metrics such as free cash flow per share. It also improves our long-term investment framework and increases the variable dividend per share. These benefits are achieved through significant synergies of $175 million annually, driven by the hand-in-glove nature of DoublePoint's approximately 100,000 core of the core net acres adjacent to Pioneer's existing Tier 1 position in the Midland Basin, as you will see in the coming slides. This transaction is neutral to our very strong balance sheet. Lastly, Pioneer is now the largest producer in the Permian Basin, providing us significant benefits of scale. Moving to slide number four, the premier Permian E&P. Slide four demonstrates the significant overlap of DoublePoint's core Midland Basin acreage with Pioneer's existing Tier 1 acreage. I mentioned previously, which is a great addition to our already leading Permian position, now over 1 million net acres in the Permian with zero federal land exposure. As I had mentioned on the previous slide, we are now the largest operator producer in the Permian, and we now significantly dominate the Midland Basin, producing over twice as much as the nearest peer. Going to slide number five, transaction overview. On slide number five, you can see the specifics of the transaction. A total consideration of $6.4 billion, including assumption of approximately $900 million in liabilities, anticipated to close mid to late this quarter. On the right side of the slide, we detailed the $175 million in synergies, including G&A, overhead, interest, and operational synergies that we expect to achieve with most of those over the next 12 to 18 months. These equate to approximately $1 billion in savings on a PV-10 basis over the next 10 years. With that, I will now turn over to Rich Dealy, President, Chief Operating Officer, to start on slide number six. Thanks, Scott. On slide six, I'd like to discuss our plan to fold in DoublePoint's assets into Pioneer's program. We plan to slow their drilling activity from seven rigs currently to five rigs by the end of the year or potentially lower. This will reduce their forecasted annual growth rate from 30% in 2021 and 2022. The plan is to keep their production relatively flat at 100,000 BOEs per day during the second half of 2021 and grow it consistent with our plans of 5% in 2022. Our capital spending will be dependent on the exact timing of closing the transaction, but we are forecasting spending about $470 million-$570 million on the acquired assets for the remainder of the year. Turning to slide seven, this slide highlights our premier position in the Permian Basin as the largest oil producer, combined with the highest oil mix. This demonstrates the quality of our acreage position and the strong margins and returns that our assets deliver, which also supports our low corporate break even and reinvestment rate, allowing us to return more money to shareholders. Turning to slide eight, I think you can see from the map how uniquely strategic this accretive acquisition is for Pioneer, given its hand-in-glove nature of the two acreage positions combined. As we have discussed the attributes of the DoublePoint acquisition, and consistent with what we've told shareholders when asked about any future acquisition, this acquisition checks all those boxes. It's highly accretive to cash flow, earnings, and returns. It adds high quality adjacent acreage and provides significant synergies. It maintains our strong balance sheet and is extremely additive to free cash flow model, which improves per share returns to shareholders. Overall, we are very pleased to announce this transaction and look forward to incorporating it into our program. Thank you.
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