Pioneer Natural Resources (PXD) Q4 2019 Earnings Call Transcript

Pioneer Natural Resources (PXD) Q4 2019 Earnings Call Transcript

Joining us today will be Scott Sheffield, president and chief executive officer; Rich Dealy, executive vice president and chief financial officer; Joey Hall, executive vice president of Permian operations; and Neal Shah, vice president, investor relations.. The Internet site to access the slides related to today's call is www.pxd.com.. For opening remarks, I would like to turn the call over to Pioneer's vice president, investor relations, Neal Shah.. After Scott concludes his remarks, Joey will review our strong horizontal well performance optimized for rate of return, while delivering best-in-class oil production, as well as the drivers behind 2019 strong efficiency gains.. Our water system is still under evaluation, and I still expect an update in late 2020.. We are making great progress, as you see in fourth quarter, in regard to reducing our lease operating expense cost.. 2019 was an exciting year for Pioneer, a year of change, the year where we materially reduced our cost structure, increased our corporate returns, generated free cash, return to net new capital back to shareholders.. I think the top thing, we generated $385 million of free cash flow in the fourth quarter.. And then probably one of the most important items besides free