Delaware
|
001-34032
|
26-0388421
|
(State or other jurisdiction of
incorporation)
|
(Commission
File Number)
|
(I.R.S. Employer
Identification No.)
|
5205 N. O’Connor Blvd., Suite 200, Irving, Texas
|
75039
|
|
(Address of principal executive offices)
|
(Zip Code)
|
|
DERIVATIVE GAINS, NET
|
|||||
(in thousands)
|
|||||
Three Months Ended
|
|||||
March 31, 2010
|
|||||
Noncash changes in fair value:
|
|||||
|
Oil derivative gains
|
$
|
8,076
|
|
|
Natural gas liquid ("NGL") derivative gains
|
4,130
|
||||
Gas derivative gains
|
4,026
|
||||
Total noncash derivative gains
|
16,232
|
||||
Cash settled changes in fair value:
|
|||||
|
Oil derivative losses
|
|
(3,771
|
)
|
|
NGL derivative losses
|
(1,169
|
)
|
|||
Gas derivative gains
|
232
|
||||
Total cash derivative losses, net
|
(4,708
|
)
|
|||
Total derivative gains, net
|
$
|
11,524
|
2010
|
Twelve Months Ending December 31,
|
||||||||||||||||||
Second
|
Third
|
Fourth
|
|||||||||||||||||
Quarter
|
Quarter
|
Quarter
|
2011
|
2012
|
2013
|
||||||||||||||
Average Daily Oil Production Associated with Derivatives:
|
|||||||||||||||||||
Swap Contracts:
|
|||||||||||||||||||
Volume (Bbl)
|
2,500
|
2,500
|
2,500
|
750
|
3,000
|
3,000
|
|||||||||||||
NYMEX price (Bbl)
|
$
|
93.34
|
$
|
93.34
|
$
|
93.34
|
$
|
77.25
|
$
|
79.32
|
$
|
81.02
|
|||||||
Collar Contracts:
|
|||||||||||||||||||
Volume (Bbl)
|
-
|
-
|
-
|
2,000
|
-
|
-
|
|||||||||||||
NYMEX price (Bbl):
|
|||||||||||||||||||
Ceiling
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
170.00
|
$
|
-
|
$
|
-
|
|||||||
Floor
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
115.00
|
$
|
-
|
$
|
-
|
|||||||
Collar Contracts with Short Puts:
|
|||||||||||||||||||
Volume (Bbl)
|
1,000
|
1,000
|
1,250
|
1,000
|
1,000
|
1,000
|
|||||||||||||
NYMEX price (Bbl):
|
|||||||||||||||||||
Ceiling
|
$
|
87.18
|
$
|
87.18
|
$
|
89.06
|
$
|
99.60
|
$
|
103.50
|
$
|
111.50
|
|||||||
Floor
|
$
|
70.00
|
$
|
70.00
|
$
|
70.00
|
$
|
70.00
|
$
|
80.00
|
$
|
83.00
|
|||||||
Short Put
|
$
|
55.00
|
$
|
55.00
|
$
|
55.00
|
$
|
55.00
|
$
|
65.00
|
$
|
68.00
|
|||||||
Percent of total oil production (a)
|
~90%
|
~90%
|
~90%
|
~90%
|
~90%
|
~85%
|
|||||||||||||
Average Daily NGL Production Associated with Derivatives:
|
|||||||||||||||||||
Swap Contracts:
|
|||||||||||||||||||
Volume (Bbl)
|
750
|
750
|
750
|
750
|
750
|
-
|
|||||||||||||
Blended index price (Bbl) (b)
|
$
|
52.52
|
$
|
52.52
|
$
|
52.52
|
$
|
34.65
|
$
|
35.03
|
$
|
-
|
|||||||
Percent of total NGL production (a)
|
~55%
|
~55%
|
~55%
|
~55%
|
~50%
|
N/A
|
|||||||||||||
Average Daily Gas Production Associated with Derivatives:
|
|||||||||||||||||||
Swap Contracts:
|
|||||||||||||||||||
Volume (MMBtu)
|
5,000
|
5,000
|
5,000
|
2,500
|
2,500
|
2,500
|
|||||||||||||
NYMEX price (MMBtu) (c)
|
$
|
7.44
|
$
|
7.44
|
$
|
7.44
|
$
|
6.65
|
$
|
6.77
|
$
|
6.89
|
|||||||
Percent of total gas production (a)
|
~90%
|
~90%
|
~90%
|
~45%
|
~40%
|
~40%
|
|||||||||||||
Basis Swap Contracts:
|
|||||||||||||||||||
Spraberry Index Swaps – (MMBtu) (d)
|
2,500
|
2,500
|
2,500
|
-
|
-
|
-
|
|||||||||||||
Price differential ($/MMBtu)
|
$
|
(0.87
|
)
|
$
|
(0.87
|
)
|
$
|
(0.87
|
)
|
$
|
-
|
$
|
-
|
$
|
-
|
|
____________
|
(a)
|
Represents the approximate percentage of forecasted production that is covered by derivative contracts.
|
(b)
|
Represents the blended Mont Belvieu index prices per Bbl.
|
(c)
|
Approximate NYMEX Henry Hub index price based on the differential to the index price on the derivative trade date.
|
(d)
|
Represents swaps that fix the basis differentials between the index at which the Partnership sells its Spraberry gas and NYMEX Henry Hub index prices used in gas swap contracts.
|
PIONEER SOUTHWEST ENERGY PARTNERS L.P.
|
|||
By: Pioneer Natural Resources GP LLC, its general partner
|
|||
By:
|
/s/ Frank W. Hall
|
||
Frank W. Hall,
|
|||
Vice President and Chief
|
|||
Accounting Officer
|
|||
Dated: April 20, 2010
|