Delaware
|
001-34032
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26-0388421
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(State or other jurisdiction of
incorporation)
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(Commission
File Number)
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(I.R.S. Employer
Identification No.)
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5205 N. O’Connor Blvd., Suite 200, Irving, Texas
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75039
|
|
(Address of principal executive offices)
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(Zip Code)
|
|
DERIVATIVE GAINS, NET
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|||||||||
(in thousands)
|
|||||||||
Three Months Ended
|
Six Months Ended
|
||||||||
June 30, 2010
|
June 30, 2010
|
||||||||
Noncash MTM changes:
|
|||||||||
|
Oil derivative gains
|
$
|
29,057
|
|
$
|
37,1333
|
|||
Natural gas liquids derivative gains
|
3,768
|
7,898
|
|||||||
Gas derivative gains (losses)
|
(451
|
)
|
3,575
|
||||||
Total noncash derivative gains, net
|
32,374
|
48,606
|
|||||||
Cash settlements:
|
|||||||||
|
Oil derivative losses
|
|
(3,631
|
)
|
|
(7,402
|
) |
))
|
|
Natural gas liquids derivative losses
|
(793
|
)
|
(1,962
|
) |
)
|
||||
Gas derivative gains
|
831
|
1,063
|
|||||||
Total cash derivative losses, net
|
(3,593
|
)
|
(8,301
|
) |
)
|
||||
Total derivative gains, net
|
$
|
28,781
|
$
|
40,305
|
2010
|
Twelve Months Ending December 31,
|
||||||||||||||||||||
Third
|
Fourth
|
||||||||||||||||||||
Quarter
|
Quarter
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2011
|
2012
|
2013
|
|||||||||||||||||
Average Daily Oil Production
Associated with Derivatives:
|
|||||||||||||||||||||
Swap Contracts:
|
|||||||||||||||||||||
Volume (Bbl)
|
2,500 | 2,500 | 750 | 3,000 | 3,000 | ||||||||||||||||
NYMEX price (Bbl)
|
$ | 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 | 1,250 | 1,000 | 1,000 | 1,000 | ||||||||||||||||
NYMEX price (Bbl):
|
|||||||||||||||||||||
Ceiling
|
$ | 87.18 | $ | 89.06 | $ | 99.60 | $ | 103.50 | $ | 111.50 | |||||||||||
Floor
|
$ | 70.00 | $ | 70.00 | $ | 70.00 | $ | 80.00 | $ | 83.00 | |||||||||||
Short Put
|
$ | 55.00 | $ | 55.00 | $ | 55.00 | $ | 65.00 | $ | 68.00 | |||||||||||
Percent of total oil production (a)
|
~90%
|
~90%
|
~90%
|
~90%
|
~85%
|
||||||||||||||||
Average Daily Natural Gas Liquid Production
Associated with Derivatives: |
|||||||||||||||||||||
Swap Contracts:
|
|||||||||||||||||||||
Volume (Bbl)
|
750 | 750 | 750 | 750 | - | ||||||||||||||||
Blended index price (Bbl) (b)
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$ | 52.52 | $ | 52.52 | $ | 34.65 | $ | 35.03 | $ | - | |||||||||||
Percent of total NGL production (a)
|
~55%
|
~55%
|
~50%
|
~50%
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N/A | ||||||||||||||||
Average Daily Gas Production Associated with Derivatives:
|
|||||||||||||||||||||
Swap Contracts:
|
|||||||||||||||||||||
Volume (MMBtu)
|
5,000 | 5,000 | 2,500 | 5,000 | 2,500 | ||||||||||||||||
NYMEX price (MMBtu) (c)
|
$ | 7.44 | $ | 7.44 | $ | 6.65 | $ | 6.43 | $ | 6.89 | |||||||||||
Percent of total gas production (a)
|
~85%
|
~85%
|
~40%
|
~80%
|
~40%
|
||||||||||||||||
Basis Swap Contracts:
|
|||||||||||||||||||||
Permian Basin Index Swaps – (MMBtu) (d)
|
2,500 | 2,500 | - | 2,500 | 2,500 | ||||||||||||||||
Price differential ($/MMBtu)
|
$ | (0.87 | ) | $ | (0.87 | ) | $ | - | $ | (0.30 | ) | $ | (0.31 | ) |
|
|
____________
|
(a)
|
Represents percentage of forecasted production, which may differ from percentage of actual production.
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(b)
|
Represents the blended Mont Belvieu index prices per Bbl.
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(c)
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Approximate NYMEX Henry Hub index price based on the differential to the index price on the derivative trade date.
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(d)
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Represents swaps that fix the basis differentials between the index at which the Partnership sells its gas and NYMEX Henry Hub index prices used in gas swap contracts.
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PIONEER SOUTHWEST ENERGY PARTNERS L.P.
|
|||
By: Pioneer Natural Resources GP LLC, its general partner
|
|||
By:
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/s/ Frank W. Hall
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Frank W. Hall,
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Vice President and Chief
|
|||
Accounting Officer
|
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Dated: July 20, 2010
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