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)
|
|
|
|
|
|
Three Months Ended
March 31, 2011
|
|
Noncash changes in fair value:
|
|
|
|||
|
Oil derivative losses
|
$
|
(34,592)
|
||
|
NGL derivative losses
|
|
(2,166)
|
||
|
Gas derivative losses
|
|
(625)
|
||
|
|
Total noncash derivative losses
|
|
(37,383)
|
|
|
|
|
|
|
|
Cash settled changes in fair value:
|
|
|
|||
|
Oil derivative losses
|
|
(6,514)
|
||
|
NGL derivative losses
|
|
(1,285)
|
||
|
Gas derivative gains
|
|
573
|
||
|
|
Total cash derivative losses, net
|
|
(7,226)
|
|
|
|
|
Total derivative losses, net
|
$
|
(44,609)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ending
|
|||||||
|
|
|
|
2011
|
|
December 31,
|
|||||||||||||||
|
|
|
|
|
Second Quarter
|
|
Third Quarter
|
|
Fourth Quarter
|
|
2012
|
|
2013
|
|
2014
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Daily Oil Production Associated with Derivatives (Bbls):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Swap Contracts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Volume
|
|
|
750
|
|
|
750
|
|
|
750
|
|
|
3,000
|
|
|
3,000
|
|
|
-
|
|
|
|
NYMEX price
|
|
|
$ 77.25
|
|
|
$ 77.25
|
|
|
$ 77.25
|
|
|
$ 79.32
|
|
|
$ 81.02
|
|
|
$ -
|
|
|
Collar Contracts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Volume
|
|
|
2,000
|
|
|
2,000
|
|
|
2,000
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
|
NYMEX price:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ceiling
|
|
|
$ 170.00
|
|
|
$ 170.00
|
|
|
$ 170.00
|
|
|
$ -
|
|
|
$ -
|
|
|
$ -
|
|
|
|
Floor
|
|
|
$ 115.00
|
|
|
$ 115.00
|
|
|
$ 115.00
|
|
|
$ -
|
|
|
$ -
|
|
|
$ -
|
|
Collar Contracts with Short Puts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Volume
|
|
|
1,000
|
|
|
1,000
|
|
|
1,000
|
|
|
1,000
|
|
|
1,000
|
|
|
2,000
|
|
|
|
NYMEX price:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ceiling
|
|
|
$ 99.60
|
|
|
$ 99.60
|
|
|
$ 99.60
|
|
|
$ 103.50
|
|
|
$ 111.50
|
|
|
$ 133.00
|
|
|
|
Floor
|
|
|
$ 70.00
|
|
|
$ 70.00
|
|
|
$ 70.00
|
|
|
$ 80.00
|
|
|
$ 83.00
|
|
|
$ 90.00
|
|
|
|
Short Put
|
|
|
$ 55.00
|
|
|
$ 55.00
|
|
|
$ 55.00
|
|
|
$ 65.00
|
|
|
$ 68.00
|
|
|
$ 75.00
|
|
Percent of total oil production (a)
|
|
|
~90%
|
|
|
~90%
|
|
|
~90%
|
|
|
~90%
|
|
|
~85%
|
|
|
~40%
|
||
Average Daily NGL Production
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Associated with Derivatives (Bbls):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Swap Contracts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Volume
|
|
|
750
|
|
|
750
|
|
|
750
|
|
|
750
|
|
|
-
|
|
|
-
|
|
|
|
Blended index price (b)
|
|
|
$ 34.65
|
|
|
$ 34.65
|
|
|
$ 34.65
|
|
|
$ 35.03
|
|
|
$ -
|
|
|
$ -
|
|
|
Percent of total NGL production (a)
|
|
|
~50%
|
|
|
~50%
|
|
|
~50%
|
|
|
~50%
|
|
|
N/A
|
|
|
N/A
|
||
Average Daily Gas Production Associated with Derivatives (MMBtu):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Swap Contracts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Volume
|
|
|
2,500
|
|
|
2,500
|
|
|
2,500
|
|
|
5,000
|
|
|
2,500
|
|
|
-
|
|
|
|
NYMEX price (c)
|
|
|
$ 6.65
|
|
|
$ 6.65
|
|
|
$ 6.65
|
|
|
$ 6.43
|
|
|
$ 6.89
|
|
|
$ -
|
|
|
Percent of total gas production (a)
|
|
|
~40%
|
|
|
~40%
|
|
|
~40%
|
|
|
~80%
|
|
|
~40%
|
|
|
N/A
|
||
|
Basis Swap Contracts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Permian Basin Index Swaps volume (d)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
2,500
|
|
|
2,500
|
|
|
-
|
|
|
|
Price differential
|
|
|
$ -
|
|
|
$ -
|
|
|
$ -
|
|
|
$ (0.30)
|
|
|
$ (0.31)
|
|
|
$ -
|
(a)
|
Represents an estimated percentage of forecasted production, which may differ from the percentage of actual production.
|
(b)
|
Represents blended Mont Belvieu index prices per Bbl.
|
(c)
|
Represents the NYMEX Henry Hub index price or approximate NYMEX Henry Hub index price based on historical differentials to the index price on the derivative trade date.
|
(d)
|
Represent swaps that fix the basis differentials between the index price at which the Partnership sells its gas and NYMEX Henry Hub index price 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 18, 2011
|