Our Reporting Approach

This Sustainability Report highlights the specific sustainability related governance and risk management measures we undertake to actively address issues important to both Pioneer and our internal and external stakeholders. Pioneer conducted an internal audit of this report which sought to ensure that subject matter experts in each department provided adequate supporting documentation and data to substantiate the information disclosed in this report. As there is not currently a prescribed set of ESG reporting metrics mandated by applicable law, Pioneer has been informed by or utilized the recommendations of leading, standard-setting organizations, that we believe best fit our company for our disclosed information and reporting scope.

Materiality Assessment and Stakeholder Outreach

Materiality Assessment

We recognize that “materiality” means different things in different circumstances. As used in this report, the definitions of the terms “material” or “materiality” in the sustainability and ESG context are not based on the definition of materiality used in U.S. securities law. Our Annual Report and financial filings include material risks as defined by regulatory requirements or we believe are material to our investors.

Our approach to materiality in this report is based on feedback from a broad group of stakeholders. Pioneer prioritizes a constructive and transparent relationship with all stakeholders to understand their views of perceived risks, the likelihood of the risks’ occurrence and potential impacts. Accordingly, Pioneer has annually solicited feedback from shareholders, ESG rating agencies, non-government organizations, experts and industry organizations to better identify relevant ESG risks and work to align our ESG policies and disclosures with their stated priority issues for the upstream oil and gas industry. The content prioritization of this report is the result of this ongoing process that considers internal perspectives, stakeholder feedback and relevant reporting guidelines. We expect the content of our Sustainability Report to evolve as Pioneer assesses and responds to the continued feedback and as changes to our business warrant.

Shareholder Outreach

Pioneer believes a constructive and transparent relationship with stakeholders is a priority to better understand their views and improve our reporting of perceived risks and the likelihood of their occurrence and potential impacts.

Shareholder outreach occurs prior to our annual meeting and generally is focused on issues to be voted on at the annual meeting. Outside of the annual meeting context, additional shareholder and other stakeholder outreach and engagement occurs to review a broader range of topics of interest. Pioneer’s Investor Relations and Corporate Secretary teams communicate with shareholders and answer questions about our business and ESG matters. Pioneer’s Chairman of the Board, CEO, COO, CFO and other executive leaders are actively and regularly involved in shareholder outreach. Any notable feedback expressed by the company’s shareholders in these discussions is collected, reviewed and shared with the Board. This engagement process led to several measures described in our Sustainability Report, combined with those described in our Proxy Statement.

Additional information regarding recent measures resulting from Pioneer’s external engagement process can be found in the Proxy Statement, and throughout our Sustainability Report.

Assurance

Pioneer conducted an internal audit of this report to determine whether subject matter experts in each department provided adequate supporting documentation and data to substantiate the information disclosed in this report. A weekly audit report was provided to key contributors, and a final, comprehensive analysis was presented to the ESG Task Force at the end of the full reporting process. This Sustainability Report was then approved for publication by select members of the ESG Task Force. As detailed in the ERM CVS Assurance Statement appended to this report, Pioneer has secured limited assurance on selected Scope 1 and Scope 2 GHG emissions metrics. ERM CVS has evaluated the data and provided limited assurance that it is fairly presented in Pioneer’s 2023 Sustainability Report. ERM CVS’s methodology was based on the International Standard on Assurance Engagements ISAE 3000.

Forward-looking Statements

This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by the use of words such as “target,” “will,” “plan,” “expect,” “forecast,” “future,” “commit,” “intend,” “potential,” “estimate” and similar expressions that contemplate future events. The forward-looking statements speak only as of the date made, and Pioneer undertakes no obligation to update such forward-looking statements.

Cautionary Statement Regarding Forward-looking Information Except for historical information contained herein, the statements in this report and oral statements made in connection therewith are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995.

In particular, this report contains forward-looking statements pertaining to, but not limited to, information with respect to the following: Pioneer’s strategic plans, priorities, outlook and expected performance; ESG and sustainability-related goals, strategies, priorities and initiatives, including, among others, those related to GHG and other emissions reductions, our net zero pathway and targets, diversity, equity and inclusion, safety and emergency crisis management, human capital management, cybersecurity, carbon pricing, emissions monitoring reporting and verification, water management and freshwater use reduction goals, seismicity risk, biodiversity conservation, waste management, spill management, and reporting with reference to certain frameworks; our plans to achieve our ESG and sustainability- related goals and to monitor and report our progress thereon; ESG and sustainability-related engagement, commitments and disclosure; low-carbon and new energies opportunities and strategy; and other related items. Forward-looking statements are subject to a number of risks and uncertainties that may cause Pioneer’s actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, volatility of commodity prices, the impact of a widespread outbreak of an illness, such as the COVID-19 pandemic, on global and U.S. economic activity; the ability to obtain environmental and other permits and the timing thereof; other government regulation or action; Pioneer’s ability to achieve its emissions reduction, flaring and other ESG goals; the assumptions underlying forecasts; and environmental and weather risks, including the possible impacts of climate change. These and other risks are described in Pioneer’s Annual Report on Form 10-K for the year ended Dec. 31, 2022, Quarterly Reports on Form 10-Q filed thereafter and other filings with the U.S. Securities and Exchange Commission. In addition, Pioneer may be subject to currently unforeseen risks that may have a materially adverse effect on it. Accordingly, no assurances can be given that the actual events and results will not be materially different than the anticipated results described in the forward-looking statements and readers are cautioned not to place undue reliance on any such statements. Moreover, while this report provides information on several ESG and sustainability-related topics, including goals and ambitions, there are inherent uncertainties in providing such information, due to the complexity and novelty of many methodologies established for collecting, measuring and analyzing ESG and sustainability-related 79data. While Pioneer anticipates continuing to monitor and report on certain ESG and sustainability-related information, Pioneer cannot guarantee that such data will be consistent year-to-year, as methodologies and expectations continue to evolve. Furthermore, there are sources of uncertainty and limitations that exist that are beyond Pioneer’s control and could impact Pioneer’s plans and timelines, including the reliance on technological and regulatory advancements and market participants’ behaviors and preferences. Pioneer undertakes no, and expressly disclaims any, duty to publicly update these statements except as required by law. This information may be modified, updated, changed, deleted or supplemented from time to time without notice and Pioneer reserves the right to make any such modifications in its sole discretion. In some cases, the information is prepared, or based on information prepared, by third-party vendors, representatives and consultants and is not independently verified by Pioneer. This data should not be interpreted as any form of guaranty or assurance of future results or trends. This report contains statements based on hypothetical or severely adverse scenarios and assumptions, and these statements should not necessarily be viewed as being representative of expected risk. While future events discussed in this report may be significant, any significance should not be read as necessarily rising to the level of materiality of the disclosures required under the U.S. federal securities laws. Unless otherwise provided, the information contained in this report is expressly not incorporated by reference into any filing of Pioneer made with the U.S. Securities and Exchange Commission, or any other filing, report, application or statement made by Pioneer to any federal, state, tribal or local governmental authority.