trending Market Intelligence /marketintelligence/en/news-insights/trending/zNXhNkSltBgxhS8CqT0Utg2 content esgSubNav
In This List

Pioneer FY production expectations unchanged despite Harvey impacts


S&P Capital IQ Pro | Powering Your Edge


S&P Capital IQ Pro | Unrivaled Sector Coverage

S&P Capital IQ Pro | Powered by Expert Insights


Enterprises are missing out on 24B by not optimizing cloud spending not going multicloud

Pioneer FY production expectations unchanged despite Harvey impacts

Pioneer Natural Resources Co. reported third-quarter production at 276,000 barrels of oil equivalent per day, a 6% increase over the previous quarter, while total oil production came in at 162,000 barrels per day, a 10% increase over the last quarter.

The company's total Spraberry/Wolfcamp and horizontal Spraberry/Wolfcamp oil production increased by 11% and 15%, respectively, over the prior quarter. The increase was mainly attributed to Pioneer Natural Resources' Spraberry/Wolfcamp drilling program, according to an Oct. 12 news release.

Meanwhile, total NGL production for the quarter was reported at 57 Mbbl/d, while total gas production was reported at 340 MMcf/d.

Due to Hurricane Harvey's effect on the company's Spraberry/Wolfcamp and South Texas operations and an unplanned downtime at a third-party facility processing gas from the company's West Panhandle field, production was pushed back by 3,500 boe/d. The lost production was mostly gas and NGLs.

Despite the lost production during the third quarter, Pioneer continues to expect full-year 2017 production growth to be within its targeted growth range of 15% to 16%, or 269 Mboe/d to 271 Mboe/d. Oil production for full year 2017 continues to be targeted within a range of 156,000 barrels oil per day to 158,000 barrels oil per day, or an increase of 17% to 18% compared to 2016.