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Pioneer FY production expectations unchanged despite Harvey impacts

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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.