Pioneer Natural Resources Co. credits the sale of its Eagle Ford midstream operations to huge profits during the Q3.
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Pioneer Resources released third quarter financial results this week that showed a solid results. Company executives highlighted the following:
- Profits of $646 million, almost doubling the $374 million from last year
- Horizontal rig count was reduced from nine rigs in 2014 to six rigs in early 2015
- Capital program will remain steady at $2.2 billion
Pioneer’s Eagle Ford drilling activity is focused in Karnes and DeWitt counties where they are operating six horizontal rigs that are expected to keep production essentially flat over the 2016 through 2018 period compared to the third quarter of 2015.
Other Eagle Ford highlights for Q3:
- Placed 36 wells on production in the Eagle Ford Shale during the third quarter
- Production from the Eagle Ford Shale averaged 43 MBOEPD
- Drilling capital allocated for Eagle Ford Shale is $390 million
- The sale of Pioneer’s Eagle Ford Shale midstream business in July for $2.15 billion