Pioneer Hits Record Q4 Eagle Ford Production - 40,000 boe/d

Pioneer Eagle Ford Production
Pioneer Eagle Ford Production

Pioneer set a record for its fourth-quarter 2013 production in the Eagle Ford Shale, averaging 40,000 boe/d. That's up ~14% from 35,000 boe/d in the fourth-quarter of 2012.

Forty-one wells were placed on production during the quarter in the Eagle Ford. Full-year 2013 production averaged 38,000 boe/d. That's an increase of ~35% compared to average production of 28,000 boe/d in 2012.

In the fourth-quarter, the Eagle Ford contributed to Pioneer's net recoverable resource potential, which increased from more than 8 billion boe to more than 10 billion boe.

Read more: Pioneer's Eagle Ford Growth Back Weighted - Drilling 2 - 6 Pad Wells

Pioneer's Eagle Ford Outlook in 2014

Pioneer plans to spend $545 million in the Eagle Ford in 2014. The breakdown includes $480 million for it's horizontal drilling program and $65 million for infrastructure and land acquisitions.

The company plans on drilling 110 wells in the Eagle Ford Shale. Most of these wells will be drilled utilizing three-well and four-well pads. Full-year 2014 production is forecasted to range from 45,000 boe/d to 49,000 boe/d, an estimated increase of 18% - 29% compared to full-year 2013.

Of the 110 Eagle Ford wells planned, 45 will be targeting the Upper Eagle Ford as part of the downspacing program in the play. Pioneer's first test well in the Upper Eagle Ford continues to perform in-line with offset Lower Eagle Ford wells.

Our main objective is to translate the resource growth we delivered in 2013 to strong production growth. To accomplish this, we are increasing our horizontal rig count in the northern Spraberry/Wolfcamp from five rigs at the end of 2013 to 16 rigs by the end of the first quarter. We will also continue an active drilling program in the southern Wolfcamp joint venture area and the Eagle Ford Shale. As a result, we expect a 14% to 19% increase in production in 2014 compared to 2013.
— Scott Sheffield, CEO

For the first quarter, Pioneer expects to place approximately 26 horizontal wells on production in the Eagle Ford, predominately in the second half of the quarter. Production from these wells is anticipated in the second quarter.

Pioneer's Eagle Ford Highlights

  • Q4 2013 record production - Up 14% quarter to quarter to 40,000 b0e/d
  • 2013 average production of 38,000 boe/d
  • $545 million capital budget slated for Eagle Ford in 2014
  • 2014 production forecasted between 45,000 boe/d - 49,000 boe/d
  • 110 wells to be drilled with 45 wells slated for the Upper Eagle Ford
  • Eagle Ford contributed to Pioneer's net recoverable resource potential - 8 billion boe to 10 billion boe