Pioneer Natural Resources (PXD) Grows Eagle Ford Production 15% in Q1

Pioneer Natural Resources continues its focus on lower costs and further improving its Eagle Ford assets.  Along the way, the company grew Eagle Ford production 15% quarter over quarter from 20,000 boe/d to 23,000 boe/d.  Current expectations are for more than 50,000 boe/d in 2014. Pioneer reported that results continue to hold up on the 45 wells where white sand was used instead of ceramic proppant in completions. The company tested white sand in more shallow areas of the play and has recognized a cost savings of $700,000 per well. If production results hold up, we might see a more significant shift to the use of white sand.

The company has 10 wells waiting to be completed and plans to bring online 125 wells this year. With 26 brought online in the first quarter, we'll see an increase to more than 30 wells per quarter over the remainder of the year.

You can read more quarterly commentary at our Pioneer Eagle Ford page.