Pioneer Natural Resources announced the company achieved excellent results from its Eagle Ford operations for the third quarter of 2017, along with a high level of efficiency company-wide.
For 2017, Pioneer has focused on a drilling program in Karnes, DeWitt and Live Oak counties that include 20 total wells. The company used this program to test longer laterals with wider spacing and higher intensity completions in the new wells. For the remainder of the year, Pioneer plans to increase its 2017 capital budget by $50 million.
Third Quarter Highlights
Third-quarter production was negatively impacted by 3,500 barrels oil equivalent per day (BOEPD) due to Hurricane Harvey and unplanned downtime at a gas processing facility. Other highlights include:
- Producing 276 thousand barrels oil equivalent per day (MBOEPD), an increase of 17 MBOEPD, or 6%, compared to Q2
- Producing 162 thousand barrels per day (MBPD) of oil, an increase of 15 MBPD, or 10%, compared to the Q2
- Reducing production costs to $6.01 per barrel oil equivalent (BOE) compared to $6.19 per BOE in Q2
- Cash on hand of $2.1 billion