Pioneer Natural Resources 2016
Pioneer Natural Resources will spend $95 million in the Eagle Ford Shale in 2017, including plans to complete 20 wells.
Related: Halcón Resources Exits the Eagle Ford
In a recent press release, Pioneer reported fourth quarter and full year 2016 earnings, as well as the company's capex for 2017, which included a fourth quarter net loss of $44 million
Eagle Ford Shale Operations
Pioneer will spend $95 million in the Eagle Ford Shale in 2017. $65 million will be set aside for a horizontal drilling program that will focus on Karnes, DeWitt and Live Oak counties.
“Pioneer will resume limited drilling and completion activity in our Eagle Ford asset beginning in the second quarter. We plan to complete and place on production 20 wells during the year, including nine drill and complete wells drilled about a year ago and 11 new wells where we will test design changes expected to significantly increase the recovery.”
Full Year 2016 Results include:
- Producing 242 thousand barrels oil equivalent per day (MBOEPD) in Q4
- Producing 234 MBOEPD in 2016, a 15% increase from 2015
- Reducing production costs per barrel oil equivalent (BOE) by 29% in 2016 compared to 2015
- Cash on hand at year end of $3 billion
- Total costs incurred during 2016 were $2.4 billion
Pioneer is forecasting production growth in 2017 between 15%-18% compared to 2016. The company plans capital expenditures of $2.8 billion for the rest of the year, including $2.5 billion for drilling and completion activities.
Pioneer plans to spend $95 million in the Eagle Ford Shale in 2017. $65 million will be set aside for a horizontal drilling program that will focus on Karnes, DeWitt and Live Oak counties. The program, which is expected to begin in the second quarter, includes completing nine wells that were drilled in late 2015/early 2016 and drilling and completing 11 new wells.