This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Pioneer Natural Resources Reports Third Quarter 2012 Financial And Operating Results

Pioneer had originally planned to reduce the vertical drilling program in the Spraberry field from 40 rigs to 27 to 30 rigs during the second half of 2012 as the Company increased its horizontal rig count in the Wolfcamp Shale play. However, the Company has reduced its vertical rig count to 25 rigs in response to the earlier-than-anticipated increase to five horizontal Wolfcamp Shale rigs.

The Company continues to drill vertically to deeper intervals in the Spraberry field below the Wolfcamp interval (vertical Wolfcamp 40-acre type curve EUR of 140 MBOE with typical 24-hour initial production (“IP”) rate of 90 BOEPD). Production from this deeper drilling has exceeded expectations and is the primary contributor to the production outperformance by this asset over the first nine months of 2012. The deeper drilling includes the Strawn, Atoka and Mississippian intervals. The original 2012 drilling program called for the Wolfcamp to be the deepest interval completed in approximately 50% of the wells, with the remaining 50% of the wells to be drilled deeper to intervals below the Wolfcamp interval. The latest drilling program now calls for 65% of the wells to be deepened below the Wolfcamp interval.

Pioneer placed 43 vertical comingled Strawn wells on production in the third quarter, with an average 24-hour IP rate of 175 BOEPD. Production data continues to support an incremental gross EUR per well from the Strawn interval of 30 MBOE. Pioneer continues to estimate that 70% of its Spraberry acreage position is prospective for the Strawn interval.

The Company placed 27 comingled vertical Atoka wells on production during the third quarter, with an average 24-hour IP rate of 167 BOEPD. Results from well tests continue to support an incremental gross EUR of 50 MBOE to 70 MBOE for wells completed in the Atoka interval. Pioneer continues to believe the Atoka interval is prospective in 40% to 50% of its Spraberry acreage position.

5 of 14

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs