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Pioneer Natural Resources Reports Third Quarter 2013 Financial And Operating Results

Stocks in this article: PXD

The Company is conducting a horizontal drilling program in 2013 and 2014 to appraise its northern Spraberry/Wolfcamp acreage. Pioneer expects to spud 34 wells during 2013, targeting six different “stacked” intervals across its northern acreage. The six stacked intervals across the Company’s 600,000 prospective gross acres in the northern portion of its acreage position equates to greater than 3 million prospective gross acres. Nineteen wells are expected to be drilled in the Wolfcamp A, B and D intervals. Another 15 wells are expected to be drilled in the Jo Mill, Middle Spraberry and Lower Spraberry Shales. The drilling and completion cost for these wells is expected to average $7.5 million to $8.5 million per well assuming 7,000-foot laterals. This cost excludes “science” and facilities costs, estimated at approximately $80 million in 2013.

Pioneer placed its first three horizontal Wolfcamp D interval wells on production during the third quarter and in October. The E.T. O’Daniel #2H well in Midland County had a 24-hour peak initial production rate of 3,156 BOEPD and an oil content of 69%. This is the highest initial production rate for any interval in the Midland Basin to date. The well was placed on production at the end of October, so no extended production data is available yet. The well was completed utilizing a 39-stage hybrid fracture stimulation over the well’s perforated lateral length of 9,112 feet. The Hutt C #4H in Midland County had a 24-hour peak initial production rate of 2,128 BOEPD, a 30-day peak average production rate of 856 BOEPD and an oil content of 69%. The well was completed utilizing a 25-stage hybrid fracture stimulation over the well’s perforated lateral length of 6,962 feet. The Scharbauer Ranch #201H in Martin County had a 24-hour peak initial production rate of 1,509 BOEPD, a 30-day peak average production rate of 662 BOEPD and an oil content of 60%. The well was completed utilizing a 33-stage hybrid fracture stimulation over the well’s perforated lateral length of 7,682 feet.

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