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 2013 Financial And Operating Results

Pioneer is also operating 15 vertical rigs in the Spraberry field during 2013, which are expected to drill approximately 300 wells. These rigs are required to meet continuous drilling obligations. Approximately 90% of the 300 wells in the 2013 vertical drilling program are expected to be completed in the deeper Strawn and Atoka intervals. Pioneer drilled 75 vertical wells in the third quarter and placed 86 vertical wells on production. With 15 rigs running, vertical production is expected to decline in 2013 by 10%. The Company expects to reduce its vertical rig count going forward, allowing it to devote more of its capital to higher rate of return horizontal drilling.

Third quarter production from the entire Spraberry/Wolfcamp area averaged 79 MBOEPD. This included an increase in horizontal production to 8 MBOEPD and a decrease in vertical production to 71 MBOEPD. Third quarter production was impacted by the conveyance of 3 MBOEPD to Sinochem as part of the southern Wolfcamp joint venture transaction and the loss of approximately 1 MBOEPD due to the Midkiff/Benedum gas processing system rejecting ethane as a result of low ethane prices. Production for the fourth quarter is forecasted to grow to 85 MBOEPD to 88 MBOEPD as a result of placing approximately 45 new horizontal wells on production during the quarter.

For 2013, total Spraberry/Wolfcamp production is forecasted to grow to 80 MBOEPD to 81 MBOEPD, an increase of 21% to 22% compared to 2012. The range has been increased from the previous forecast of 17% to 21% to reflect the strong performance by this asset over the first nine months of 2013. The 2013 growth forecast for the Spraberry/Wolfcamp area also reflects that the vertical rig count decreased from an average of 32 rigs in 2012 to 15 rigs in 2013, while the horizontal rig count increased from an average of three rigs in 2012 to an average of 12 rigs in 2013. Pioneer expects horizontal production to increase from an average of 2 MBOEPD in 2012 to 10 MBOEPD in 2013.

7 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 $94.27 0.00%
FB $101.00 0.00%
GOOG $684.12 0.00%
TSLA $143.67 0.00%
YHOO $27.10 0.00%


Chart of I:DJI
DOW 15,914.74 -99.64 -0.62%
S&P 500 1,851.86 -0.35 -0.02%
NASDAQ 4,283.5920 +14.8290 0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs