Pioneer Natural Resources Co. said production delays on the start-up of its Canyon Express project dropped predicted fourth quarter production results, which now are expected to average 117 Mboe/d. Year-ago fourth-quarter production averaged 110 Mboe/d. The Dallas-based independent said operational issues had delayed production from one of its six wells in the project, but net production is currently reaching expected levels, averaging more than 100 MMcf/d with five of six wells producing. The sixth well is expected to begin production in the first quarter. Fourth quarter realized prices for natural gas liquids are expected to range between $16-$16.20/bbl, while oil prices should range between $22.90-$23.10/bbl. Pioneer’s fourth quarter realized price for gas, including the effects of hedges, is expected to average approximately $2.65-$2.85/Mcf. Total exploration and abandonment expense is expected to be approximately $27 million after taxes, including charges related to an unsuccessful well on its Lightning prospect, the first of three prospects Pioneer is drilling near its Falcon field in the deepwater Gulf of Mexico.

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