The harsh winter weather encountered in Texas last week took a bite out of Permian Basin giant Pioneer Natural Resources Co.’s oil production, but the company should make up the loss and more in 2021, CEO Scott Sheffield said Wednesday. The winter storm last week knocked out about 30,000 b/d of oil output, but most…
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Pioneer Natural Resources Co. struck a deal valued at $7.6 billion including debt late Tuesday to join forces with rival Parsley Energy Inc. in the second big Permian Basin tie-up this week. The combined company would hold substantial sway in the Permian, with an estimated 930,000 net acres and with no federal leases. At the…
TC Energy Corp.’s western supply grid, Nova Gas Transmission Ltd. (NGTL), has signed a letter of intent to buy natural gas power supply conduit Pioneer Pipeline from TransAlta Corp. and Tidewater Midstream Ltd. for C$255 million ($190 million).
Lower 48 oilfield services provider Pioneer Energy Service Corp. has filed for voluntary bankruptcy and is planning a comprehensive financial restructuring under an agreement with key stakeholders.
Pioneer Natural Resources Co. expects to see “very minimal” exposure to Waha hub natural gas prices as it moves more volumes from the Permian Basin south via Gulf Coast Express, which are priced at Houston Ship Channel or New York Mercantile Exchange indexes.
Dallas-based independent Pioneer Natural Resources Co.’s firm transportation (FT) contracts in the Permian Basin paid dividends in the first quarter, with oil yielding Brent-related pricing, leading to an incremental $151 million of cash flow.
Pioneer Natural Resources Co. announced that CEO Timothy L. Dove, who has been with the company for 24 years, would retire immediately. Chairman Scott D. Sheffield is again taking the helm. Sheffield, founding CEO who served from 1997-2016, has been chairman since 1999. Lead director J. Kenneth Thompson has been named chairman. Pioneer in its 4Q2018 report said net income fell by more than half year/year to $324 million ($1.89/share) from $665 million ($3.87). Mark-to-market derivatives gains recorded during 4Q2018, excluding one-time items, put adjusted net profits at $202 million ($1.18). “Tim has expressed his desire to retire and we have mutually agreed that now is the right time,” Sheffield said. “Over the last several years, our industry has changed significantly, and we have become a pure-play Permian company…In the coming weeks, I plan to engage with our employees and shareholders to understand their views on how to expand Pioneer’s industry leadership position.”
Pioneer Natural Resources Co., which is using innovative drilling techniques on vintage and new wells in the Permian Basin, expects to increase volumes from its West Texas holdings by 16% year/year even on lower spending.
Pioneer Natural Resources Co. is selling its pressure pumping assets to ProPetro Holding Corp., which plans to provide oilfield services (OFS) in the Permian Basin for the independent for 10 years.
Dallas-based Pioneer Natural Resources Co., which has peeled off assets to keep the focus solely on the Permian Basin, produced above guidance in the third quarter, with more of its oil and gas heading to the Texas coast for export.