Pioneer

As has been speculated for months, ExxonMobil on Wednesday agreed to buy Permian Basin pure-play Pioneer Natural Resources Co. in a mega all-stock transaction valued at $59.5 billion. The implied total enterprise value, including net debt, is estimated at $64.5 billion. “Pioneer is a clear leader in the Permian, with a unique asset base and…

Two years after sanctioning the first natural gas processing plant at the Dos Picos facility in Midland County, TX, Pinnacle Midstream II LLC said Tuesday it is doubling capacity with a second plant. Backed in part by anchor customer Pioneer Natural Resources Co., the 220 MMcf/d facility in West Texas could begin operations by the…

Pioneer Natural Resources Co.’s management team on Thursday touted strong production volumes for the first quarter, boosted by natural gas output. A day after announcing his planned retirement, CEO Scott Sheffield also brushed aside questions about whether the Permian Basin powerhouse would consider a sale to ExxonMobil. Multiple media outlets earlier in April reported that…

Range Resources Corp.’s management team on Tuesday brushed aside questions about whether they’ve discussed the possibility of Pioneer Natural Resources Co. acquiring the company after reports surfaced last week.  CEO Jeff Ventura told analysts during a call to discuss year-end financial results Tuesday that a statement Pioneer issued downplaying the reports was “good news” for…

Pioneer Natural Resources Co. CEO Scott Sheffield expressed a bullish oil price outlook on Thursday (Feb. 23) during the company’s fourth quarter earnings call. Irving, TX-based Pioneer is the largest producer in the Permian Basin, with operations focused on the Midland sub-basin. “We remain highly constructive on oil prices,” Sheffield told analysts. “I’m still very…

U.S. natural gas and oil drilling permit activity ended the year surpassing expectations, climbing 13% in December or up by 389 permits from November, according to Evercore ISI. The energy analyst team led by James West compiles domestic permitting figures using state and federal data. Lower 48 permits often are issued three to six months…

U.S. oil and natural gas producers don’t set global commodity prices, nor are they attempting to gouge consumers, executives of the leading domestic explorers told Congress on Wednesday. Top executives of BP America Inc., Chevron Corp., Devon Energy Corp., ExxonMobil, Pioneer Natural Resources Co. and Shell USA Inc. discussed the reasons for sustained high prices…

It will take more than $100/bbl oil and an energy crisis in Europe for Lower 48 exploration and production (E&P) firms to substantially raise production, according to executives from three leading onshore producers who spoke at the CERAweek event in Houston. Pioneer Natural Resources Co. CEO Scott Sheffield told the CERAWeek by S&P Global conference…

Pioneer Natural Resources Co. will accelerate disbursing a variable dividend for shareholders amid a bullish commodity cycle and improved efficiencies across its one million acre-plus footprint in the Permian Basin, management said this week. “We are witnessing strong oil demand growth as the global macroeconomic environment continues to improve, with a corresponding improvement in commodity…