Pioneer

San Antonio-based Pioneer Energy Services reported modest rig count growth and a sequential uptick in production services activity during the third quarter, reinforcing management’s earlier view that the market hit bottom in 2Q2016.

With oil prices having crept up some, is it possible they could get too high? They can if you’re Scott Sheffield, CEO of Pioneer Natural Resources Co. Too-high prices would drive up costs, and Pioneer can do just fine at $50-55/bbl with its Permian Basin acreage, Sheffield said Thursday.

Pioneer Natural Resources Co. (PXD) is expanding its acreage position in the Midland Basin in a $435 million deal with Devon Energy Corp. It is one of two asset sales announced Wednesday by Oklahoma City-based Devon, which has been jettisoning acreage and righting its balance sheet. Both companies are planning to ramp up activity.

The Spraberry/Wolfcamp play in the Permian Basin continued to be an oasis of strong economics and robust production for Pioneer Natural Resources Co. during the first quarter.

The Spraberry/Wolfcamp play in the Permian Basin continued to be an oasis of strong economics and robust production for Pioneer Natural Resources Co. during the first quarter.

Pioneer Natural Resources Co. will cut its drilling program in half in 2016 in response to the commodity price outlook, but with a strong balance sheet and improved drilling efficiency, executives said the company is well positioned to endure the downturn and capitalize when prices recover.

Dallas-based Pioneer Natural Resources Co. (PXD) raised its fourth quarter and full-year 2015 production guidance, crediting strong performance from the Permian Basin Spraberry/Wolfcamp program, which this year is expected to contribute largely to 10-15% production growth. It also priced the first shale equity offering of 2016.

Cost reductions and efficiency gains are driving positive results in the Spraberry/Wolfcamp for Pioneer Natural Resources Co., and it is sticking with plans to add rigs in the Northern Midland Basin at a time when some peers are being crushed by low commodity prices. To fund increased drilling, Pioneer raised its spending plans for 2015.

Inclement weather in Eagle Ford Shale country crimped Pioneer Natural Resources Co. production during the second quarter. On Wednesday Pioneer said output was below the low end of guidance, but there was strong production growth in the Permian Basin.