Spraberry/Wolfcamp

Pioneer Natural Resources Co. grew U.S. onshore output during the second quarter, propelled by the Permian Basin, but “unforeseen” drilling delays and commodity prices have led the independent to reduce capital spending and full-year guidance.

Dallas-based Pioneer Natural Resources Co., whose Texas-rich oil and natural gas growth is driven by the Permian Basin, plans to operate 18 horizontal rigs in the Spraberry/Wolfcamp formations this year as it works toward 15%-plus overall compound annual production growth through 2026.

Pioneer Natural Resources Co. kept perfecting its Spraberry/Wolfcamp game during the third quarter, further stretching its completion and optimization program and growing production.

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.

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.

Enterprise Products Partners LP has inked a $2.15 billion deal to acquire EFS Midstream LLC, which has 460 miles of natural gas gathering pipelines and other assets in the Eagle Ford Shale, from Pioneer Natural Resources Co. and Reliance Industries Ltd. Pioneer plans to use sale proceeds to fund its Permian Basin program.

Enterprise Products Partners LP has inked a $2.15 billion deal to acquire EFS Midstream LLC, which has 460 miles of natural gas gathering pipelines…