Pioneer Natural Resources Co Profile
Pioneer Natural Resources Company operates as an independent oil and gas exploration and production company. The company explores for, develops and produces oil, NGLs and gas in the Midland Basin in West Texas.
As of December 31, 2023, the company held 960 thousand gross acres (852 thousand net acres), of which 939 thousand gross acres (837 thousand net acres) are located in the Spraberry/Wolfcamp field in the Midland Basin of West Texas. In the southern portion of the Spraberry/Wolfcamp field, the company has a joint venture (JV) with Sinochem Petroleum USA LLC, a U.S. subsidiary of the Sinochem Group, that encompasses 235 thousand gross acres.
The oil produced from the Spraberry/Wolfcamp field in the Midland Basin is West Texas Intermediate Sweet, and the gas produced is casinghead gas with an average energy content of 1,400 British thermal unit (Btu). The oil and gas are produced primarily from six formations (Spraberry, Jo Mill, Dean, Wolfcamp, Strawn and Atoka), at depths ranging from 7,500 feet to 14,000 feet.
During 2023, the company successfully completed 444 horizontal wells in the non-JV portion of the Midland Basin and 38 horizontal wells in the JV portion of the Midland Basin. In the non-JV portion of the Midland Basin, 38 percent of the horizontal wells placed on production were Spraberry interval wells, 29 percent were Wolfcamp B interval wells, 28 percent were Wolfcamp A interval wells and the remaining five percent were Wolfcamp D interval wells. In the southern JV portion of the Midland Basin, all of the wells placed on production were Wolfcamp A or B interval wells.
The company continues to complete acreage acquisitions and trades that allow the company to drill wells with longer laterals, improving the expected returns of the wells. The company estimates that acreage acquisitions and trades completed in 2023 added 2.4 million and 1.1 million lateral feet to its drilling inventory, respectively.
The company plans to operate 20 to 22 horizontal drilling rigs and five to six frac fleets in the Midland Basin in 2024. The company will continue to evaluate its drilling and completions program, with future activity levels assessed regularly based on market conditions.
Strategy
The company's strategy is anchored by its interests in the long-lived Spraberry/Wolfcamp oil field located in the Midland Basin in West Texas, which has an estimated remaining productive life in excess of 50 years.
Regulation
Various federal and state agencies, including the Texas Railroad Commission, the Bureau of Land Management (the BLM), an agency of the U.S Department of the Interior (DOI), the U.S. Environmental Protection Agency (the EPA) and the U.S. Occupational Safety and Health Administration (OSHA), have legal and regulatory authority and oversight over the company's exploration and development activities and operations.
History
Pioneer Natural Resources Company was founded in 1997. The company was incorporated in 1997.
