Profile: Pioneer Natural Resources Co (PXD.N)

PXD.N on New York Stock Exchange

23 Jan 2015
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Pioneer Natural Resources Company (Pioneer), incorporated on April 4, 1997, is a holding company. Pioneer is an independent oil and gas exploration and production company engaged in exploration development and production of oil and gas reserves. The Company also sells homogenous oil, natural gas liquid (NGL) and gas. The Company conducts its business is through its subsidiaries.

The Company’s properties are in Permian Basin in West Texas, the Eagle Ford Shale play in South Texas, the Raton field in southeastern Colorado, the Hugoton field in southwest Kansas and the West Panhandle field in the Texas Panhandle. The Company performs horizontal drilling in the Spraberry/Wolfcamp oil field located in West Texas and the Eagle Ford Shale field located in South Texas. Additionally, the Company has oil and gas production activities and development opportunities in the Raton gas field located in southern Colorado; the Hugoton gas and liquid field located in southwest Kansas; the West Panhandle gas and liquid field located in the Texas Panhandle, and the Edwards gas field located in South Texas. As of December 31, 2013, the Company drilled approximately 1,850 development wells, 99 % of which were completed as productive wells.

Permian Basin

The Spraberry field encompasses eight counties in West Texas and has oil field approximately 150 miles long and 75 miles wide. The oil produced 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 from six formations, the upper and lower Spraberry, the Dean, the Wolfcamp, the Strawn and the Atoka, at depths ranging from 6,700 feet to 11,300 feet. As of 2013, the Company drilled 502 wells in the Spraberry field and its total acreage position approximates 823,000 gross acres. The Company has 29 rigs operating in the Spraberry field, of which 11 are drilling vertical wells and 18 are drilling horizontal wells.

Hugoton field

The Hugoton field in southwest Kansas is a producing gas field. The gas is produced from the Chase and Council Grove formations at depths ranging from 2,700 feet to 3,000 feet. The Company's Hugoton properties are located on 268,000 gross acres covering approximately 400 square miles. The Company has working interests in approximately 1,200 wells in the Hugoton field.

West Panhandle field

The West Panhandle properties are located in the panhandle region of Texas. The Company's gas has an average energy content of 1,365 BTU and is produced from approximately 700 wells on more than 246,000 gross acres covering over 375 square miles. The Company controls 100 % of the wells, production equipment, gathering system and the Fain gas processing plant for the field.

Raton Basin

The Raton Basin properties are located in the southeast portion of Colorado. The Company owns 198,000 gross acres in the center of the Raton Basin and produces Coal Bed Methane (CBM) gas from the coal seams in the Vermejo and Raton formations from approximately 2,300 wells.

Eagle Ford Shale

The Company's drilling activities in the South Texas is focused on delineation and development of Pioneer's substantial acreage position in the Eagle Ford Shale play. As of 2013 drilling program was focused on liquids-rich drilling, with no wells drilled in dry gas acreage. As of 2013, the Company completed 132 horizontal Eagle Ford Shale wells. The Company has added approximately 300 drilling locations in the liquids-rich area of the play as a result of down spacing from 1,000 feet between wells (120-acre spacing) to 500 feet (60-acre spacing) between wells. The Company entered into an Eagle Ford Shale joint venture transaction. The Company owns a 50.1% member interest in EFS Midstream LLC (EFS Midstream), an entity formed by the Company to own and operate gas and liquids gathering, treating and transportation assets in the Eagle Ford Shale play. The Company does not have control of EFS Midstream and accounts for its investment in EFS Midstream under the equity method of accounting for investments in unconsolidated affiliates. EFS Midstream is providing gathering, treating and transportation services for the Company.

Company Address

Pioneer Natural Resources Co

IRVING   TX   75039
P: +1972.4449001
F: +1972.4027023

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