Pioneer Natural Resources’ production
For 3Q15, Pioneer Natural Resources’ (PXD) production stood at 210,711 boepd (barrels of oil equivalent per day), which was slightly above its guidance of 205,000–210,000 boepd. When compared with 186,077 boepd from 3Q14, Pioneer Natural Resources’ production volume is up by almost 13%. PXD’s 3Q15 production growth was driven by its robust Spraberry/Wolfcamp horizontal drilling program.
For 9M15, Pioneer Natural Resources produced 200,448 boepd, which was up 14% from 9M14’s 175,929 boepd. In its 3Q15 earnings release, PXD slightly increased its overall production growth guidance for 2015 to 11% from the previously targeted 10%. This was due to the increase in Spraberry and Wolfcamp Shales full-year growth rate from 22%–24% to 25%–26%.
Of Pioneer Natural Resources’ 210,711 boepd 3Q15 production, ~64% (or 133,711 boepd) came from the Spraberry and Wolfcamp Shales, ~20% (or 43,109 boepd) came from Eagle Ford Shale, ~9% (or 18,232 boepd) came from Raton Basin, ~5% (or 9,802 boepd) came from the West Panhandle field, and ~2% (or 5,857 boepd) came from other locations in South Texas.
For the nine months ended 2015, Pioneer Natural Resources’ production was 200,448 boepd, out of which ~61% (or ~121,396 boepd) came from the Spraberry and Wolfcamp Shales, ~23% (or ~45,358 boepd) came from the Eagle Ford Shale, ~9% (or ~18,903 boepd) came from the Raton Basin, ~4% (or ~8,678 boepd) came from the West Panhandle field, and ~3% (or 6,113 boepd) came from other locations in South Texas.
For 4Q15, Pioneer Natural Resources (PXD) expects its production to average 206,000–211,000 boepd. PXD is expecting an annual production growth of more than 15% over the next three years, from 2016 to 2018. This production growth should mainly come from the Spraberry and Wolfcamp Shales.
Due to efficiency gains and drilling higher EUR (estimated ultimate recovery) wells in the Spraberry and Wolfcamp Shales, PXD now expects to deliver forecasted growth using fewer rigs than the 28 rigs previously anticipated. For the Eagle Ford Shale, production should be essentially flat from 2016 to 2018, compared to 3Q15.