• Home
  • About Us
    • Audio Edition
    • Previous Issues
    • Submissions
    • Contact Us
  • Subscribe
  • Advertise
    • Audience
    • Editorial Calendar
    • Sizes & Specs
  • Jobs
    • View Open Positions
    • List Your Job

Permian Basin Oil and Gas Magazine

PBOG is the Official Publication of the Permian Basin Petroleum Association and is published monthly by Zachry Publications, LP.

  • News
  • PBPA
    • Legislative Matters
  • Business & Analysis
  • Service Articles
    • Automation, Controls and Measurement
    • Environmental, Safety and Training
    • Fracking, Frac Sand and Water
    • Infrastructure
    • Pipe and Pipe Service
    • Technology
    • Wireline and Testing
  • Legal Articles
  • Drilling Deeper
  • Permit Map

Pioneer allocates $150 million to $200 million for 4 wells in Midland Basin

March 7, 2023 by PBOG

Dallas-based Pioneer Natural Resources, with deep inventory across Midland Basin, said in its fourth quarter earnings report that production this year will increase about 4 percent from 2022 exit rate and about 3.6 percent over full-year daily volume.  Pioneer said Feb. 22 its oil production for 2023 is forecast between 357,000 and 372,000 b/d, and total production is expected at 670,000 to 700,000 boed.  Capital budget is $150 million to $200 million for drilling four Barnett/Woodford formation wells in Midland Basin.  Pioneer expects to operate 24-to-26 horizontal drilling rigs in Midland Basin in 2023.

Pioneer expects its 2023 capital budget to be between $4.45 billion to $4.75 billion.  It will expand development of 15,000-foot laterals and place 500 to 530 wells on production (483 horizontal wells in 2022, including 84 in Q4).  Scott D. Sheffield, CEO, said, “We believe Pioneer is differentiated from our peers based on our decades of low-breakeven, high-return inventory.”

Filed Under: PBOG Newsletter

Subscribe to PBOG

Subscribe: Newsletter | Magazine

May 2025

May 2025

Read the most recent issue of PBOG on your computer, iPad, Kindle, phone or other electronic reader.

If you'd like to view our previous issues, click here.

PBOG Audio

Connect with us online.

Facebook spacer Twitter spacer LinkedIn
Privacy Policy

Cookie Policy

Permian Basin Oil and Gas Magazine

3457 Curry Lane
Abilene, TX 79606
325.673.4822
pbog@zacpubs.com

Search PBOG.com

© 2025 · Zachry Publications