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.”
