Dallas-based Pioneer Natural Resources said Feb. 19 it expects to operate an average of 23-to-24 horizontal wells in Permian Basin in 2020 in its drilling, completions and facilities budget of $3.0 billion to $3.3 billion. That includes 5 rigs in its southern joint venture area. Pioneer expects to place 345-to-375 wells on production in 2020 (compared to 306 wells in 2019) comprised of 40 percent each in Wolfcamp A and B, 15 percent Spraberry and 5 percent other formations. Scott D. Sheffield, president and CEO, said, “Our 2020 plan builds on our strong 2019 performance.”
Pioneer said it expects 2020 oil production of 235,000 to 245,000 barrels per day with total production of 383,000 to 403,000 boed. The Pioneer announcement added, “Pioneer’s efficient, high-margin growth is driven by the company’s top-tier acreage position in the Permian Basin that continues to deliver the most productive oil wells in the Permian Basin combined with low well costs.”