Leading Midland Basin producer Pioneer Natural Resources said Nov. 4 in its quarterly financial report that currently it is operating 8 horizontal drilling rigs and 4 hydraulic fracturing fleets. Irving-based Pioneer is maintaining its 2020 drilling, completions and facilities capital budget of $1.3 billion to $1.5 billion and increasing guidance for 2020 oil production to 209,000 to 211,000 barrels per day and total production to 365 million boed to 369 million boed.
In 2020Q3 Pioneer averaged oil production of 201,000 b/d (top of guidance) and 355,000 boed (near top of guidance) and announced its acquisition of Parsley Energy. Production for 2020Q4 is forecast to average 197,000 to 207,000 b/d of crude oil with total production of 355,000 to 370,000 boed.
Scott D. Sheffield, president and CEO, said, “For the second consecutive quarter Pioneer increased our 2020 production guidance while keeping capital guidance unchanged, driven by strong operational efficiencies and cost reduction efforts.”