Pioneer Natural Resources to drill 8 wells in Midland, Upton counties

Irving-based Pioneer Natural Resources earlier this month filed eight drilling permits with the Railroad Commission of Texas to develop horizontal wells on seven leases in Midland and Upton counties. The Houston Chronicle said the wells will target the Spraberry formation in Midland Basin to depths of 10,531 feet. In a recent investors call, Pioneer CEO Scott Sheffield said the Delaware Basin on the western side of Permian Basin is being drilled “too aggressively” and is expected to peak in 2024 while the Midland Basin is expected to peak in the mid-2030s. “If Midland Basin is the only basin growing past 2025, it will make Pioneer’s properties worth twice as much money or three times as much money at some point in time over the next five to six years,” Sheffield said.