Irving-based Pioneer Natural Resources last week raised its 2023 production guidance after reporting second quarter production topped forecasts. Pioneer averaged 711,000 boed in 2Q to top midpoint of guidance from April by about 3 percent. Oil production averaged 369,000 b/d compared to forecast midpoint of 364,500 b/d. CEO Scott Sheffield said Pioneer lowered its fullyear spending plans on drilling, completions and infrastructure in Permian Basin to $4.4 billion to $4.6 billion (midpoint $125 million lower than previous outlook).
Pioneer plans to operate 23-to-25 rigs – one fewer than previous guidance – and place 490 to 520 wells on production (previous guidance 500 to 530) in 2023. Revised guidance for Pioneer for 2023 is now 364,000 to 374,000 b/d (697,000 to 717,000 boed). Pioneer said that its “continued operational excellence in Midland Basin enabled the company to place 124 horizontal wells on production during 2Q.”
Rich Dealy, president and COO, added Aug. 1, “Pioneer’s strong execution delivered excellent 2Q results with oil production near the top end of our guidance range… Continued strong well productivity and highly efficient operations underpin our ability to increase fullyear production guidance while lowering fullyear capital through a purposeful reduction in activity. Our improved 2023 outlook is expected to deliver an even more capitally efficient program.”