Irving-based Pioneer Natural Resources said last month in its quarterly report that it plans to operate an average of 18-to-20 horizontal drilling rigs in Permian Basin during 2021. The 2021 program is expected to place 385 to 415 wells on production, primarily in Midland Basin. Pioneer said its 2021 budget for drilling, completions and facilities will be $2.4 billion to $2.7 billion with 2021 production of 307,000 to 322,000 b/d of oil (528,000 to 554,000 boed). Pioneer placed 255 horizontal wells on production in 2020. CEO Scott D. Sheffield noted Pioneer’s results of 2020 and added, “Pioneer’s 2021 plan builds on this success with a program that is capital efficient and is underpinned by our premier acreage position and scale in the Permian Basin.”
- In a presentation to investors March 9, CEO Mike Wirth revived Chevron’s goal of pumping 1 million barrels a day in Permian Basin. California-based Chevron plans to increase investment in Permian Basin and reverse production declines caused by the pandemic. “We’re investing in only our best projects,” Wirth said, “funding those that meet our high-return expectations. This improvement is anchored in self-help. We’re not betting on higher prices to bail us out.”