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[Summary: In a recent conference webcast, Pioneer President & CEO Tim Dove detailed the company's 10 year plan when it comes to the Permian and Eagle Ford.
However, if oil remains low, Pioneer will cut down on its drilling in the Eagle Ford in favor of the Permian.]
Strategy for 10-Year Plan at Current Oil Prices
- Production growth forecast of 15% over 10 years
Dove noted that given the current price of oil (~$45 per barrel on average), Pioneer will "have to change a few things", the key part being disciplined spending. He further noted that, despite lower oil prices, they will continue to drill wells due to lower D&C costs.
If spending needs to be lowered, Dove noted that Pioneer will first cull spending on infrastructure. However, if oil remains low, Pioneer will cut down on its drilling in the Eagle Ford in favor of its Permian operations.
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