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Permian E&P Ramps Up Drilling; Adds +2 Rigs, 360 Wells Planned
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Pioneer Natural Resources Co. reported its 2020 capital plans as well as its Q4 2019 results.
2020 Plans: Flat Spending, More CompletionsWhile keeping its spending relatively flat at $3.15 billion for 2020, Pioneer is ramping up its rig count and completion activity by 12% and 24%, respectively (compared to 2019).
Total production is estimated to grow 14% and oil output is slated to increase by 13%.
2020 OutlookThe Company expects its 2020 drilling, completions and facilities capital budget to range between $3.0 billion to $3.3 billion, with an additional $125 million budgeted for Pioneer's differentiated water infrastructure. The Company expects its capital program to be fully funded within forecasted cash flow4 of approximately $3.9 billion.
Pioneer expects 2020 oil production of 235…
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