Drilling & Completions | Quarterly / Earnings Reports | Third Quarter (3Q) Update | Capital Markets | Drilling Activity | Capex Decrease | Capital Expenditure - 2019
Pioneer Production Posts Growth, Oil Mix Steady; Cuts Permian D&C Capital for 2019
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Pioneer Natural Resources Co. reported its Q3 2019 results and below are the highlights.
Highlights: Total Production up +5% sequentially (350,725 boe/d), and up +9% year over year Oil Mix stays steady at 61% G&A was down -10% sequentially and -25% year over year Reduced E&D capital spending this quarter ($595 million) drilled 75 gross wells Guidance Update - Cuts Pemian D&C Capital by $150MMPioneer is lowering the top end of its 2019 Permian drilling, completions and facilities capital budget range by an additional $150 million, or approximately 5%, to a new range of $2.80 billion to $2.85 billion.
The reduction in the Company’s capital budget is primarily attributable to improvements in drilling and completions efficiencies, combined with reducing facilities spending ahead…
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