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Texas E&P Spending 44% More in 2017 with $2.8B Capex; Bets Bulk on Permian
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Pioneer Natural Resources reported its 2017 capital budget and drilling plans.
Key Points: 2017 capex of $2.8 billion (up +44% from $1.95 billion in 2016) Bulk ($2.4B) to be spent on Wolfcamp / Spraberry operations 18 rigs in the Spraberry / Wolfcamp - expects to place approximately 260 gross horizontal wells on production during 2017 (vs. 230 in 2016). 20 Eagle Ford wells planned (9 DUCs / 11 new wells) Production getting oilier - forecasting production growth in 2017 ranging from 15% to 18% compared to 2016 (approximately 62% oil content compared to 57% oil content in 2016) 2017 Capital Program The following provides a breakdown of the drilling capital budget by asset: Spraberry/Wolfcamp – $2.4 billion (includes $1.9 billion for the horizontal drilling program, $265…- ✓ Full news archive — U.S., Canada & international coverage
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