Pioneer Natural Resources - Pioneer Natural Resources

Pioneer Natural Resources Company is a petroleum, natural gas, and natural gas liquids exploration and production company based in Irving, Texas.

Current operations

Announced in August 2013, Pioneer Resources is the largest acreage holder in Spraberry/Wolfcamp and operates on the northern end of the play which is part of the much larger Permian Basin.

As of December 31, 2015, the company had 664 million barrels of oil equivalent (4.06×10⁹ GJ) of proved reserves, of which 47% was petroleum, 19% was natural gas liquids, and 34% was natural gas. All of the company's reserves are in the United States.

In 2015, the company produced 204 thousand barrels of oil equivalent (1,250,000 GJ) per day, of which 61% was in the Permian Basin, 22% was in the Eagle Ford shale, 9% was in the Raton Basin, and 4% was in the Western Panhandle of Texas.

On May 11, 2016, at the Citi Global Energy & Utilities Conference in Hong Kong's Mandarin Oriental, Scott Sheffield, CEO of Pioneer, along with support from Tom Spalding, a geologist and Pioneer's vice president for geoscience, announced that more than 10 billion and possibly as much as 75 billion barrels of oil equivalent had been discovered in Permian shales.

History

The company was created in 1997 by the merger of Parker & Parsley Petroleum Company and MESA Inc., owned by T. Boone Pickens

In 2002, Pioneer made discoveries in its offshore Oooguruk field, west of Prudhoe Bay, Alaska. In 2008, Pioneer became the first independent operator to produce oil on the Alaska North Slope. These holdings were sold for $550 million in 2013.

In 2004, Pioneer Natural Resources acquired Evergreen Resources, Inc. in a $2.1 billion transaction.

In June 2010, Pioneer Natural Resources announced a $1.15 billion Eagle Ford Shale midsteam joint venture with Reliance Industries. The business was sold to Enterprise Products Partners for $2.15 billion in 2015.

In March 2012, Pioneer Natural Resources announced the $297 million acquisition of Carmeuse Industrial Sands, a silica sand manufacturer the company renamed Premier Silica.

In January 2013, Pioneer Resources announced the sale of a 40 percent interest in approximately 207,000 net acres (84,000 net hectares) leased in horizontal Wolfcamp Shale to Sinochem Petroleum USA LLC (a subsidiary of Sinochem Group) for $1.7 billion. Pioneer continues as the operator of the project.

In 2014, the company sold non-producing assets in the Hugoton Basin to Linn Energy for $340 million.

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