“Pioneer continued to deliver strong operational performance in the Midland Basin, which led to the Company placing 482 horizontal wells on production during 2023, including 135 horizontal wells placed on production during the fourth quarter”, the oil and gas exploration and production company said in an earnings news release referring to a sub-basin of the Permian basin.

The Company expects its 2024 capital budget3 to range between $4.2 billion to $4.6 billion. Pioneer expects its capital program to be funded from 2024 cash flow from operating activities.

Pioneer plans to operate an average of 23 to 25 horizontal drilling rigs in the Midland Basin, including a three-rig average program in the southern Midland Basin joint venture area. The revised 2023 capital program is expected to place 490 to 520 wells on production.

Higher labor and material costs are slowing U.S. shale production growth, Pioneers’s Executive Vice President Beth McDonald

As of April 7, 2023, there are reports that ExxonMobil is currently in early discussions with Pioneer Natural Resources concerning a potential acquisition.

Pioneer expects its 2023 drilling, completions, facilities and water infrastructure capital budget to range between $4.45 billion to $4.75 billion.

During 2022, the Company plans to operate an average of 22 to 24 horizontal drilling rigs in the Midland Basin, including a three-rig average program in the southern Midland Basin joint venture area. The 2022 capital program is expected to place 475 to 505 wells on production. Pioneer expects 2022 oil production of 350 to 365 thousand barrels of oil per day (MBOPD) and total production of 623 to 648 thousand barrels of oil equivalent per day (MBOEPD).

May 4, 2022– Pioneer Natural Resources company reported financial and operating results for the quarter ended March 31, 2022.