Pioneer Natural Resources
|Traded as||NYSE: PXD
S&P 500 Component
|Scott D. Sheffield (CEO)|
|Products||petroleum, natural gas, and natural gas liquids|
|233 thousand barrels of oil equivalent (1,430,000 GJ) per day|
|Revenue||US$3.824 billion (2016)|
|-US$556 million (2016)|
|-US$556 million (2016)|
|Total assets||US$16.459 billion (2016)|
|Total equity||US$10.411 billion (2016)|
Number of employees
As of December 31, 2016, the company had 725 million barrels of oil equivalent (4.44×109 GJ) of proved reserves, of which 52% was petroleum, 19% was natural gas liquids, and 29% was natural gas. All of the company's reserves are in the United States.
In 2016, the company produced 233 thousand barrels of oil equivalent (1,430,000 GJ) per day, of which 73% was in the Spraberry Trend, 15% was in the Eagle Ford shale, 7% was in the Raton Basin, and 5% 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.[a]
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.[b]
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% 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.
- Only Saudi Arabia's massive Ghawar field contains more proven petroleum reserves.
- At the first annual Unconventional Resources Technology Conference (URTeC), a joint effort among SPE, SEG, and AAPG, held in Denver, Aug. 12-14, 2013, Sheffield said, "The Spraberry/Wolfcamp shale, with its 50 billion boe, begins to dwarf the Eagle Ford and the Bakken with 27 billion boe and 13 billion boe, respectively."
- Pioneer Natural Resources Company 2016 Form 10-K Annual Report
- "Wolfcamp shale graduates to 'world class' play". 1 (3). First annual Unconventional Resources Technology Conference (URTeC) in Denver, Colorado: Oil & Gas Journal (published October 1, 2013). August 12, 2013. Retrieved November 18, 2016.
- "Midland Basin Map". USGS. November 15, 2016. Retrieved November 18, 2016.
- Gruley, Bryan; Carroll, Joe (May 11, 2016). "How Oil’s Most Boring CEO Found Himself Atop 10 Billion Barrels: Pioneer had no idea it had the prime position in what might be the biggest oil patch in U.S. history.". Bloomberg Businessweek. New York. Retrieved May 11, 2016.
- "Pioneer Natural Resources To Present At The Citi Global Energy & Utilities Conference". San Francisco: Business Wire. May 2, 2016. Retrieved May 11, 2016.
- "Pioneer Natural Resources To Present At The Citi Global Energy & Utilities Conference". The Globe and Mail. Toronto. May 2, 2016. Retrieved May 11, 2016.
- May Investor Presentation 05/05/16 (pdf)
- For the May 5, 2016, slide show presentation, click on this link then click on May Investor Presentation. This will give you access to the 2016-05-02 May Investor Presentation.pdf which is: Adobe Acrobat Document (3.1 MB) from: http://phx.corporate-ir.net
- "Mesa Is to Merge With Parker & Parsley". New York Times. April 8, 1997.
- "Pioneer sells Alaska holdings for $550M". Alaska Journal of Commerce. October 25, 2013.
- "Pioneer and Evergreen Announce $2.1 Billion Merger" (Press release). Business Wire. May 4, 2004.
- "Pioneer Natural Resources Announces $1.15 Billion Eagle Ford Shale Joint Venture with Reliance Industries" (Press release). June 24, 2010.
- "Pioneer Natural Resources Announces Sale of Eagle Ford Shale Midstream Business for $2.15 Billion" (Press release). Business Wire. June 1, 2015.
- "Pioneer Natural Resources Announces Acquisition of Carmeuse Industrial Sands" (Press release). Business Wire. March 5, 2012.
- "Pioneer Natural Resources Announces $1.7 Billion Horizontal Wolfcamp Shale Transaction with Sinochem" (Press release). Business Wire. January 30, 2013.
- "LINN Energy Announces $340 Million Acquisition From Pioneer Natural Resources" (Press release). Globe Newswire. August 4, 2014.