Pioneer Natural Resources

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Pioneer Natural Resources Company
Public company
Traded asNYSEPXD
S&P 500 Index component
IndustryPetroleum industry
Founded1997; 22 years ago (1997)
HeadquartersIrving, Texas
Key people
Scott D. Sheffield, President & CEO
Richard P. Dealy, CFO
ProductsPetroleum
Natural gas
Natural-gas condensate
Production output
319 thousand barrels of oil equivalent (1,950,000 GJ) per day (2018)
RevenueIncrease $9.415 billion (2018)
Increase $0.978 billion (2018)
Total assetsIncrease $17.903 billion (2018)
Total equityIncrease $12.111 billion (2018)
Number of employees
3,177 (2018)
Websitepxd.com
Footnotes / references
[1]

Pioneer Natural Resources Company is a company engaged in hydrocarbon exploration in the Cline Shale, which is part of the Spraberry Trend of the Permian Basin, where the company is the largest acreage holder.[1][2][3] The company is organized in Delaware and headquartered in Irving, Texas.

The company is ranked 497th on the Fortune 500.[4]

As of December 31, 2018, the company had 1.049 billion barrels of oil equivalent (6.42×109 GJ) of proved reserves, of which 54% was petroleum, 23% was natural gas liquids, and 23% was natural gas. In 2018, the company produced 319 thousand barrels of oil equivalent (1,950,000 GJ) per day, of which 60% was petroleum, 19% was natural gas liquids, and 21% was natural gas.[1]

History[edit]

Pioneer Natural Resources was created in 1997 by the merger of Parker & Parsley Petroleum Company and MESA Inc., owned by T. Boone Pickens.[5]

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.[6]

In 2004, Pioneer Natural Resources acquired Evergreen Resources in a $2.1 billion transaction.[7]

In June 2010, the company announced a $1.15 billion midstream joint venture with Reliance Industries for assets in the Eagle Ford Group.[8] The business was sold to Enterprise Products Partners for $2.15 billion in 2015.[9]

In April 2012, the company acquired Carmeuse Industrial Sands, a silica sand manufacturer, for $297 million.[10]

In May 2013, the company sold 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.[11]

In October 2013, the Company sold its interests in Alaska to Caelus Energy Alaska for $550 million.[12]

In 2014, the company sold non-producing assets in the Hugoton Basin to Linn Energy for $340 million.[13]

In May 2016, CEO and chairman Scott D. Sheffield retired and was succeeded by Timothy Dove.[14]

In June 2016, the company acquired 28,000 acres in the Midland Basin for $435 million.[15]

In March 2017, the company sold 2,000 acres in Martin County, Texas for $266 million.[16]

In February 2019, CEO Timothy Dove retired.[17]

References[edit]

  1. ^ a b c "Pioneer Natural Resources Company 2018 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ "Wolfcamp shale graduates to 'world class' play". Oil & Gas Journal. August 12, 2013.
  3. ^ "Midland Basin Map". United States Geological Survey. November 15, 2016.
  4. ^ "Fortune 500: Pioneer Natural Resources". Fortune.
  5. ^ Cropper, Carol Marie (April 8, 1997). "Mesa Is to Merge With Parker & Parsley". The New York Times.
  6. ^ "Pioneer sells Alaska holdings for $550M". Alaska Journal of Commerce. October 25, 2013.
  7. ^ "Pioneer and Evergreen Announce $2.1 Billion Merger" (Press release). Business Wire. May 4, 2004.
  8. ^ "Pioneer Natural Resources Announces $1.15 Billion Eagle Ford Shale Joint Venture with Reliance Industries" (Press release). June 24, 2010.
  9. ^ "Pioneer Natural Resources Announces Sale of Eagle Ford Shale Midstream Business for $2.15 Billion" (Press release). Business Wire. June 1, 2015.
  10. ^ "Pioneer Natural Resources Announces Closing of Carmeuse Industrial Sands Acquisition" (Press release). Business Wire. April 2, 2012.
  11. ^ "Pioneer Natural Resources Announces Closing of $1.7 Billion Horizontal Wolfcamp Shale Transaction with Sinochem" (Press release). Business Wire. May 31, 2013.
  12. ^ "Pioneer Natural Resources Announces Sale of Alaska Subsidiary to Caelus Energy Alaska for $550 Million" (Press release). Business Wire. October 25, 2013.
  13. ^ "LINN Energy Announces $340 Million Acquisition From Pioneer Natural Resources" (Press release). GlobeNewswire. August 4, 2014.
  14. ^ "Pioneer Natural Resources Company Chairman and CEO Scott D. Sheffield to Retire; Timothy L. Dove Named Successor" (Press release). Business Wire. May 19, 2016.
  15. ^ "Pioneer Natural Resources Company to Acquire Approximately 28,000 Midland Basin Acres for $435 Million and to Add 5 Horizontal Rigs During the Second Half of 2016" (Press release). Business Wire. June 15, 2016.
  16. ^ "Pioneer Natural Resources Company Announces Sale of Northeastern Martin County Acreage for $266 Million" (Press release). Business Wire. March 15, 2017.
  17. ^ "Pioneer Natural Resources CEO to retire". American City Business Journals. February 22, 2019.

External links[edit]