Pioneer Natural Resources
 | |
| Type | Public company |
|---|---|
| NYSE: PXD S&P 500 component | |
| Industry | Petroleum industry |
| Founded | 1997 |
| Headquarters | Irving, Texas |
Key people | Scott D. Sheffield, President & CEO Richard P. Dealy, CFO |
| Products | Petroleum Natural gas Natural-gas condensate |
Production output | 617 thousand barrels of oil equivalent (3,770,000 GJ) per day (2021) |
| Revenue |  $14.643 billion (2021) |
| $2.118 billion (2021) | |
| Total assets | $36.811 billion (2021) |
| Total equity | $22.837 billion (2021) |
Number of employees | 1,932 (2021) |
| Website | pxd |
| Footnotes / references [1] | |
Pioneer Natural Resources Company is an American company engaged in hydrocarbon exploration headquartered in Irving, Texas. It operates 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 ranked 248th on the Fortune 500.[4]
As of December 31, 2021, the company had 2.222 billion barrels of oil equivalent (1.359×1010 GJ) of proved reserves, of which 44% was petroleum, 30% was natural gas liquids, and 16% was natural gas. In 2021, the company produced 617 thousand barrels of oil equivalent (3,770,000 GJ) per day, of which 61% was petroleum, 23% was natural gas liquids, and 19% 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 June 2010, the company announced a $1.15 billion midstream joint venture with Reliance Industries for assets in the Eagle Ford Group.[7] The business was sold to Enterprise Products Partners for $2.15 billion in 2015.[8]
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.[9]
In October 2013, the company sold its interests in Alaska to Caelus Energy Alaska for $550 million.[10]
In 2014, the company sold non-producing assets in the Hugoton Basin to Linn Energy for $340 million.[11]
In May 2016, CEO and chairman Scott D. Sheffield retired and was succeeded by Timothy Dove. Sheffield would return to the role in 2019 after Dove's retirement.[12][13][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]
Acquisitions[edit]
Pioneer has been involved in many acquisitions in widely-publicized deals occasionally totaling to over one billion dollars. Examples include the 2004 acquisition of Evergreen Resources for $2.1 billion, the 2021 acquisitions of Parsley Energy for $4.5 billion and DoublePoint Energy for $6.4 billion, and the smaller acquisition of Carmuse Industrial Sands in 2012 for $297 million.[17][18][19][20]
In April 2023, Pioneer itself became the subject of acquisitions when the energy giant ExxonMobil expressed interest in acquiring Pioneer. If the deal ultimately proceeds, ExxonMobil would become the largest producer of shale gas in the Permian Basin, incentivizing further consolidation of the shale gas industry in the United States. Upon the news breaking, other shale gas firms, such as Diamondback Energy and Devon Energy experienced surges in their stock price.[21]
References[edit]
- ^ a b c "Pioneer Natural Resources Company 2021 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ "Wolfcamp shale graduates to 'world class' play". Oil & Gas Journal. August 12, 2013.
- ^ "Midland Basin Map". United States Geological Survey. November 15, 2016.
- ^ "Pioneer Natural Resources". Fortune.
- ^ Cropper, Carol Marie (April 8, 1997). "Mesa Is to Merge With Parker & Parsley". The New York Times.
- ^ "Pioneer sells Alaska holdings for $550M". Alaska Journal of Commerce. October 25, 2013.
- ^ "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 Closing of $1.7 Billion Horizontal Wolfcamp Shale Transaction with Sinochem" (Press release). Business Wire. May 31, 2013.
- ^ "Pioneer Natural Resources Announces Sale of Alaska Subsidiary to Caelus Energy Alaska for $550 Million" (Press release). Business Wire. October 25, 2013.
- ^ "LINN Energy Announces $340 Million Acquisition From Pioneer Natural Resources" (Press release). GlobeNewswire. August 4, 2014.
- ^ "Pioneer Natural Resources Company Chairman and CEO Scott D. Sheffield to Retire; Timothy L. Dove Named Successor" (Press release). Business Wire. May 19, 2016.
- ^ "Pioneer Natural Resources CEO to retire". American City Business Journals. February 22, 2019.
- ^ "Scott D. Sheffield | Pioneer". www.pxd.com. Retrieved 2023-04-10.
- ^ "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.
- ^ "Pioneer Natural Resources Company Announces Sale of Northeastern Martin County Acreage for $266 Million" (Press release). Business Wire. March 15, 2017.
- ^ "Pioneer and Evergreen Announce $2.1 Billion Merger" (Press release). Business Wire. May 4, 2004.
- ^ "Pioneer Natural Resources Announces Bolt-On Acquisition of DoublePoint Energy in the Midland Basin" (Press release). Business Wire. April 1, 2021.
- ^ "Pioneer Natural Resources Completes Acquisition of Parsley Energy Following Stockholder Approvals" (Press release). Business Wire. January 12, 2021.
- ^ "Pioneer Natural Resources Announces Closing of Carmeuse Industrial Sands Acquisition" (Press release). Business Wire. April 2, 2012.
- ^ "Shale Firms Jump on Report of Exxon's Interest in Pioneer". Yahoo Finance. Retrieved 2023-04-10.
External links[edit]
- Business data for Pioneer Natural Resources:
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