Insightful Analysis of Pioneer Natural Resources Co's Market Position and Future Prospects
The company said full-year total production averaged 715,000 barrels of oil equivalent per day (boepd), ahead of its prior guidance of between 708,000 and 713,000 boepd. Pioneer attributed the strong production to longer lateral wells, and said more than 125 wells with lateral lengths of 15,000 feet or greater were placed on production last year. Exxon agreed in October to buy Pioneer in an all-stock deal to bolster the largest U.S. oil company's production in the Permian Basin.
Pioneer's (PXD) Q4 earnings suffer due to lower commodity price realizations, coupled with rising total costs and expenses.