Our lineage is tied to the Permian Basin.
This vast patch of rugged terrain in West Texas is home to the world’s second-largest oilfield. Decades ago, Pioneer first staked its claim to those legacy wells that hiccupped just 10 or 12 barrels of oil a day. We stayed, and now that commitment is paying off.
Today, some estimates hold that the untapped resources spindled deep below the Permian Basin’s surface could rival the supply of what’s now considered the world’s largest oilfield in Saudi Arabia.
Achieving such a milestone is a prize greater than financial wealth; it’s a geopolitical game-changer.
We’ve long known the Permian’s enormous potential.
In fact, with our recent decision to become a Permian pure-play company, we’ve set our sights on a 10-year vision of extracting 1 million barrels of oil a day by 2027 – a 20 percent compound annual growth rate.
We wouldn’t be able to hang our hats on such an ambitious goal unless we had carefully nurtured the region’s rich promise for the past six decades.
The work we do in the Permian Basin is changing the world.