Pioneer’s presence in South Texas dates back more than 20 years with a large acreage position in the Pawnee field’s Edwards Trend. An increased drilling program in the area during the late 2000s helped pave the way for Pioneer’s current drilling activities in the Eagle Ford Shale play. With approximately 230,000 gross acres, extensive 3-D seismic data and industry-leading technological expertise, Pioneer anticipates continuing significant growth for years to come.
The Company has dramatically increased its share of Eagle Ford production from less than 2 thousand barrels of oil equivalent per day (MBOEPD) in 2010 to 38 MBOEPD in the second quarter of 2013. In June 2010, Pioneer entered into an Eagle Ford Shale joint venture with Reliance Industries Limited in which Pioneer sold 45% of its Eagle Ford Shale proved and unproved properties to Reliance for upfront cash and a portion of Pioneer’s future drilling costs – a value of approximately $1.2 billion. Pioneer remains as operator in the play, targeting liquids-rich areas.
Additionally, Pioneer has tested the use of lower-cost white sand instead of ceramic proppant to fracture stimulate wells drilled in shallower areas of the field. As of August 2013, 84 wells have been tested, at a savings of approximately $1.1 million per well. Early well performance has been similar to direct offset ceramic-stimulated wells. Pioneer plans to continue monitoring the performance of these wells and plans to use white sand in 75% of its 2013 drilling program.
Pioneer Natural Resources is a large independent exploration and production company that delivers competitive and sustainable results.
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