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Tag Archives: Pioneer Natural Resources

Occidental opens new facility in Midland

Occidental opens new facility in Midland

Occidental Petroleum opened doors to its new offices last month in Midland, Texas. The Oxy Permian Plaza is comprised of two office buildings connected by a conference center and covers 212,000 square feet. Oxy Permian Plaza is the second facility opened this year in Midland by Occidental Petroleum. The company constructed a training facility earlier this year. Occidental is the ...

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Pioneer Natural Resources records strong bottom line

Silhouette of an oil and gas pump jack producing oil to be stored in adjacent oil tanks in Florida

Pioneer Natural Resources bolstered its bottom line in the third quarter by selling its midstream operations in the Eagle Ford Shale and implementing aggressive cost-cutting measures in its oil and gas drilling operations. The Irving-based energy company on Monday said net income rose to $646 million, or $4.27 per diluted share, compared with $374 million in last year’s third quarter. ...

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U.S. approves landmark crude oil export swaps with Mexico

WASHINGTON – The Obama administration will allow limited sales of U.S. crude to Mexico for the first time, a senior administration official told Reuters, marking another milestone in loosening a contentious ban on exporting domestic oil. The Commerce Department is “acting favorably on a number of applications” to export U.S. crude in exchange for imported Mexican oil, the official said. ...

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Pioneer Natural Resources to ramp up drilling despite loss

Pioneer Natural Resources says it will ramp up its drilling program in the Permian Basin oil fields despite reporting a second quarter loss. The Irving-based energy company reported a second quarter net loss of $218 million, or $1.46 per diluted share. Without adjustments for noncash derivatives and other unusual items, income for the second quarter was $15 million after taxes, ...

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Low prices threaten to curb rising rig count

Permian Basin producers added another three rigs in the week ending Friday, according to the widely-watched Baker Hughes rig count. But observers met the ongoing uptick in drilling activity with concern that it might be short-lived, after another dip in oil prices in July threatened to erase the gains of the previous months. The latest build in Permian rigs left ...

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Pioneer says increasing drilling activity as planned

oil rig

U.S. shale exploration and production company Pioneer Natural Resources Co said on Wednesday it is increasing drilling activity in Texas following the sale of its stake in an Eagle Ford shale pipeline and processing business. The Dallas company’s optimism stands out in a market unnerved by a 15 percent drop in crude prices since late June. Pioneer Chief Executive Scott ...

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The U.S. oil fracker’s dilemma: crouch or pounce?

HOUSTON – U.S. shale oil producers, having weathered the worst price plunge in their industry’s brief history, now face a dilemma: whether to stay in a defensive crouch after slashing their rig fleets, or start drilling more wells to capture a partial recovery in prices. In a way, the conundrum is as old as the first oil well. If producers ...

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