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Tag Archives: Pioneer Natural Resources

Pioneer CEO: Oil ‘will work at $60’

oil and money

Pioneer Natural Resources CEO Scott Sheffield expressed optimism for the Permian Basin Wednesday with plans to increase his company’s already dominant production by up to 21 percent next year even as the rig count declines amid lower oil prices. Further evidence of Sheffield’s bullishness lied in the $76 million regional headquarters Pioneer unveiled in Midland’s ClayDesta development. The more than ...

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Pioneer CEO says company here to stay

pump jack

Pioneer Natural Resources CEO Scott Sheffield cut the ceremonial ribbon with Modesta Williams on Wednesday, completing a three-year project to bring Pioneer into its custom-built regional headquarters in Midland. The $76 million project was built in 15 months. During that time, West Texas Intermediate sweet crude oil peaked at $106 a barrel in June and now rests around $74 a ...

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What $75 oil looks like

oil rig

The oil price plummet of the past several weeks brought with it projections of reduced activity in 2015, but oil producers tout confidence in the Permian Basin’s prospects even as they wait to see how low prices will drop and how long prices will stay down. By Friday, the benchmark West Texas Intermediate crude price was $75.92, more than a ...

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Oil prices push Pioneer out of Eagle Ford Shale assets

In light of falling oil prices, Pioneer Natural Resources has made the decision to sell off a pipeline in the Eagle Ford Shale in order to continue operating efforts in the Permian Basin. Dallas Business Journal reported that Pioneer CEO Scott Sheffield made the announcement during a conference call with investors. In addition to the pipeline, the company will also ...

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Wanted: More Ward County water

water

City of Odessa officials said they want to increase the amount of water that can be captured from the Ward County well field, even offering to pick up the tab for the project if needed. Speaking at the quarterly Colorado River Municipal Water District board meeting, Odessa Mayor David Turner said he wanted to increase the amount of water the ...

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27-year-old co-funds a $100M oil company

pump jack

27-year-old Mark Hiduke, is preparing to move into his new office on the 49th floor of the Chase Tower in downtown Dallas after co-funding a $100 million oil company. Hiduke, a Southern Methodist University graduate, used to work for Pioneer Natural Resources and had a front row seat to the company’s booming success in the oil industry.  As time went ...

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Cline Shale is the next big thing

pump jack

While the Permian Basin is known as the U.S.’ largest oil producer, operations seem to be shifting from the western side of the basin to the eastern side, and the shift has a lot of people preparing for another boom. The Cline Shale formation, also known as the Lower Wolfcamp or Wolfcamp D, is located on the eastern edge of ...

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Brent oil price the main factor in U.S. gasoline prices -EIA

WASHINGTON, Oct 30- U.S. gasoline prices are mainly set by global oil prices, a government report said on Thursday, a conclusion that should ease concerns among some lawmakers that lifting a crude oil export ban would mean pain at the pump for American motorists. In essence the report supported the notion that easing the export restriction, imposed by Congress in ...

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Pioneer sells Barnett shale for $155 million

Pioneer Natural Resources Co., based in Irving, Texas sold all of its Barnett shale in North Texas for $155 million to an undisclosed private company. Pioneer announced its plan to leave the Barnett shale during the fourth quarter of 2013.  With the sale of its Barnett assets, Pioneer is hoping to increase its portion of oil and NGL. The transaction ...

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