Seeking Alpha

Pioneer Natural +3.1% premarket as investors like Permian results

  • Pioneer Natural Resources' (PXD) Q3 oil production of 173K boe/day broke records but fell shy of projections, due to increased pad drilling activity which delayed its own wells from going online.
  • But investors remain excited about the acreage PXD holds in the Permian Basin's Spraberry and Wolfcamp shales, where PXD drilled a record-breaking shale well that produced 3,156 boe/day in a 24-hour period.
  • PXD believes production in the Spraberry/Wolfcamp will grow 21%-22% up to 81K bbl/day; it plans to drill another 34 wells.
  • Citigroup raises its price target for PXD shares to $260 from $190, citing the solid Permian results; Capitol One calls the results "beyond impressive."
  • Shares +3.1% premarket.
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