- 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.