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.
From other sites
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Hub
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs