Pioneer Natural Resources Will Benefit From Production Growth
- During the second quarter of 2014, Pioneer was able to beat its own production guidance primarily due to the successful increase of its horizontal drilling program.
- The company also plans to double the number of wells from 68 in the first half of 2014 to 125 wells in the second half of the current year.
- The increased operational efficiency coupled with management’s commitment to drill more wells means the company has revised the lower side of its production guidance.
- Given the fact that the company has also allocated 63 percent of its $3 billion capital budget to its horizontal drilling program.
- In addition, the company stands to benefit from the recent export approval by the U.S. Department of Commerce.