Pioneer Natural shuts production at West Panhandle field after fire

|About: Pioneer Natural Resources C... (PXD)|By:, SA News Editor

Pioneer Natural Resources (NYSE:PXD) says it shut in production in at its West Panhandle field in Texas due to a fire at a compression station that caused extensive damage to the facility.

PXD says production from West Panhandle averages ~8K boe/day, and it expects several idle compressors can be utilized to reinitiate production from the field in late March or early April at 80%-90% of prior levels.

PXD expects the interruption to hurt Q1 production by ~2K boe/day, but still forecasts total production in the quarter within previously announced guidance of 304K-314K boe/day and Permian Basin production within earlier guidance of 252K-260K boe/day.

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