Pioneer Natural Resources is a large, Texas-based independent exploration and production company delivering industry-leading production and reserve growth through onshore, unconventional, oil and gas resource development in the United States.

With a track record of strong execution and prudent growth, Pioneer is focused on developing two oil-rich shale plays in Texas: the Spraberry/Wolfcamp in the Permian Basin and the Eagle Ford Shale in the southern part of the state. Pioneer are the largest producer in the Spraberry/Wolfcamp and a top operator in the Eagle Ford Shale. 

History
Pioneer Natural Resources Company was formed through the 1997 merger of Parker & Parsley Petroleum Company and MESA Inc. Built on the strategy of acquiring and exploiting proved properties, these companies had established significant operated interests in quality long-lived fields. 

In September 2004, Pioneer merged with Evergreen Resources, Inc., creating a new core area in the Rocky Mountains that enhances Pioneer's strong foundation in North America. 

2019 Outlook

The Company expects its 2019 Permian drilling, completions and facilities capital budget to range between $2.8 billion to $3.1 billion and be fully funded within expected operating cash flow, based on current commodity prices. Including capital of $300 million related to Pioneer’s unique Permian investments in gas processing facilities and water infrastructure, the total capital program4 is expected to range between $3.1 billion to $3.4 billion. 

The Company plans to operate an average of 21 to 23 horizontal rigs in the Permian Basin during 2019, including approximately five rigs in the southern joint venture area. This program is expected to place 265 to 290 wells on production, compared to 270 wells placed on production during 2018. The average lateral length planned for 2019 is approximately 9,800 feet, with an average estimated ultimate recovery (EUR) of approximately 1.6 MMBOE per well. 

This activity level is projected to deliver 2019 Permian production of 320 to 335 MBOEPD and 203 to 213 MBOPD, representing approximately 12% to 17% growth over 2018 production levels. The Company expects 2019 forecasted operational cash flow of $3.2 billion5, based on current commodity prices.

Proved Reserves

The Company added proved reserves totaling 302 million barrels of oil equivalent (MMBOE) during 2019. These proved reserve additions equate to a drillbit reserve replacement ratio of 235% when compared to Pioneer's full-year 2019 production of 128 MMBOE, including field fuel. The drillbit finding and development (F&D) cost was $9.76 per BOE in 2019, with a drillbit proved developed F&D costs of $9.49 per BOE.

As of December 31, 2019, the Company's total proved reserves were estimated at 1,136 MMBOE, of which 95% are proved developed.

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