PNR reports $3.3 billion capex plan for 2014

02/17/2014
Pioneer Natural Resources Co. (PNR), Dallas, reported capital expenditure plans of $3.3 billion for 2014, $2.2 billion of which will be used to target the northern Spraberry-Wolfcamp area in the Midland basin of West Texas. The company expects production growth from continuing operations to reach 14-19%/year from 2013 to 2014 based on planned drilling capital expenditures of $3 billion. The company is targeting compound production growth from continuing operations of 16-21%/year for 2014-16 and expecting to more than double production by 2018 compared with 2013. Overall for 2013, the company produced 161 million boe/d, an increase of 12% compared with 2012. PNR attributes the rise to a 35...
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