After an early focus on international exploration, Pioneer made a strategic re-positioning towards solely developing its legacy acreage in the Gulf Coast and Midland basins which were prospective to the Eagle Ford and Wofcamp shale plays. Through numerous assets and acreage relinquishments it divested its international portfolio. Pioneer's strategy allowed it to add 5 billion boe of new field reserves over the last ten years, almost all of it from its US unconventionals position. The company's core strengths of balance sheet management, proactive hedging and operational expertise continue to drive operational and financial outperformance. This, and the largest acreage position in the northern Wolfcamp, one of the most sought after plays in the with low breakevens and scalability, make Pioneer one of the best positioned companies to weather the oil price downturn and take advantage of an oil price recovery.
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Affected by supply and demand, the economy of individual countries and technological breakthroughs, oil and gas exploration is an industry in constant motion. The high costs of finding and developing new oil and gas fields that can be commercially developed has created a challenging atmosphere, with explorers increasingly seeing low returns, low value and slow progress.
This Exploration Summary report quantifies the company's exploration volume and value performance over the past 10 years, and reviews its outlook for future success.
Businesses can use this report to get a detailed analysis of this company, what exploration areas they're involved in, what wells to watch and how well placed they are. It will help you understand company performance and shows how the best explorers have achieved their success.
Wood Mackenzie benchmarks exploration results for over 40 companies. Our analysts provide accurate information on the cost of exploration compared to the value of discoveries so that you can develop profitable strategies. We are the established global industry standard for oil and gas exploration performance.
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Company report | Nov 2016
Pioneer Natural Resources oil and gas exploration summary
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