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14 Pages

Pioneer Natural Resources oil and gas exploration summary

Pioneer Natural Resources oil and gas exploration summary

Report summary

At the start of our study period, Pioneer was an international explorer with operations in Argentina, Canada, Equatorial Guinea, Gabon, South Africa, Tunisia, Alaska, US Gulf of Mexico and onshore Lower 48. However, after discovering its legacy acreage in the Gulfcoast and Midland basins were prospective to the Eagle Ford and Wofcamp shale plays, Pioneer shifted its focus toward developing these two assets. Throughout the period, regardless of its asset base, Pioneer placed a heavy emphasis on attracting and developing skilled geo-science staff. Horizontal drilling will drive reserve additions in the Permian region. In the northern Midland Basin, the Wolfcamp B bench is the primary target, but Pioneer is also testing horizontal drilling in the Jo Mill shale, Middle and Lower Spraberry intervals as well as the Wolfcamp A and D benches. We expect Pioneer to drill over 130 net wells in the Permian region during 2015, spending close to US$1 billion.

What's included?

This report includes 2 file(s)

  • Pioneer Natural Resources oil and gas exploration summary PDF - 874.67 KB 14 Pages, 6 Tables, 18 Figures
  • Pioneer Natural Resources.xls XLS - 514.00 KB


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.

  • Executive summary
  • Strategy
    • Upstream strategy and exploration outlook
    • Evolution of exploration strategy
  • Investment and costs
  • Exploration
    • Well data
  • Reserves and resources
    • Scope of this report
  • Production
  • Valuation
    • A late entry in the Barnett disappoints
    • Serendipitous tight oil positions lead to world class value creation
      • Eagle Ford
      • Wolfcamp
      • Conventional asset sales create marginal value and fund unconventional exploration

In this report there are 24 tables or charts, including:

  • Executive summary
    • Basins drilled and major discoveries 2005-2014
    • Ten year performance summary
  • Strategy
    • Strategy: Table 1
  • Investment and costs
    • Exploration & appraisal spend and reinvestment
    • Exploration & appraisal spend by water depth
    • Exploration & appraisal spend by basin maturity
    • Discovery costs by water depth
  • Exploration
    • Gross exploration & appraisal wells by basin and sector
    • Exploration wells drilled and spend per well
    • Exploration success rates
  • Reserves and resources
    • Top discoveries (2005 to 2014)
    • Key organic unconventional plays
    • Volumes discovered by year
    • Volumes discovered by water depth
    • Volumes discovered by country
    • Volumes discovered by basin
  • Production
    • Production from new field discoveries, organic unconventionals
  • Valuation
    • Full-cycle economics
    • Full cycle value creation by year (conventional only)
    • Full cycle value creation by year, with uncons & DROs
    • Exploration returns by year (conventional only)
    • Exploration returns by year, with uncons
    • Value creation by reserve category
    • Value creation by water depth
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