Pioneer Natural Resources oil and gas exploration summary
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 over 6 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 in the Permian.