Pioneer Natural Resources, already big in Permian oil ...
Jun 16, 2016 2:19:31 GMT -6
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Post by Logan on Jun 16, 2016 2:19:31 GMT -6
Irving-based Pioneer Natural Resources, already big in Permian oil, just got bigger
Oil and gas companies -- and their customers -- who are wondering if the recent rise in crude oil prices will have an impact on Texas production got a clue Wednesday: Dallas-based Pioneer Natural Resources just announced it's buying 28,000 acres in the Permian basin.
The property belongs to Oklahoma City-based Devon Energy. Devon has been selling what the company calls "non-core assets" for the past year in an effort to strengthen its balance sheet.
Pioneer was one of the pioneers in developing shale oil and gas resources in West Texas. Last month, longtime CEO Scott Sheffield announced his plans to retire at the end of the year. Under his leadership, the company shifted its exploration most away from non-Texas fields and focused increasingly on the Permian.
Last month, Sheffield said he remained confident in the value of the Permian fields and said it would take $60 a barrel oil to see full production resume. Crude prices this week are bouncing a bit below $50 a barrel.
Read more; www.dallasnews.com/business/energy/20160615-irving-based-pioneer-natural-resources-already-big-in-permian-oil-just-got-bigger.ece
Oil and gas companies -- and their customers -- who are wondering if the recent rise in crude oil prices will have an impact on Texas production got a clue Wednesday: Dallas-based Pioneer Natural Resources just announced it's buying 28,000 acres in the Permian basin.
The property belongs to Oklahoma City-based Devon Energy. Devon has been selling what the company calls "non-core assets" for the past year in an effort to strengthen its balance sheet.
Pioneer was one of the pioneers in developing shale oil and gas resources in West Texas. Last month, longtime CEO Scott Sheffield announced his plans to retire at the end of the year. Under his leadership, the company shifted its exploration most away from non-Texas fields and focused increasingly on the Permian.
Last month, Sheffield said he remained confident in the value of the Permian fields and said it would take $60 a barrel oil to see full production resume. Crude prices this week are bouncing a bit below $50 a barrel.
Read more; www.dallasnews.com/business/energy/20160615-irving-based-pioneer-natural-resources-already-big-in-permian-oil-just-got-bigger.ece