Pioneer Natural sees 2014 production growth 14%-19% from continuing operations Pioneer Natural is forecasting 2014 annual production growth from continuing operations of 14% to 19% based on planned drilling capital expenditures of $3.0B. The company plans to increase its horizontal rig count from 5 rigs at YE 2013 to 16 rigs by end of Q1 in northern Spraberry/Wolfcamp. Pioneer is targeting 16%-21% compound annual production growth from continuing operations for 2014 to 2016 and expects production to more than double by 2018 compared to 2013. Comments from slides for Q4 earnings conference call.
Pioneer Natural affirms FY15 production growth forecast of at least 10% Pioneer is maintaining its full-year 2015 production growth forecast at 10%+. Although production growth in the Eagle Ford Shale is now forecasted to be nominal in 2015, production from the Spraberry/Wolfcamp is forecasted to grow by 22%-24% in 2015 compared to the 20%+ previously forecasted. The reduction in the Eagle Ford Shale growth rate is primarily due to the delays in placing wells on production and performance issues during the first half of 2015, while the increase in the Spraberry/Wolfcamp growth rate reflects the continuing strong performance of the horizontal drilling program, especially in Pioneer’s northern acreage.