Pioneer Natural Resources

Pioneer Natural Resources Co.

Type	Public
Traded as	NYSE: PXD S&P 500 Component
Industry	Oil & Gas
Founded	1997
Headquarters	Irving, Texas, U.S.
Key people	Scott D. Sheffield, Chairman and CEO
Production output	~182,000 barrels of oil equivalent per day from continuing operations (2014)
Revenue	$3.23 billion USD (2012)
Total assets	$14.9 billion USD (2014)
Number of employees	~4,000 (2014)
Website	www.pxd.com

Pioneer Natural Resources Co. is an Irving, Texas-based, large, independent oil and gas company. The company was created in 1997 by the merger of Parker & Parsley Petroleum Company and MESA Inc.^[1] In 2004, Pioneer Natural Resources merged with Evergreen Resources, Inc. The company has approximately 4,000 employees.^[2] It is a component of the S&P 500 stock market index.

Pioneer Natural Resources' main business is the exploration and production of oil, natural gas liquids, and gas reserves.

Operations

Pioneer Natural Resources is historically a Texas-based oil company. Pioneer is one of the most active drillers in Texas’ Spraberry/Wolfcamp oil field in the Permian Basin and the Eagle Ford Shale play in South Texas. It is also one of the largest natural gas operators in southeastern Colorado's coal bed methane-rich Raton Basin and in the gas field in the western part of the Texas Panhandle.

In April 2014 Pioneer closed the sale of its assets in Alaska’s Oooguruk oil field, where in 2008 Pioneer became the first independent operator to produce oil on the North Slope.

In June 2010, Pioneer Natural Resources announced a $1.15 billion Eagle Ford Shale joint venture with Reliance Industries.^[3]

In March 2012, Pioneer Natural Resources announced the $297 million acquisition of Carmeuse Industrial Sands, a silica sand manufacturer the company renamed Premier Silica.^[4]

In January 2013, Pioneer Resources announced its second venture with a foreign investor, a $1.7 billion agreement with Sinochem Petroleum USA LLC (a subsidiary of Sinochem Group) to sell a 40 percent interest in approximately 207,000 net acres (84,000 net hectares) leased in horizontal Wolfcamp Shale play. Pioneer will continue as the operator of the project.^[5]

References