Pioneer Natural Resources

Last updated
Pioneer Natural Resources Company
Type Public company
NYSE:  PXD
S&P 500 component
Industry Petroleum industry
Founded1997;26 years ago (1997)
Headquarters Irving, Texas
Key people
 Scott D. Sheffield, President & CEO
Richard P. Dealy, CFO
Products Petroleum
Natural gas
Natural-gas condensate
Production output
617 thousand barrels of oil equivalent (3,770,000 GJ) per day (2021)
RevenueIncrease2.svg $14.643 billion (2021)
Increase2.svg $2.118 billion (2021)
Total assets Increase2.svg $36.811 billion (2021)
Total equity Increase2.svg $22.837 billion (2021)
Number of employees
1,932 (2021)
Website pxd.com
Footnotes /references
[1]

Pioneer Natural Resources Company is an American company engaged in hydrocarbon exploration headquartered in Irving, Texas. It operates in the Cline Shale, which is part of the Spraberry Trend of the Permian Basin, where the company is the largest acreage holder. [1] [2] [3] The company, as of October 11, is presently undergoing an acqusition by ExxonMobil, which announced on October 11, 2023, that it would acquire Pioneer in a $60 billion all-stock deal.

Contents

The company is ranked 248th on the Fortune 500. [4]

As of December 31, 2021, the company had 2.222  billion barrels of oil equivalent (1.359×1010 GJ) of proved reserves, of which 44% was petroleum, 30% was natural gas liquids, and 16% was natural gas. In 2021, the company produced 617 thousand barrels of oil equivalent (3,770,000 GJ) per day, of which 61% was petroleum, 23% was natural gas liquids, and 19% was natural gas. [1]

History

Pioneer Natural Resources was created in 1997 by the merger of Parker & Parsley Petroleum Company and MESA Inc., owned by T. Boone Pickens. [5]

In 2002, Pioneer made discoveries in its offshore Oooguruk field, west of Prudhoe Bay, Alaska. In 2008, Pioneer became the first independent operator to produce oil on the Alaska North Slope. These holdings were sold for $550 million in 2013. [6]

In June 2010, the company announced a $1.15 billion midstream joint venture with Reliance Industries for assets in the Eagle Ford Group. [7] The business was sold to Enterprise Products Partners for $2.15 billion in 2015. [8]

In May 2013, the company sold a 40% interest in approximately 207,000 net acres (84,000 net hectares) leased in horizontal Wolfcamp Shale to Sinochem Petroleum USA LLC, a subsidiary of Sinochem Group, for $1.7 billion. [9]

In October 2013, the company sold its interests in Alaska to Caelus Energy Alaska for $550 million. [10]

In 2014, the company sold non-producing assets in the Hugoton Basin to Linn Energy for $340 million. [11]

In May 2016, CEO and chairman Scott D. Sheffield retired and was succeeded by Timothy Dove. Sheffield would return to the role in 2019 after Dove's retirement. [12] [13] [14]

In June 2016, the company acquired 28,000 acres in the Midland Basin for $435 million. [15]

In March 2017, the company sold 2,000 acres in Martin County, Texas for $266 million. [16]

Acquisitions

By Pioneer

Pioneer has been involved in many acquisitions in widely-publicized deals occasionally totaling to over one billion dollars. Examples include the 2004 acquisition of Evergreen Resources for $2.1 billion, the 2021 acquisitions of Parsley Energy for $4.5 billion and DoublePoint Energy for $6.4 billion, and the smaller acquisition of Carmuse Industrial Sands in 2012 for $297 million. [17] [18] [19] [20]

In April 2023, Pioneer itself became the subject of acquisitions when the energy giant ExxonMobil expressed interest in acquiring Pioneer. If the deal ultimately proceeds, ExxonMobil would become the largest producer of shale gas in the Permian Basin, incentivizing further consolidation of the shale gas industry in the United States. Upon the news breaking, other shale gas firms, such as Diamondback Energy and Devon Energy experienced surges in their stock price. [21]

Acquisition of Pioneer by ExxonMobil

In October 2023, ExxonMobil announced their intent to acquire Pioneer in a all-stock deal for $59.5 billion. [22] The deal would be the largest in the energy industry in nearly 20 years. [23]

Related Research Articles

ConocoPhillips Company is an American multinational corporation engaged in hydrocarbon exploration and production. It is based in the Energy Corridor district of Houston, Texas.

<span class="mw-page-title-main">Ovintiv</span> American energy company

Ovintiv Inc. is an American independent petroleum company. The company was formed in 2020 through a restructuring of its Canadian predecessor, Encana. Ovintiv is incorporated in Delaware and headquartered in Denver, Colorado.

<span class="mw-page-title-main">Devon Energy</span> American energy company

Devon Energy Corporation is an energy company engaged in hydrocarbon exploration in the United States. It is organized in Delaware and its corporate operative headquarters are in the 50-story Devon Energy Center in Oklahoma City, Oklahoma. Its primary operations are in the Barnett Shale STACK formation in Oklahoma, Delaware Basin, Eagle Ford Group, and the Rocky Mountains.

<span class="mw-page-title-main">Anadarko Petroleum</span> American energy company

Anadarko Petroleum Corporation was a company engaged in hydrocarbon exploration. It was organized in Delaware and headquartered in two skyscrapers in The Woodlands, Texas: the Allison Tower and the Hackett Tower, both named after former CEOs of the company. In 2019, the company was acquired by Occidental Petroleum.

<span class="mw-page-title-main">APA Corporation</span> American energy company

APA Corporation is the holding company for Apache Corporation, an American company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Houston. The company is ranked 431st on the Fortune 500.

Energen Corporation was a company engaged in hydrocarbon exploration. In 2018, the company was acquired by Diamondback Energy.

<span class="mw-page-title-main">EOG Resources</span> American energy company engaged in hydrocarbon exploration

EOG Resources, Inc. is an American energy company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in the Heritage Plaza building in Houston, Texas.

<span class="mw-page-title-main">EQT Corporation</span> American energy company

EQT Corporation is an American energy company engaged in hydrocarbon exploration and pipeline transport. It is headquartered in EQT Plaza in Pittsburgh, Pennsylvania.

<span class="mw-page-title-main">XTO Energy</span> American energy company, principally operating in North America

XTO Energy Inc. is an American energy company and subsidiary of ExxonMobil principally operating in North America. Acquired by ExxonMobil in 2010 and based out of Spring, Texas, it is involved with the production, processing, transportation, and development of oil and natural gas resources. The company specializes in developing shale gas via unconventional means like hydraulic fracturing and horizontal drilling.

Noble Energy, Inc. was a company engaged in hydrocarbon exploration headquartered in Houston, Texas. In October 2020, the company was acquired by Chevron Corporation.

<span class="mw-page-title-main">Plains Exploration & Production</span> Defunct energy company in Houston, Texas

Plains Exploration & Production was a petroleum and natural gas exploration company based in Houston, Texas. In May 2013, it was acquired by Freeport-McMoRan.

<span class="mw-page-title-main">Southwestern Energy</span> Energy Company

Southwestern Energy is a natural gas exploration and production company organized in Delaware and headquartered in Spring, Texas. The company is ranked 893rd on the Fortune 500.

Denbury Inc. is a company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Plano, Texas.

As of 2013 the Cline Shale, also referred to as the "Wolfcamp/Cline Shale", the "Lower Wolfcamp Shale", or the "Spraberry-Wolfcamp shale", or even the "Wolfberry", is a promising Pennsylvanian oil play east of Midland, Texas which underlies ten counties: Fisher, Nolan, Sterling, Coke, Glasscock, Tom Green, Howard, Mitchell, Borden and Scurry counties. Exploitation is projected to rely on hydraulic fracturing.

an organic rich shale, with Total Organic Content (TOC) of 1-8%, with silt and sand beds mixed in. It lies in a broad shelf, with minimal relief and has nice light oil of 38-42 gravity with excellent porosity of 6-12% in thickness varying 200 to 550 feet thick.

Laredo Petroleum, Inc. is an American company engaged in hydrocarbon exploration incorporated in Delaware with its principal operational headquarters located in Tulsa, Oklahoma.

SM Energy Company is a company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Denver, Colorado.

WPX Energy, Inc. was a company engaged in hydrocarbon exploration. It was organized in Delaware and headquartered in Tulsa, Oklahoma. In 2021, the company merged with Devon Energy.

<span class="mw-page-title-main">Whiting Petroleum</span> American Energy Production Company

Whiting Petroleum Corporation was a company engaged in hydrocarbon exploration primarily in the Bakken Formation and Three Forks Shale. It was organized in Delaware with its operational headquarters in Denver, Colorado.

Concho Resources Inc. was a company engaged in hydrocarbon exploration, incorporated and organized in Delaware and headquartered in Midland, Texas, with operations exclusively in the Permian Basin. In 2021, the company was acquired by ConocoPhillips.

<span class="mw-page-title-main">Diamondback Energy</span> U.S. energy company

Diamondback Energy is a company engaged in hydrocarbon exploration headquartered in Midland, Texas.

References

  1. 1 2 3 "Pioneer Natural Resources Company 2021 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ↑ "Wolfcamp shale graduates to 'world class' play". Oil & Gas Journal . August 12, 2013.
  3. ↑ "Midland Basin Map". United States Geological Survey. November 15, 2016.
  4. ↑ "Pioneer Natural Resources". Fortune.
  5. ↑ Cropper, Carol Marie (April 8, 1997). "Mesa Is to Merge With Parker & Parsley". The New York Times .
  6. ↑ "Pioneer sells Alaska holdings for $550M". Alaska Journal of Commerce . October 25, 2013.
  7. ↑ "Pioneer Natural Resources Announces $1.15 Billion Eagle Ford Shale Joint Venture with Reliance Industries" (Press release). June 24, 2010.
  8. ↑ "Pioneer Natural Resources Announces Sale of Eagle Ford Shale Midstream Business for $2.15 Billion" (Press release). Business Wire. June 1, 2015.
  9. ↑ "Pioneer Natural Resources Announces Closing of $1.7 Billion Horizontal Wolfcamp Shale Transaction with Sinochem" (Press release). Business Wire. May 31, 2013.
  10. ↑ "Pioneer Natural Resources Announces Sale of Alaska Subsidiary to Caelus Energy Alaska for $550 Million" (Press release). Business Wire. October 25, 2013.
  11. ↑ "LINN Energy Announces $340 Million Acquisition From Pioneer Natural Resources" (Press release). GlobeNewswire. August 4, 2014.
  12. ↑ "Pioneer Natural Resources Company Chairman and CEO Scott D. Sheffield to Retire; Timothy L. Dove Named Successor" (Press release). Business Wire. May 19, 2016.
  13. ↑ "Pioneer Natural Resources CEO to retire". American City Business Journals . February 22, 2019.
  14. ↑ "Scott D. Sheffield | Pioneer". www.pxd.com. Retrieved 2023-04-10.
  15. ↑ "Pioneer Natural Resources Company to Acquire Approximately 28,000 Midland Basin Acres for $435 Million and to Add 5 Horizontal Rigs During the Second Half of 2016" (Press release). Business Wire. June 15, 2016.
  16. ↑ "Pioneer Natural Resources Company Announces Sale of Northeastern Martin County Acreage for $266 Million" (Press release). Business Wire. March 15, 2017.
  17. ↑ "Pioneer and Evergreen Announce $2.1 Billion Merger" (Press release). Business Wire. May 4, 2004.
  18. ↑ "Pioneer Natural Resources Announces Bolt-On Acquisition of DoublePoint Energy in the Midland Basin" (Press release). Business Wire. April 1, 2021.
  19. ↑ "Pioneer Natural Resources Completes Acquisition of Parsley Energy Following Stockholder Approvals" (Press release). Business Wire. January 12, 2021.
  20. ↑ "Pioneer Natural Resources Announces Closing of Carmeuse Industrial Sands Acquisition" (Press release). Business Wire. April 2, 2012.
  21. ↑ "Shale Firms Jump on Report of Exxon's Interest in Pioneer". Yahoo Finance. Retrieved 2023-04-10.
  22. ↑ "Exxon Mobil to buy Pioneer Natural for $59.5 billion, doubling down on fossil fuels as energy prices surge". PBS NewsHour. 2023-10-11. Retrieved 2023-10-11.
  23. ↑ Morenne, Collin Eaton and Benoît. "Exxon to Buy Pioneer in $60 Billion Deal to Create Shale Giant". WSJ. Retrieved 2023-10-11.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.