Pioneer Natural Resources Company Announces Production Shut In at West Panhandle Field Due to Compression Station Incident
March 13 2018 - 4:05PM
Business Wire
Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer”
or “the Company”) today announced that a fire occurred at a
compressor station on March 6 in Pioneer’s West Panhandle field in
the panhandle region of Texas. There were no injuries associated
with the incident and the fire was contained within the compressor
station.
The fire resulted in extensive damage to the facility. As a
result, production from the West Panhandle field, which averages
approximately 8 thousand barrels oil equivalent per day (MBOEPD),
had to be shut in. West Panhandle production consists of
approximately 20% oil, 55% NGLs and 25% gas. The Company expects
that several idle compressors can be utilized to reinitiate
production from the field in late March or early April at
approximately 80% to 90% of prior levels.
The Company expects the West Panhandle field production
interruption to negatively impact first quarter 2018 production by
approximately 2 MBOEPD. Despite this impact, the Company continues
to expect total production in the first quarter of 2018 to be
within its previously announced guidance range of 304 MBOEPD to 314
MBOEPD. Permian Basin production for the first quarter also
continues to be forecasted within its previously announced guidance
range of 252 MBOEPD to 260 MBOEPD.
Pioneer is a large independent oil and gas exploration and
production company, headquartered in Dallas, Texas, with operations
in the United States. For more information, visit www.pxd.com.
Except for historical information contained herein, the
statements in this news release are forward-looking statements that
are made pursuant to the Safe Harbor Provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements and the business prospects of Pioneer are subject to a
number of risks and uncertainties that may cause Pioneer's actual
results in future periods to differ materially from the
forward-looking statements. These risks and uncertainties include,
among other things, volatility of commodity prices, product supply
and demand, competition, the ability to obtain environmental and
other permits and the timing thereof, other government regulation
or action, the ability to obtain approvals from third parties and
negotiate agreements with third parties on mutually acceptable
terms, litigation, the costs and results of drilling and
operations, availability of equipment, services, resources and
personnel required to perform the Company’s drilling and operating
activities, access to and availability of transportation,
processing, fractionation, refining and export facilities,
Pioneer’s ability to implement its business plans or complete its
development activities as scheduled, access to and cost of capital,
the financial strength of counterparties to Pioneer’s credit
facility, investment instruments and derivative contracts and
purchasers of Pioneer’s oil, natural gas liquids and gas
production, uncertainties about estimates of reserves and resource
potential, identification of drilling locations, the assumptions
underlying production forecasts, quality of technical data,
environmental and weather risks, cybersecurity risks, the risks
associated with the ownership and operation of the Company’s
industrial sand mining and oilfield services businesses and acts of
war or terrorism. These and other risks are described in the
Company's Annual Report on Form 10-K, Quarterly Reports on Form
10-Q and other filings with the Securities and Exchange Commission.
In addition, the Company may be subject to currently unforeseen
risks that may have a materially adverse impact on it. Accordingly,
no assurances can be given that the actual events and results will
not be materially different than the anticipated results described
in the forward-looking statements. Pioneer undertakes no duty to
publicly update these statements except as required by law.
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version on businesswire.com: http://www.businesswire.com/news/home/20180313006309/en/
Pioneer Natural ResourcesInvestorsFrank Hopkins,
972-969-4065orNeal Shah, 972-969-3900orTrey Muir, 972-969-3674orTom
Fitter, 972-969-1821orMedia and Public AffairsTadd Owens,
972-969-5760orRobert Bobo, 972-969-4020
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