Pioneer Natural Res (NYSE:PXD)
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1 Year : From Dec 2017 to Dec 2018
By Austen Hufford
Pioneer Natural Resources Co. (PXD) said it had to shut down its West Panhandle field after a fire on March 6.
No injuries were reported and the fire was contained within the compressor station.
Still, it resulted in extensive damage to the facility and the field, which averages about 8,000 barrels oil equivalent per day, will be closed until late March or early April.
The company expects said that several idle compressors can be used to reinitiate production from the field at about 80% to 90% of prior levels. The field produces about 20% oil, 55% natural-gas liquids and 25% gas.
The production cut will negatively impact first quarter production by about 2 million BOE/D but the company continues to expect total production in the first quarter to be within its previously announced range of 304 million BOE/D to 314 million BOE/D.
Write to Austen Hufford at Austen.Hufford@wsj.com
(END) Dow Jones Newswires
March 13, 2018 16:43 ET (20:43 GMT)
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