Pioneer Natural Resources Backs Off Its Overly Aggressive 2026 Production Target
With Scott Sheffield returning as CEO, Pioneer Natural Resources has backed off its explicit goal to push total production to more than 1 million barrels per day of oil equivalent by 2026. Sheffield believes that Pioneer will deliver 1 million boe/d "over the next several years," but 1 million is no longer a focus for the company. This is not all that surprising. We had believed that Pioneer would fall well short of this ambitious target. With other Permian producers also looking to aggressively...Pioneer Natural Resources is a holding company. Through its subsidiaries, the company is engaged in oil and gas exploration and production. The company explores for, develops and produces oil, Natural Gas Liquids and gas within the United States, with operations in the Permian Basin in West Texas. The company's portfolio of resources are located in the Spraberry/Wolfcamp oil field.
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