Pioneer’s Low-Cost Permian Assets Support a Narrow Moat
We have refreshed the fair value estimates for our upstream oil and gas coverage after incorporating meaningfully weaker crude prices. To be clear, there is no change in our midcycle price forecasts--$55 per barrel and $60 per barrel for West Texas Intermediate and Brent, respectively. But after the recent slump, we are factoring in lower prices in the near term, and that alone is enough to dampen valuations across the sector.WTI crude closed at $46 on Dec. 18, extending a rout that has now wip...
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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