The Company expects its 2023 drilling, completions, facilities and water infrastructure capital budget3 to range between $4.45 to $4.75 billion. Additionally, the Company expects its capital budget for exploration, environmental and other capital to range between $150 million to $200 million, principally related to drilling four Barnett/Woodford formation wells in the Midland Basin, additional testing of the Company’s enhanced oil recovery project and adding electric power infrastructure for future drilling, completions and production operations. Pioneer expects its capital program to be fully funded from 2023 cash flow6, which is projected to be approximately $9 billion. During 2023, the Company plans to operate an average of 24 to 26 horizontal drilling rigs in the Midland Basin, including a three-rig average program in the southern Midland Basin joint venture area. The 2023 capital program is expected to place 500 to 530 wells on production. Pioneer expects 2023 oil production of 357 to 372 MBOPD and total production of 670 to 700 MBOEPD.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on PXD:
- Goldman Sachs Likes These 2 Top Dividend Stocks Yielding as High as 10%
- Pioneer Natural price target raised to $278 from $266 at Susquehanna
- Pioneer Natural price target lowered to $319 from $322 at Piper Sandler
- Pioneer Natural initiated with a Neutral at UBS
- COWZ ETF: A Cash Cow for Your Portfolio
