Pioneer Natural Resources (PXD) reported earnings for the second quarter of 2010 and issued an operations update on its activities in the Eagle Ford Shale. The company has drilled and completed eight wells into the Eagle Ford Shale to date, and has brought five of the wells onto production. The other three wells are either waiting on completion or for the construction of infrastructure.
Pioneer Natural Resources has five rigs operating in the Eagle Ford Shale and will increase that to seven rigs by the end of 2010. Pioneer Natural Resources recently announced a joint venture with Reliance Industries on its acreage in the Eagle Ford Shale. The company has released the following drilling schedule on its acreage:
2010 – 26 wells through end of year.
2011 – 70 wells
2012 – 120 wells
2013 – 140 wells
Pioneer Natural Resources expects production to increase from 2,000 barrels oil equivalent (BOE) per day in 2010 to a range between 32,000 and 41,000 BOE per day by 2013.
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