Pioneer Natural Resources (PXD) held a conference call on October 27, 2010, to discuss the company’s financial results for the third quarter of 2010. The company made comments on its acreage that is prospective for the Eagle Ford Shale.
“The Eagle Ford Shale, I sort of look at it, it will have its heyday this quarter to the next quarter with strong production rates going into the fourth quarter with all of our CGPs coming on and going into 2011. We're already up to seven rigs now in Eagle Ford Shale, and will continue to have more rigs as we go into 2011 and 2012.”
“We were right in the middle of a significant ramp-up and that's continuing right on target in terms of the drilling and the completions and the implementation of our midstream build out. We currently have six wells producing. One of those new wells were just tide into one of our new central gas processing facilities on October 1, and we'll have other, in that same facility tied in shortly.”
“I think it's likely that we will accelerate drilling above the number of wells shown, but that will be announced only after we have our 2011 capital budget put in place. But suffice it to say the amount of drilling shown below is that which will preserve our leasehold going forward in the Eagle Ford Shale. As drilling accelerates and the midstream builds out, you can see the dramatic increase in production ramp as shown over the next several years. So we're right at the inflection point where Eagle Ford is going to start taking off.”
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