Pioneer Pure plans to hike properly productiveness to high 2021 ranges (NYSE:PXD)

Pioneer Pure Assets (NYSE:PXD) mentioned Friday it’ll search to raise productiveness ranges in 2023 by reshuffling its drilling portfolio to focus on wells with probably greater returns, in line with Reuters.

Pioneer (PXD) plans to run 24-26 drilling rigs, up from 22-24 this yr, and as much as seven hydraulic fracturing crews from six at the moment, executives mentioned on the corporate’s earnings convention name.

“Productiveness got here in rather less than we anticipated, and we needed to rectify that,” Pioneer (PXD) President Richard Dealy mentioned, referring to a 9% Y/Y drop in Q3 oil manufacturing to 354K bbl/day, which the corporate mentioned was on the higher finish of its forecast for 345K-360K bbl/day.

Beneath the brand new drilling program, Pioneer’s properly productiveness – the quantity of oil it receives per properly – would exceed 2021 ranges, as the corporate goals to ease latest considerations about deteriorating properly productiveness.

For This autumn, Pioneer (PXD) guided for manufacturing of 655K-680K boe/day, with oil output of 346.5K-361.5K bbl/day.

For the total yr, the corporate nonetheless sees whole manufacturing of 623K-648K boe/day, together with oil output of 350K-365K bbl/day, with capital spending within the $3.6B-$3.8B vary.

Pioneer (PXD) shares -2.3% on Friday after reporting Q3 outcomes that included higher than anticipated adjusted earnings and revenues that rose 36% Y/Y however missed expectations.

Pioneer Pure Assets’ (PXD) inventory value return exhibits a 49% YTD achieve and a 50% enhance in the course of the previous yr.