Permian Pipeline Scarcity Forces Drillers to Leave Oil Wells Unfracked [Bloomberg Business News]
Pioneer Natural Resources Company (PXD)
Last pioneer natural resources company earnings: 2/19 04:07 pm
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Source: Bloomberg Business News
LISTEN TO ARTICLE 4:11 Pipeline bottlenecks in North America’s biggest oil field are so pervasive that drillers are quitting new wells at a record pace. And it’s about to get a lot worse. The vast pipe networks that haul crude from the Permian Basin are almost completely full thanks to a production boom in the oil-rich area of West Texas and New Mexico that rivals Saudi Arabia’s Ghawar field in massiveness. Explorers who’ve been drilling feverishly to cash in on an OPEC-driven price rally are now slamming on the brakes to let pipeline owners catch up. As a result, the number of Permian wells that were drilled but left unfinished surged to 3,203 last month, a 90 percent increase from a year earlier and the highest since the Energy Department began tracking them in 2013. Postponing fracking, the final stage of drilling, reduces the supply a company needs to ship to markets. The jump in unfinished wells is a harbinger of oil producers actual
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News
- Surging Earnings Estimates Signal Upside for Pioneer Natural Resources (PXD) Stock [Yahoo! Finance]Yahoo! Finance
- Pioneer Natural Resources (NYSE: PXD) had its price target raised by analysts at Stifel Nicolaus from $237.00 to $275.00. They now have a "hold" rating on the stock.MarketBeat
- Pioneer Natural Resources (NYSE: PXD) had its price target raised by analysts at Susquehanna from $246.00 to $278.00. They now have a "neutral" rating on the stock.MarketBeat
- Is Double Eagle IV the Most Coveted PE-backed Permian E&P Left? [Yahoo! Finance]Yahoo! Finance
- Pioneer Natural Resources (NYSE: PXD) is now covered by analysts at StockNews.com. They set a "hold" rating on the stock.MarketBeat
PXD
Earnings
- 2/22/24 - Miss
PXD
Sec Filings
- 4/24/24 - Form 8-K
- 4/1/24 - Form 4
- 3/28/24 - Form 4
- PXD's page on the SEC website