![]() ![]() Similar to other shale oil operators, Pioneer has been migrating towards higher-intensity completions. Pioneer also provided encouraging comments with regard to its future completion optimization and cost reduction efforts which suggest that additional improvements can be expected and should lead to top-tier drilling returns. The company's well performance continues to surprise to the upside and was the driver behind the stock's strong upward move last week. ![]() While these strong results were in part driven by strong outspending, the highlight of Pioneer's operational update was the well results in the Midland Basin. Growth was particularly impressive on the oil side: oil production increased 9% sequentially. Oil was 55% of total production, also above the guidance. Pioneer Natural Resources (NYSE: NYSE: PXD) set a new production record of ~222,000 BoE/d during the first quarter, above the upper end of the guidance range of 216,000 BoE/d. Please read the disclaimer at the end of this article. Important note: This article is not an investment recommendation and should not to be relied upon when making investment decisions - investors should conduct their own comprehensive research. ![]()
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