Type | Public company |
---|---|
NYSE: PXD S&P 500 component | |
Industry | Petroleum industry |
Founded | 1997 |
Headquarters | Irving, Texas |
Key people | Scott D. Sheffield, President & CEO Richard P. Dealy, CFO |
Products | Petroleum Natural gas Natural-gas condensate |
Production output | 617 thousand barrels of oil equivalent (3,770,000 GJ) per day (2022) |
Revenue | $24.294 billion (2022) |
$7.845 billion (2022) | |
Total assets | $35.740 billion (2022) |
Total equity | $22.541 billion (2022) |
Number of employees | 2,076 (2022) |
Website | pxd |
Footnotes / references [1] |
Pioneer Natural Resources Company, headquartered in Irving, Texas, is engaged in hydrocarbon exploration. It operates in the Cline Shale, which is part of the Spraberry Trend of the Permian Basin, where the company is the largest acreage holder.[1][2][3] Pioneer is presently undergoing an acquisition by ExxonMobil, which in October 2023 agreed to acquire the company in the largest merger in the energy industry in 20 years; closing is expected in the first half of 2024.[4][5]
The company is ranked 164th on the Fortune 500 .[6]
As of December 31, 2022, the company had 2.376 billion barrels of oil equivalent (1.454×1010 GJ) of proved reserves, of which 41% was petroleum, 23% was natural gas liquids, and 28% was natural gas. In 2022, the company produced 649 thousand barrels of oil equivalent (3,970,000 GJ) per day, of which 58% was petroleum, 23% was natural gas liquids, and 19% was natural gas.[1]
Pioneer Natural Resources was created in 1997 by the merger of Parker & Parsley Petroleum Company and MESA Inc., owned by T. Boone Pickens.[7]
In May 2016, CEO and chairman Scott D. Sheffield was succeeded by Timothy Dove. Sheffield returned to the roles in 2019 after Dove's retirement.[8][9]
Pioneer has been involved in many acquisitions in widely-publicized deals occasionally totaling to over one billion dollars. Examples include the 2004 acquisition of Evergreen Resources for $2.1 billion, the 2021 acquisitions of Parsley Energy for $4.5 billion and DoublePoint Energy for $6.4 billion, and the smaller acquisition of Carmuse Industrial Sands in 2012 for $297 million.[10][11][12][13]
# | Year | Acquisition / Divestiture | Buyer / Seller | Price | Description of Assets | Ref(s). |
---|---|---|---|---|---|---|
1 | 2004 | Acquisition | Evergreen Resources Inc. | $2.1 billion in cash and stock | Natural gas assets in Colorado | [14] |
2 | 2012 | Acquisition | Carmeuse Industrial Sands | $297 million | Producer of Hickory frac sand | [13] |
3 | 2013 | Divestiture | Sinochem Group | $1.7 billion | 40% interest in approximately 207,000 net acres (84,000 net hectares) leased in horizontal Wolfcamp Shale | [15] |
4 | 2013 | Divestiture | Caelus Energy Alaska | $550 million | Interests in Alaska. In 2002, Pioneer made discoveries in its offshore Oooguruk field, west of Prudhoe Bay, Alaska. In 2008, Pioneer became the first independent operator to produce oil on the Alaska North Slope. | [16][17] |
5 | 2014 | Divestiture | Linn Energy | $340 million | Non-producing assets in the Hugoton Basin | [18] |
6 | 2015 | Divestiture | Enterprise Products Partners | $2.15 billion | Midstream joint venture with Reliance Industries for assets in the Eagle Ford Group. JV was formed in 2010. | [19][20] |
7 | 2016 | Acquisition | Devon Energy | $3.35 billion | 28,000 acres in the Midland Basin | [21] |
8 | 2017 | Divestiture | Undisclosed | $266 million | 2,000 acres in Martin County, Texas | [22] |
9 | 2021 | Acquisition | Parsley Energy | $7 billion in stock | Assets in the Permian Basin | [12] |
10 | 2021 | Acquisition | DoublePoint Energy | $6.4 billion in cash and stock | Assets in the Midland Basin | [11] |
In April 2023, Pioneer itself became the subject of acquisitions when the energy giant ExxonMobil expressed interest in acquiring Pioneer. If the deal ultimately proceeds, ExxonMobil would become the largest producer of shale gas in the Permian Basin, incentivizing further consolidation of the shale gas industry in the United States. Upon the news breaking, other shale gas firms, such as Diamondback Energy and Devon Energy experienced surges in their stock price.[23]
ExxonMobil announced their intent to acquire Pioneer in a all-stock deal for $59.5 billion on October 11, 2023.[24] The deal would be the largest in the energy industry in nearly 20 years.[25]
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Original source: https://en.wikipedia.org/wiki/Pioneer Natural Resources.
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