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Pioneer Natural Resources

Topic: Company

 From HandWiki - Reading time: 5 min
Short description: American energy company
Pioneer Natural Resources Company
TypePublic company
NYSE: PXD
S&P 500 component
IndustryPetroleum industry
Founded1997; 27 years ago (1997)
HeadquartersIrving, Texas
Key people
 Scott D. Sheffield, President & CEO
Richard P. Dealy, CFO
ProductsPetroleum
Natural gas
Natural-gas condensate
Production output
617 thousand barrels of oil equivalent (3,770,000 GJ) per day (2022)
RevenueIncrease $24.294 billion (2022)
Increase $7.845 billion (2022)
Total assetsDecrease $35.740 billion (2022)
Total equityDecrease $22.541 billion (2022)
Number of employees
2,076 (2022)
Websitepxd.com
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]

History

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]

Divestitures and acquisitions

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]

Acquisition by ExxonMobil

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]

References

  1. ↑ 1.0 1.1 1.2 "Pioneer Natural Resources Company 2022 Form 10-K Annual Report". U.S. Securities and Exchange Commission. https://www.sec.gov/ix?doc=/Archives/edgar/data/0001038357/000103835723000039/pxd-20221231.htm. 
  2. ↑ "Wolfcamp shale graduates to 'world class' play". Oil & Gas Journal. August 12, 2013. https://www.ogj.com/articles/uogr/print/volume-1/issue-3/urtec-wolfcamp/wolfcamp-shale-graduates-to-world-class-play.html. 
  3. ↑ "Midland Basin Map". United States Geological Survey. November 15, 2016. https://www.usgs.gov/media/images/midland-basin-map. 
  4. ↑ "Exxon Mobil to buy Pioneer Natural for $59.5 billion, doubling down on fossil fuels as energy prices surge". PBS NewsHour. October 11, 2023. https://www.pbs.org/newshour/nation/exxon-mobil-to-buy-pioneer-natural-for-59-5-billion-doubling-down-on-fossil-fuels-as-energy-prices-surge. 
  5. ↑ Eaton, Collin; Morenne, Benoît (October 11, 2023). "Exxon to Buy Pioneer in $60 Billion Deal to Create Shale Giant". The Wall Street Journal. https://www.wsj.com/business/energy-oil/exxon-buys-pioneer-in-60-billion-deal-to-create-shale-giant-207c168b. 
  6. ↑ "Pioneer Natural Resources". Fortune. https://fortune.com/company/pioneer-natural-resources/fortune500/. 
  7. ↑ Cropper, Carol Marie (April 8, 1997). "Mesa Is to Merge With Parker & Parsley". The New York Times. https://www.nytimes.com/1997/04/08/business/mesa-is-to-merge-with-parker-parsley.html. 
  8. ↑ "Pioneer Natural Resources Company Chairman and CEO Scott D. Sheffield to Retire; Timothy L. Dove Named Successor" (Press release). Business Wire. May 19, 2016. External link in |publisher= (help)
  9. ↑ "Pioneer Natural Resources CEO to retire". American City Business Journals. February 22, 2019. https://www.bizjournals.com/dallas/news/2019/02/22/pioneer-natural-resources-ceo-to-retire.html. 
  10. ↑ "Pioneer and Evergreen Announce $2.1 Billion Merger" (Press release). Business Wire. May 4, 2004. External link in |publisher= (help)
  11. ↑ 11.0 11.1 "Pioneer Natural Resources Announces Bolt-On Acquisition of DoublePoint Energy in the Midland Basin" (Press release). Business Wire. April 1, 2021. External link in |publisher= (help)
  12. ↑ 12.0 12.1 "Pioneer Natural Resources Completes Acquisition of Parsley Energy Following Stockholder Approvals" (Press release). Business Wire. January 12, 2021. External link in |publisher= (help)
  13. ↑ 13.0 13.1 "Pioneer Natural Resources Announces Closing of Carmeuse Industrial Sands Acquisition" (Press release). Business Wire. April 2, 2012. External link in |publisher= (help)
  14. ↑ "Pioneer and Evergreen in $2.1 Billion Energy Merger". TheStreet.com. May 4, 2004. https://www.thestreet.com/investing/stocks/pioneer-and-evergreen-in-21-billion-energy-merger-10158190. 
  15. ↑ "Pioneer Natural Resources Announces Closing of $1.7 Billion Horizontal Wolfcamp Shale Transaction with Sinochem" (Press release). Business Wire. May 31, 2013. External link in |publisher= (help)
  16. ↑ "Pioneer Natural Resources Announces Sale of Alaska Subsidiary to Caelus Energy Alaska for $550 Million" (Press release). Business Wire. October 25, 2013. External link in |publisher= (help)
  17. ↑ "Pioneer sells Alaska holdings for $550M". Alaska Journal of Commerce. October 25, 2013. https://www.alaskajournal.com/business-and-finance/2013-10-25/pioneer-sells-alaska-holdings-550m. 
  18. ↑ "LINN Energy Announces $340 Million Acquisition From Pioneer Natural Resources" (Press release). GlobeNewswire. August 4, 2014.
  19. ↑ "Pioneer Natural Resources Announces $1.15 Billion Eagle Ford Shale Joint Venture with Reliance Industries" (Press release). June 24, 2010.
  20. ↑ "Pioneer Natural Resources Announces Sale of Eagle Ford Shale Midstream Business for $2.15 Billion" (Press release). Business Wire. June 1, 2015. External link in |publisher= (help)
  21. ↑ "Pioneer Natural Resources Company to Acquire Approximately 28,000 Midland Basin Acres for $435 Million and to Add 5 Horizontal Rigs During the Second Half of 2016" (Press release). Business Wire. June 15, 2016. External link in |publisher= (help)
  22. ↑ "Pioneer Natural Resources Company Announces Sale of Northeastern Martin County Acreage for $266 Million" (Press release). Business Wire. March 15, 2017. External link in |publisher= (help)
  23. ↑ "Shale Firms Jump on Report of Exxon’s Interest in Pioneer" (in en-US). https://finance.yahoo.com/news/shale-oil-drillers-jump-report-172018819.html. 
  24. ↑ "Exxon Mobil to buy Pioneer Natural for $59.5 billion, doubling down on fossil fuels as energy prices surge" (in en-us). 2023-10-11. https://www.pbs.org/newshour/nation/exxon-mobil-to-buy-pioneer-natural-for-59-5-billion-doubling-down-on-fossil-fuels-as-energy-prices-surge. 
  25. ↑ Morenne, Collin Eaton and Benoît. "Exxon to Buy Pioneer in $60 Billion Deal to Create Shale Giant" (in en-US). https://www.wsj.com/business/energy-oil/exxon-buys-pioneer-in-60-billion-deal-to-create-shale-giant-207c168b. 

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