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Pioneer Natural Resources history
Pioneer Natural Resources company history timeline
In the fourth quarter Pioneer took a noncash write-down of $863 million on certain reserves, resulting in a loss of $890.7 million on revenues of $546 million in 1997.
Through a joint venture with state-owned Soeker Exploration & Production Pty, Ltd., in which Pioneer owned a 49 percent interest, the company made the Sable oil discovery in shallow water offshore South Africa in June 1998.
As prices continued to decline in 1998, to as low as $10 per barrel of oil, Pioneer reduced its 1998 capital budget from $600 million to $480 million, allocating $265 million to develop producing wells, $115 million for exploration, and $60 million in property acquisitions.
While revenues represented a 9 percent decline from 1998, these were derived from fewer working assets, as Pioneer had become a more streamlined company.
In the deepwater Gulf, a joint venture made the March 1999 Aconcagua discovery in a lease property known as Mississippi Canyon Block 35, in which Pioneer owned a 25 percent interest.
In 1999 the company closed offices in Houston and Oklahoma City, eliminating an additional 150 jobs.
The sale of property resulted in a profit for the third quarter of 1999, but Pioneer ended the year with a loss of $22.5 million on revenues of $644.6 million.
Exploration at the new property procured a discovery with the first well in the Al Sur de la Dorsal Block in February 2000.
Pioneer continued to improve its operating cash flow in 2000, selling shares of Prize Energy for $18.6 million in March 2000.
Oil and gas prices continued to rise during 2000, however, allowing Pioneer to improve its balance sheet without the bonds and to expand its holdings through incremental increases in existing interests.
During 2000, Pioneer became a profitable company.
At the end of fiscal 2000 Pioneer reported proved reserves of 87.2 Mbls of oil and natural gas liquids and 419.6 billion cubic feet of natural gas.
In 2001 Argentina acquired or increased to 100 percent its interests in four properties in the Neuquen Basin.
The Sable oil well development project began in late 2001, with initial production slated to begin within 12 to 18 months.
2001: Exploration yields discoveries in the Gulf of Mexico and offshore of Gabon.
In the spring of 2002 Pioneer offered 11 million new shares of stock at $21.40 per share, netting $235 million to fund $193 million in acquisitions.
Through use of nearby production facilities development of the well progressed quickly and production began in May 2003, with first sales expected by the end of the year.
In early 2003 the company drilled three exploration wells in NW Kuparuk, testing for possible extension wells in shallow waters offshore.
In 2008, Pioneer became the first independent operator to produce oil on the Alaska North Slope.
In April 2012, the company acquired Carmeuse Industrial Sands, a silica sand manufacturer, for $297 million.
Narrow Shift by Washington on Oil ExportsThe Commerce Department has granted two Texas companies permits to export a light, processed form of oil, according to people familiar with the matter.By Coral DavenportJune 24, 2014
The business was sold to Enterprise Products Partners for $2.15 billion in 2015.
In May 2016, CEO and chairman Scott D. Sheffield retired and was succeeded by Timothy Dove.
In March 2017, the company sold 2,000 acres in Martin County, Texas for $266 million.
In February 2019, CEO Timothy Dove retired.
In January 2021, the company acquired Parsley Energy.
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Pioneer Natural Resources competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| EOG Resources | 1985 | $23.7B | 2,900 | 151 |
| Trican Well Service | 1996 | $110.0M | 2,794 | - |
| NexTier Oilfield Solutions | 1997 | $3.2B | 6,151 | - |
| Cudd Energy Services | 1977 | $1.2B | 50 | 25 |
| Apache | 1954 | $8.0B | 3,420 | 38 |
| Chesapeake Energy | 1989 | $11.7B | 1,300 | 21 |
| Society of Petroleum Engineers | 1957 | $690,000 | 270 | 1 |
| BJ Energy Solutions | 1872 | $19.0B | 14,400 | 2 |
| GREAT WHITE PRESSURE CONTROL | 2005 | $660.0M | 759 | - |
| Coil Tubing Partners | 2012 | $20.2M | 195 | - |
Pioneer Natural Resources history FAQs
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Pioneer Natural Resources may also be known as or be related to Pioneer Natural Resources Company, Pioneer Natural Resources and Pioneer Natural Resources Co.