Texas Based Oil Company Increases Drilling Budget for 2020

Citing substantial improvements in efficiency, Irving exploration and production company Pioneer Natural Resources plans to increase its drilling budget as other oil companies are shrinking theirs.

Texas Oilfield Caps

In a Wednesday afternoon statement, Pioneer said it made $756 million in 2019, a 22 percent drop from the $975 million the company made a year earlier. The company’s annual revenue of $9.3 billion was about flat compared with the $9.4 billion it reported for 2018.

Looking ahead, Pioneer set a 2020 capital expenditure budget of $3.15 billion to $3.45 billion, a slight increase over the $2.8 billion to $3.1 billion set for 2019. The company said 2019 drilling and completions efficiencies increased by more than 30 percent compared with operations in 2017.

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