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PXD

Pioneer Natural

$135.89

8.34 (6.54%)

16:14
11/04/19
11/04
16:14
11/04/19
16:14

Pioneer Natural lowers top end of 2019 Permian capital budget range

Pioneer is lowering the top end of its 2019 Permian drilling, completions and facilities capital budget range by an additional $150 million, or approximately 5%, to a new range of $2.80 billion to $2.85 billion. The reduction in the Company's capital budget is primarily attributable to improvements in drilling and completions efficiencies, combined with reducing facilities spending ahead of schedule. The budget for capital spending associated with midstream facilities and water infrastructure spending remains at approximately $250 million. In total, the Company is reducing its 2019 capital program1 to a range of $3.05 billion to $3.10 billion and expects it to be fully funded with 2019 forecasted cash flow4 of approximately $3.4 billion. The Company plans to operate an average of 21 horizontal rigs in the Permian Basin during 2019, including approximately five rigs in the southern joint venture area. This program is expected to place approximately 290 wells on production, compared to 270 wells placed on production during 2018. The average lateral length planned for 2019 is approximately 9,800 feet, with an average estimated ultimate recovery (EUR) of approximately 1.6 million barrels of oil equivalent per well. This activity level is projected to deliver 2019 Permian production of 336 to 340 MBOEPD, an increase of approximately 3% at the midpoint when compared to the original 2019 guidance, and 208 to 211 MBOPD, an increase of approximately 1% at the midpoint when compared to the original 2019 guidance. The increase in production guidance is attributable to higher gas processing plant NGL yields, including from the new Hopson and Pembrook gas processing plants that came online in 2019, positively impacting NGL production, and wells being placed on production slightly ahead of the forecast due to improvements in drilling and completion efficiencies. Pioneer increased its oil derivative positions to 110 MBOPD for the remainder of 2019 at approximately $65 Brent pricing and 80 MBOPD for 2020 at approximately $63 Brent pricing. The Company's financial and derivative mark-to-market results and open derivatives positions are outlined in the attached schedules.

  • 05

    Nov

PXD Pioneer Natural
$135.89

8.34 (6.54%)

08/08/19
RHCO
08/08/19
NO CHANGE
Target $130
RHCO
Hold
Pioneer Natural price target lowered to $130 from $155 at SunTrust
SunTrust analyst Neal Dingmann lowered his price target on Pioneer Natural to $130 and kept his Hold rating after Q2 results, saying that while the company's operations improved, its free cash flow is "arriving slower than desired". The analyst sees Pioneer Natural's free cash flow yield of just 2% in 2020 and also warns about the company's need to balance the upcoming debt maturities with stock buybacks.
09/30/19
BARD
09/30/19
NO CHANGE
Target $157
BARD
Outperform
Pioneer Natural price target raised to $157 from $142 at Baird
Baird analyst Joseph Allman raised his price target on Pioneer Natural to $157 from $142 as the company outlined goals which if met, would add significant value to the stock. The analyst updated his model for the latest operating and financial data, including market to market commodity prices, and sees its yield as very competitive. Allman reiterated his Outperform rating on Pioneer Natural shares.
10/08/19
SBSH
10/08/19
NO CHANGE
SBSH
Buy
Citi sees potential upside of 65% in Pioneer Natural shares
Citi analyst Scott Gruber says his discounted cash flow model implies upside to $205 for shares of Pioneer Natural Resources, or 65%. The company's renewed focus on cost discipline and returns, coupled with an ability to grow sales more than 10% per annum given the portfolio, supports the "value case" for Pioneer Natural, Gruber tells investors in a research note. He believes a "further cleansing of the bad actors/behavior" from the industry could drive energy investors to quality companies such as Pioneer Natural. The analyst keeps a Buy rating on the shares.
10/10/19
MZHO
10/10/19
UPGRADE
Target $191
MZHO
Buy
Pioneer Natural upgraded to Buy from Neutral at Mizuho
Mizuho analyst Paul Sankey upgraded Pioneer Natural Resources to Buy from Neutral with a $191 price target. Pioneer has one of the most significant and highest quality resource opportunities in U.S. unconventional, Sankey tells investors in a research note. Further, he says the company has shifted its focus towards sustainable free cash flow growth and has made major progress this year on cost cuts.

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