• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 days The United States produced more crude oil than any nation, at any time.
  • 2 hours Could Someone Give Me Insights on the Future of Renewable Energy?
  • 7 days How Far Have We Really Gotten With Alternative Energy
  • 10 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 10 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
U.S. Oil and Gas Boom Poses Challenge to Climate Goals

U.S. Oil and Gas Boom Poses Challenge to Climate Goals

Despite renewable energy efforts, the…

Uncertainty Drives Investors to Oil Stocks

Uncertainty Drives Investors to Oil Stocks

The reason that investors have…

Pioneer Natural Resources To Sell $266 Million Acreage Package

Pioneer Natural Resources signed a contract to sell a $266 million acreage package in Martin Country, Texas, to an undisclosed buyer, according to a new article by World Oil.

Roughly 1,500 barrels per day of crude are currently produced on the land. By selling the productive land, Pioneer has continued its recent pattern of “high-grading” by selling its most valuable assets and keeping the rest.

The sale, set to go into effect on January 1, 2017, will be subject to normal closing adjustments, which will occur by the end of April.

Pioneer is a Texas-based shale oil and gas driller. Its CEO, Scott Sheffield, said in Houston earlier this month that oil prices could fall as low as $40 if the Organization of Petroleum Exporting Countries (OPEC) does not agree to cut production for at least another six months.

"If OPEC does not extend, we will see $40 oil,"  Sheffield said"That will have a major impact on future investments in the U.S. shale business."

The U.S. domestic rig count has seen consistent growth over the past 18 months due to the stability of oil prices in the $55 to $60 range.

Saudi Arabia, the de facto leader of OPEC, has warned shale drillers like Pioneer they should limit heightened production to protect the price gains made at the expense of the bloc and other non-U.S. partners.

Saudi energy minister Khalid al-Falih said oil investors should not engage in “wishful thinking that OPEC or the kingdom will underwrite the investments of others at our own expense and long-term interests. Saudi Arabia will not allow itself to be used by others.”

Related: Saudis Bet Big On Houston As Drilling Activity Picks Up

So far, engagement from OPEC officials has been received well in the U.S. "They’re trying to understand our business model," Pioneer’s Sheffield said of OPEC. "I think they’re trying to understand more about our ability to produce, what the cost structure is and what’s going to happen over the next several years."

ADVERTISEMENT

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • EH on March 24 2017 said:
    And the "FAT LADY" begins to sing,,, as the saying goes.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News