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Pioneer Natural Resources (PXD) Pops on Buy Rating, Bullish Shale Outlook

By  +Follow October 16, 2013 7:35AM
Tickers Mentioned:

Pioneer Natural Resources ($PXD), the $27.5 billion independent oil & gas producer based in Irving, Texas, saw shares trading much higher in Wednesday's action.

Shares for Prioneer spiked over 7 percent in midday trading to $213.75, after the company received a “buy” rating from analysts at Raymond James. It is not hard to see why, either, as the company has presence in some of the US’s most promising shale plays, the Spraberry/Wolfcamp shale located near Midland, Texas.

Pioneer estimates that the Spraberry field contains some 50 billion barrels of oil equivalent, which would make it the largest known shale reserve not only in the US, but also one of the largest in the world. If the 50 billion barrel estimates proves out, Spraberry would be nearly twice as large as the much vaunted Eagle Ford shale, whose reserves are estimated at just over 26 billion barrels.

Much of this has to do with the fact that the Spraberry/Wolfcamp concern has what is called in industry parlance “stacked pay potential,” which simply means that the oil and gas hidden underneath the earth is stacked in various layers of shale. This makes for very nice drilling conditions, as one vertical well can be applied to several formations at once.

While it is common practice for oil companies to exaggerate numbers such as the amount of potential reserves they believe they will unlock from a particular play, other independents who are working in the region have also been giving similar estimates of late, making it more likely that Spraberry could likely become one of the most coveted plays, surpassing not only the Eagle Ford shale, but also others such as the Bakken and Marcellus shales.

Independent drillers and producers have so far been the The spike for Pioneer brought shares of other independents along with it. Diamondback Energy (FANG) was up 6.75 percent to $50, Clayton Williams Energy  (CWEI) gained 5.70 percent to $66.50, and Vaalco Energy (EGY) has all gained over five percent heading towards the closing bell.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.

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Results for PXD
20 Dec 14 03:02:44
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Kohen Birch
20 Dec 14 01:10:16
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20 Dec 14 00:37:19
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19 Dec 14 23:16:30
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19 Dec 14 23:00:07
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Graysen Bussey
19 Dec 14 22:26:48
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19 Dec 14 20:41:39
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19 Dec 14 19:00:25
When Shale Hedges Fail: The Downside Of Three-Ways $FRAK $PXD $NBL http://t.co/fTngEZ041d
Nedra Barkley
19 Dec 14 18:42:34
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19 Dec 14 18:35:21
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19 Dec 14 17:00:06
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19 Dec 14 16:55:09
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19 Dec 14 16:14:39
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19 Dec 14 16:13:16
Leading Tweets Concerning $PXD (Pioneer Nat Resources C symbol PXD) on 12/20/2014 http://t.co/od7Mt9Jny8
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19 Dec 14 13:59:28
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19 Dec 14 12:46:56
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19 Dec 14 12:23:56
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19 Dec 14 10:53:27
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19 Dec 14 10:10:41
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Matthew DiLallo
19 Dec 14 09:57:00
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19 Dec 14 09:27:16
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Glenn Williams
19 Dec 14 07:25:08
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19 Dec 14 06:59:01
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19 Dec 14 06:07:03
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19 Dec 14 05:33:56
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19 Dec 14 04:44:09
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19 Dec 14 04:08:06
$PXD: Liquidity And Hedging: Reasons To Be Bullish On Pioneer Natural ... http://t.co/5XM0eEXMdg http://t.co/vTkVCAurLk
Seeking Alpha
19 Dec 14 04:01:24
Liquidity And Hedging: Reasons To Be Bullish On Pioneer Natural Resources http://t.co/JQbsQVNWFX $PXD
Elam Rajaguru
19 Dec 14 03:56:46
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Elam Rajaguru
19 Dec 14 03:54:26
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19 Dec 14 03:03:30
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19 Dec 14 00:41:24
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18 Dec 14 18:45:14
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By  +Follow October 16, 2013 7:35AM



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