Pioneer Natural Resources

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Pioneer Natural Resources USA, Inc.

Pioneer Natural Resources is a large, independent company that provides services in oil and gas exploration and production. Its main focus is on providing comprehensive services for extracting petroleum and natural gas. The company was previously known as MESA Operating Co. before changing its name in 1997. The Texas-based energy giant is headquartered in Midland and is a subsidiary of Pioneer Natural Resources Co.

Pioneer Natural Resources was incorporated in 1993. Since then, the company has consistently delivered cutting-edge innovations that have helped make it one of the most prolific oil and gas service providers in America. Leading industry practices in reserve growth and production have placed this company as a major player in onshore gas and oil resource development.

Since its establishment, this company has built a unique name for itself. Not only is it immensely profitable, it also creates many beneficial opportunities for the communities it works in. Furthermore, Pioneer Natural Resources also has a proven track record of excellence, prudent growth and innovative execution of all its projects. Currently, these include the Eagle Ford Shale, Spraberry/Wolfcamp, Raton Basin for methane and the West Panhandle for natural gas. The company is headquartered in Irving, Texas.

History

A merger between industry heavyweights MESA Inc. and Parsley Petroleum Company led to the formation of Pioneer Natural Resources USA, Inc. in 1997. These companies had already established long-standing operations in quality resource fields. The merger only served to further allow them to acquire and exploit proven properties under a more capital-rich umbrella.

Pioneer made several discoveries in its offshore fields at Oooguruk, Alaska in 2002. By 2008, the company had become the first independent contractor to produce oil on the North Slope of Alaska. This operation led to a significant increase in Pioneer’s annual revenues.

In a deal worth just over two billion dollars, Pioneer went on to merge with Evergreen Resources, Inc. in 2004. This move strengthened Pioneer’s presence in North America and opened up new areas within the Rocky Mountains for exploration.

In 2010, Pioneer Natural Resources and Reliance Industries announced a billion-dollar joint venture in the Eagle Ford Shale. The massive success of this initiative led to the acquisition of Carmeuse Industrial Sands, which changed its name to Premier Silica, in 2012.

Since its establishment, Pioneer’s focus on accumulating high-quality assets has resulted in important discoveries for the oil and gas industry as a whole. The fact that it has established a stable base of operations has further driven the company’s growth and expansion. That is why Pioneer Natural Resources has now grown into one of the largest and most active drillers and operators in resource fields across the United States today.

Organizational Structure

Pioneer Natural Resources has managed to put together a skilled and experienced team of leaders to guide the firm’s growth. This team of strategic managers and board members oversees every aspect of its operations and delve into new opportunities in order to keep Pioneer at the forefront of America’s oil and gas industry.

The team is led by Timothy L. Dove, who is the current President and Chief Executive Officer. Scott D. Sheffield currently serves as the Executive Chairman of the Board.

Business Model

Pioneer Natural Resources bases its operational success on operating efficiently and offering significant cost savings. The company has been able to achieve this by embracing a vertical integration business model.

Pioneer owns all of its service equipment, hires a highly-qualified team of staff and integrates specialized services into its portfolio. This has enabled the company to reduce its costs relating to drilling and completion expenses while upholding the implementation of its development programs. The vertical integration model is designed to ensure large profits and operational efficiency.

The company has divided its service offerings into three categories: well services, pumping services and sand service. The Pioneer Well Services team is based in Midland. It supports operations within the Permian Basin with cutting-edge equipment for drilling rigs, water tanks and construction equipment, among others.

Pioneer Pumping Services stations operates out of Midland and Trinidad, Colorado. It comprises a team of trained engineers and technicians who provide various support services for the company’s operations there.

Pioneer’s industrial sands operations are carried out under the mast of Premier Silica. The acquisition of an established firm ensured Pioneer secured a high-quality, low-cost supplier of brown sand that was established in a logistically advantageous location. This has helped the company keep up with the growing demand for fracture simulation within the Permian Basin.

As a result of all its efforts, Pioneer Natural Resources is one of the largest players in the oil and gas industry in America today. The company produces 725 million barrels per year and generates approximately $3.8 billion of revenue every year.

Pioneer Natural Resources

5205 N. O’Connor Blvd. Ste 200
Irving, TX 75039
972-444-9001
www.pxd.com