DALLAS–(BUSINESS WIRE)–Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer” or “the Company”) today announced that a fire occurred at a compressor station on March 6 in Pioneer’s West Panhandle field in the panhandle region of Texas. There were no injuries associated with the incident and the fire was contained within the compressor station.
The fire resulted in extensive damage to the facility. As a result, production from the West Panhandle field, which averages approximately 8 thousand barrels oil equivalent per day (MBOEPD), had to be shut in. West Panhandle production consists of approximately 20% oil, 55% NGLs and 25% gas. The Company expects that several idle compressors can be utilized to reinitiate production from the field in late March or early April at approximately 80% to 90% of prior levels.
The Company expects the West Panhandle field production interruption to negatively impact first quarter 2018 production by approximately 2 MBOEPD. Despite this impact, the Company continues to expect total production in the first quarter of 2018 to be within its previously announced guidance range of 304 MBOEPD to 314 MBOEPD. Permian Basin production for the first quarter also continues to be forecasted within its previously announced guidance range of 252 MBOEPD to 260 MBOEPD.
Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States. For more information, visit www.pxd.com.