Pioneer Resources Waiting for $60 Crude Prices to Complete DUCs

Pioneer Resources report strong second quarter results including exceptional performance from their Bakken assets.

Related: Continental Resources in the Bakken

Pioneer released second quarter results this week that highlighted a $521 million loss along with a strong operational performance. 

Continental's Bakken operations had an average production rate of 125,028, 10% less that Q1. Other Bakken highlights include: 

  • Four drilling rigs running in the play
  • Completed three net wells
  • 165 gross operated DUCs
  • Well cost of $6.2 million, down from $6.8 million in 2015
  • Plans to complete eight wells in second half of 2016
Our Bakken drilling team continues to achieve new milestones with technology and improved processes. For example, it appears they recently set a new world record for the longest lateral drilled with one bit. The lateral portion of the well was almost 15,400 feet long and was drilled in five days.
— Jack H. Stark - President & Chief Operating Officer

Looking to the future, Continental Executives say that they will look at completing their backlog of DUCs as prices move into the $60 range.