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News Article | November 29, 2016
Site: www.forbes.com

From the sounds of it, preliminary discussions before Wednesday's meeting of the Organization of Petroleum Exporting Counties, or OPEC, aren't going so well, taking the price of U.S. crude down 4% at one point Tuesday to $45.18 per barrel and oil and gas companies' stock prices down with it. At volatile times like these, companies that have strong balance sheets will be better able to sustain further commodity shocks and those that don't won't. So analysts at Seaport Global Securities Inc. looked into which oil and gas producers it covers are least levered -- and which ones are carrying a lot of debt. "Headed into the wild world of OPEC, know whose balance sheet is a fortress or at risk if things start looking 2014-ish," they said. The analysts said that the industry overall looks to be in pretty good shape on the bank line front with the median exploration and production company only 8% drawn on total capacity. Hedge coverage for next year isn't as strong, however, with median names coming in at 35% hedged at $49.19 per barrel. Companies that haven't drawn down on their revolvers (excluding letters of credit) include some of the strongest names in the business, including Apache Corp. (NYSE:APA), Concho Resources Inc. (NYSE:CXO), Marathon Oil Corp. (NYSE:MRO), Noble Energy Inc. (NYSE:NBL), Pioneer Natural Resources Inc. (NYSE:PXD) and Cimarex Energy Inc. (NYSE:XEC). Those with more than 40% of their revolver capacity filled -- and thus are at more risk if oil prices head south -- include Abraxas Petroleum Corp. (NYSE:AXAS), Bonanza Creek Energy Inc. (NYSE:BCEI), Gastar Exploration Inc. (NYSE:GST), Contango Oil & Gas Co. (NYSE:MCF), Rex Energy Corp. (NASDAQ:REXX),  Range Resources Corp. (NYSE:RRC), Stone Energy Corp. (NYSE:SGY) and Sundance Energy Australia Ltd. (NASDAQ:SNDE). On a forward-looking net debt-to-Ebitda basis, the analysts found that the stronger names include Pioneer and Cimarex as well as Cabot Oil & Gas Corp. (NYSE:COG), Energen Corp. (NYSE:EGN), EQT Corp. (NYSE:EQT), Earthstone Energy Inc. (NYSE:ESTE), Diamondback Energy Inc. (NYSE:FANG), PDC Energy Inc. (NASDAQ:PDCE), Ring Energy Inc. (NYSE:REI) and Synergy Resources Corp. (NYSE:SYRG). The weaker companies on that same basis, meanwhile, include Bonanza Creek, Gastar and Stone as well as Bill Barrett Corp. (NYSE:BBG), Chesapeake Energy Corp. (NYSE:CHK), Clayton Williams Energy Inc. (NYSE:CWEI), Jones Energy Inc. (NYSE:JONE), Oasis Petroleum Inc. (NYSE:OAS), Petroquest Energy Inc. (NYSE:PQ), Rex Energy Corp. (NASDAQ:REXX), SM Energy Co. (NYSE:SM), Sanchez Energy Corp. (NYSE:SN), Whiting Petroleum Corp. (NYSE:WLL), WPX Energy Inc. (NYSE:WPX) and W&T Offshore Inc. (NYSE:WTI).


Modica C.J.,Pioneer Natural Resources Inc. | Lapierre S.G.,Pioneer Natural Resources Inc.
AAPG Bulletin | Year: 2012

Evaluations of porosity relevant to hydrocarbon storage capacity in kerogen-rich mudrocks (i.e., source rocks) have thus far been plagued with ambiguity, in large part because conventional core and petrophysical techniques were not designed for this rock type. The growing recognition of an intraparticle organic nanopore system that is related to thermal maturity is beginning to clarify this ambiguity. This mode of porosity likely evolved with the thermal transformation of labile kerogen and probably neither depends nor interacts (except perhaps chemically) with previously assumed "matrix" or "mineral" porosity that is dominated by bound water, and that may be largely irrelevant to hydrocarbon storage capacity in these rocks. To address this newly recognized and important nonmatrix kerogen pore system, that is arguably the dominant hydrocarbon storage and mobility network in these rocks, we introduce a relatively simple kinetic model that describes porosity development within kerogen as a function of thermal maturation. Kerogen porosity development is estimated within the upper Albian Mowry Shale in the Powder River Basin of Wyoming to illustrate the approach. Relevant storage capacity is considered to have evolved with thermal decomposition of organic matter during catagenesis, where we estimate that kerogen porosity does not typically exceed 3% of bulk rock volume. Modeled oil-in-place estimates are comparable to residual oil estimates from pyrolysis data (SI) at lower maturities, but exceed pyrolytic S1 yields at higher maturities. We hypothesize, therefore, that a subsurface kinetic porosity model might represent a means to account for SI losses at surface conditions and to circumvent difficulties surrounding estimations of expulsion efficiencies that are inherent to more traditional mass balance calculations. Copyright ©; 2012. The American Association of Petroleum Geologists. All rights reserved.


Patent
Pioneer Natural Resources Inc. | Date: 2015-01-22

A valve for limiting differential pressure applied to a downhole tool includes a housing and a movable piston/mandrel assembly therein. In a closed position, drilling mud or other fluid may be communicated through a central bore of the valve to the tool. When the differential pressure between the central bore and the wellbore exceeds a first predetermined value, the piston/mandrel assembly moves from a first position obstructing one or more relief ports to a second position not obstructing them, thereby providing a fluid path from the central bore of the valve to the wellbore bypassing the tool and relieving the differential pressure thereacross. When the differential pressure decreases to less than another preselected value, the piston/mandrel assembly returns to its original position again obstructing the relief ports. A trigger mechanism is provided to allow more precise control and separation of the preselected differential pressure values.


Patent
Pioneer Natural Resources Inc. | Date: 2011-08-10

System, devices, and methods are described relating to the treatment (e.g., perforating, fracturing, foam stimulation, acid treatment, cement treatment, etc.) of well-bores (e.g., cased oil and/or gas wells). In at least one example, a method is provided for treatment of a region in a well, the method comprising: positioning, in a well-bore, a packer above the region of the well-bore, fixing, below the region, an expansion packer, treating the region, the treatment fixing the packer, moving the expansion packer, and moving the packer after the moving of the expansion packer.


Patent
Pioneer Natural Resources Inc. | Date: 2013-03-14

System, devices, and methods are described relating to the treatment (e.g., perforating, fracturing, foam stimulation, acid treatment, cement treatment, etc.) of well-bores (e.g., cased oil and/or gas wells). In at least one example, a method is provided for treatment of a region in a well, the method comprising: positioning, in a well-bore, a packer above the region of the well-bore, fixing, below the region, an expansion packer, treating the region, the treatment fixing the packer, moving the expansion packer, and moving the packer after the moving of the expansion packer.


Patent
Pioneer Natural Resources Inc. | Date: 2012-04-03

System, devices, and methods are described relating to the treatment (e.g., perforating, fracturing, foam stimulation, acid treatment, cement treatment, etc.) of well-bores (e.g., cased oil and/or gas wells). In at least one example, a method is provided for treatment of a region in a well, the method comprising: positioning, in a well-bore, a packer above the region of the well-bore, fixing, below the region, an expansion packer, treating the region, the treatment fixing the packer, moving the expansion packer, and moving the packer after the moving of the expansion packer.


Patent
Pioneer Natural Resources Inc. | Date: 2016-06-30

A cover configured to dispose over a treatment port of a downhole treatment tool, the cover comprising a dissolvable material. A system for protecting treatment ports in a downhole treatment tool, the treatment tool having an outer surface and an inner bore, the inner bore in fluid communication with the outer surface through one or more treatment port orifices disposed on the outer surface of the treatment tool, and a dissolvable treatment port cover disposed in the fluid communication path of the treatment port. A method for treatment of a well including the steps of locating a treatment tool in a well, the treatment tool having a treatment port and a cover over the treatment port; setting an activation tool in the well; placing a treatment, applying pressure to rupture the cover; and unsetting the activation tool.


Patent
Pioneer Natural Resources Inc. | Date: 2016-06-30

A system for selectively treating zones in a cased well-bore, including a downhole tool, having a body, an inner bore, and an outer surface; at least one treatment port disposed on the outer surface; a sliding sleeve disposed within the inner bore for selectively isolating the inner bore from the outer surface, the inner sliding sleeve positioned in a closed position or open position with respect to the treatment port; a collet disposed around an outer surface of the inner sleeve for maintaining the inner sliding sleeve in an open position; at least one finger on the collet shaped to engage the inner surface for maintaining the sleeve in an open position, the inner surface shaped at a predetermined location for engagably receiving the collet; and means for maintaining the inner sliding sleeve in a closed position.


Patent
Pioneer Natural Resources Inc. | Date: 2013-03-15

A down-hole treatment tool including a tool body having a bore therethrough, a treatment port orifice disposed on the body, a sliding sleeve within the bore of the body. A constant-volume annular chamber, in isolation from the inner bore and the environment outside the body, provides a debris-free environment for locking the sleeve. A dissolvable treatment port cover provides protection of the treatment port until operation of the treatment port is needed. The treatment port cover and lubrication ports enable lubrication of the sleeve and inner bore of the body without risk of contamination by debris.


News Article | November 4, 2015
Site: uk.reuters.com

Nov 4 A handful of U.S. shale oil producers are pushing up their production forecasts, saying efficiency gains from drilling in prime rock are helping them eke out more crude in the middle of the worst price crash in six years. The slightly bolder outlooks this week from Oasis Petroleum Inc, Devon Energy Corp, Pioneer Natural Resources Co and Diamondback Energy Inc show that the confident swagger that typified the U.S. shale boom's early days has yet to be fully tempered by the more than 50 percent drop in oil prices since last year. Though the consensus view is that rig productivity in U.S. shale basins is stalling to portend a drop in national output as companies struggle to pump more with less, some firms appear to still be finding new ways to drill wells faster and frack them more intensively at a lower price. "Over time, we continue to think we'll need less rigs than we're even saying now," Pioneer Chief Executive Officer Scott Sheffield told investors on Thursday. Shares of Oasis, Devon and Pioneer rose more than 2 percent after their respective forecasts were announced. Shares of Oasis and Devon have lost about a quarter of their value this year, while those of Pioneer have held mostly steady. Sheffield said Pioneer, which is adding rigs, expects to grow production 11 percent this year, up from a previous view of 10 percent. The company also confirmed it would grow 15 percent per year through 2018 thanks in part to cost cuts and tweaked technology. It produced 211,000 barrels of oil equivalent per day (boepd) in the third quarter. Some of the flatlining of U.S. rig productivity has come as producers experiment with lower cost techniques for fracking, which involves injecting liquids and sand at high pressure into wells to coax oil from rock. Pioneer said some of its well performance in the Eagle Ford shale of Texas was hurt recently when it tried to complete wells with lower fluid concentrations. In the future, it said wells would be fracked with more fluid and more sand so as to boost production. At Oasis, executives now expect the company to produce 49,700 to 50,100 boepd, up from a previous estimate of 49,000 to 50,000 boepd. Oasis Chief Executive Thomas Nusz cited the company's use of ceramics and other techniques to boost production, and touted a drop of more than 50 percent in capital spending and other costs. And at Devon, Chief Executive Dave Hager raised the company's full-year production growth outlook for the second time this year. "We are delivering this incremental production growth with significantly lower costs," Hager said in a statement, adding he expects Devon to cut about $1 billion from its budget by year end. Diamondback raised the lower end of the range for its production guidance to 31,000 boepd from 30,000 boepd while saying it would come in at the low end of its expected capital spending of $400 million to $450 million. The top end for production stayed at 32,000 boepd. "We continue to deliver robust well results ... while lowering both well costs and total expenses," stated Diamondback CEO Travis Stice. (Reporting by Ernest Scheyder in New York and Anna Driver in Houston; Editing by Terry Wade and Lisa Shumaker)

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