Severe winter weather impacts production and drilling operations in Texas
DALLAS -- Pioneer Natural Resources Company said that severe winter weather in Texas has significantly impacted the Company’s production and drilling operations in the Spraberry/Wolfcamp, Eagle Ford Shale and Barnett Shale Combo plays. The Spraberry/Wolfcamp area has been especially hard hit as heavy icing and low temperatures have resulted in extensive power outages, facilities freeze-ups, trucking curtailments and limited access to production and drilling facilities. An extensive recovery period is expected, and it is likely to be a few weeks before the full impact of this event can be determined.
This unforeseen severe weather event was not accounted for in Pioneer’s production and financial guidance for the Q4 of 2013, which was provided in the Company’s earnings release on November 4, 2013. Pioneer expects to update its Q4 guidance once the full impact of anticipated weather-related downtime and associated repairs in the areas that were affected can be determined.