Permian
When it comes to solid foundation assets, Pioneer's West Texas Spraberry field, with its long-lived oil and gas reserves, stable production and low maintenance capital cost, consistently delivers steady production growth. Covering eight West Texas counties, the Spraberry field produces sweet crude and gas from formations between 6,700 and 9,200 feet deep.
Pioneer is the largest producer in the field, with interests in approximately 4,800 wells and a considerable inventory of future drilling locations. We have set the standard for best practices in drilling, completions and operations in the area. We also benefit from processing our own gas through the Midkiff/Benedum gas processing system in which we hold a 27% interest. This resource play covers more than 11,000 square miles, with ever-expanding field boundaries, and we continually pursue opportunities to increase our working interest and acreage position through bolt-on acquisitions.
Spraberry operations represent approximately 25% of Pioneer’s current worldwide production and approximately 50% of total proved reserves. We accelerated our drilling pace during 2006, which significantly increased Spraberry production. The field will see 350 new wells drilled during 2007 and is an important growth driver for Pioneer.
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