Pioneer Natural Resources Company has explained that severe winter weather in West Texas has significantly impacted production and drilling operations in the Spraberry/Wolfcamp area.
Heavy icing and freezing temperatures
At the beginning of January, the Spraberry/Wolfcamp area experienced heavy icing and freezing temperatures that has resulted in extensive power outages, facility freeze-ups, trucking curtailments and limited access to production and drilling facilities. An extensive recovery period is expected, and it is likely to be several weeks before the full impact of this event can be determined.
The company expects to provide an update on the impacts of this severe weather event on production and costs for the first quarter of 2015 as part of its 4Q14 earnings release on 10 February 2015. Spraberry/Wolfcamp production during the fourth quarter of 2014 was not impacted.
Adapted from press release by Cecilia Rehn