MBOEPDThousand Barrels of Oil Equivalents Per Day
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0 MBOEPD from continuing operations (excludes Barnett Shale and South Africa production, which is reflected in discontinued operations), an increase from the second quarter of 2012 of 10 MBOEPD, or 7%, and 33 MBOEPD, or 28%, from the third quarter of 2011 as a result of continued strong production growth in the Company's Spraberry vertical, horizontal Wolfcamp Shale and Eagle Ford Shale areas,
Based on production for the first half of 2012, the planned vertical and horizontal drilling programs for the remainder of 2012 described above, continued ethane rejection of up to 2,000 BOEPD through the end of 2012 and the sale of the NGL inventory during the second half of 2012, production is forecasted to grow from an average of 45 MBOEPD in 2011 to 63 MBOEPD to 67 MBOEPD in 2012.
Despite the unanticipated NGL inventory build in the second quarter and the reduced production resulting from ethane rejection, Pioneer continues to expect to deliver full-year 2012 production ranging from 148 MBOEPD to 153 MBOEPD, an increase of 23% to 27% compared to full-year 2011.
First quarter production from the Spraberry field averaged 62 MBOEPD, an increase of 9 MBOEPD from the fourth quarter of 2011.
Third quarter production from the Spraberry field averaged 47 MBOEPD, an increase of 6 MBOEPD from the second quarter.
Spraberry production was reduced by approximately 2 MBOEPD due to a shortage of third-party oil transport trucks in the Permian Basin.
Scott Sheffield, Chairman and CEO, stated, "Despite having production curtailed in the first quarter due to the impacts of severe weather and unscheduled third-party downtime, we continue to expect to deliver full-year 2011 production growth for the Company ranging from 125 MBOEPD to 130 MBOEPD, an increase of 15% to 19% compared to 2010 (reflecting production from Tunisia as discontinued operations).
Total production shut in for the first quarter related to the severe weather was approximately 2 MBOEPD.
The fourth quarter production level exceeded Pioneer's forecast for the quarter by 2 MBOEPD due to improved well performance associated with deeper drilling in the field.
Average initial production rates for the eight wells drilled during the June through October period averaged 2 MBOEPD on 24-hour restricted flow tests with an average condensate yield of 120 barrels per million cubic feet, a liquids yield of 55% and an average heat content of 1,220 British thermal units per cubic foot.
Based on the joint venture development plan, Pioneer's net production in the Eagle Ford Shale is expected to increase from an average of 2 MBOEPD in 2010 to a range of 32 MBOEPD to 41 MBOEPD in 2013.
Pioneer's daily production from South Texas was 10 MBOEPD in the first quarter of 2010, essentially flat with the fourth quarter of 2009 as growing Eagle Ford Shale production offset natural field declines in the Edwards Trend formation where drilling has been curtailed due to low gas prices.