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,
We acquired two large strategic producing assets, pushed forward with execution of the Aceh gas development, achieved a year end production run rate of over 80 MBOEPD
, all while adjusting our organization and cost structure and delivering excellent HSE performance.
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
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
producing 117 thousand barrels oil equivalent per day (MBOEPD
), including volumes reflected in discontinued operations associated with the sale of Tunisia (111 MBOEPD
excluding volumes reflected in discontinued operations),
Pioneer anticipates that after drilling and completing these two wells, the Company's net production from Tunisia will be in the range of 8 MBOEPD
to 9 MBOEPD
by early 2011.
due to better well performance associated with deeper drilling in the field.