Pioneer Gears Up For More High-intensity Permian Completions
But the company is not taking a “cookie-cutter” approach, according to CEO Tim Dove.
The so-called Version 3.0+ is the higher intensity completion that follows the previous version, which featured proppant concentrations of about 2,000 pounds per foot (lbs/ft), fluid concentrations of up to 50 barrels per foot (bbl/ft), 15-ft cluster spacing and 100-ft stage spacing.
Speaking on an earnings call Aug. 8 with analysts, Dove highlighted a three-well pad targeting the Wolfcamp D in the southern joint venture area that saw a 75% improvement in production with the latest version compared to techniques used three to four years ago.
“We continue to show impressive performance,” Dove said.