Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Pioneer Rises on Valuations for Permian Ventures: Dallas Mover

Pioneer Natural Resources Co., the most active driller in Texas’s Permian Basin, rose after the company said it expects higher valuations than a competitor for joint ventures in shale oilfields.

Pioneer gained 5.9 percent to $93.86 at the close in New York.

Pioneer, based in Irving, Texas, expects to receive higher prices for stakes in Permian Basin fields than Devon Energy Corp., which said today it sold a 30 percent stakes in two shale oilfields to Sumitomo Corp. for $1.4 billion.

“Our acreage is a lot more proven and has a lot more upside,” Pioneer Chairman and Chief Executive Officer Scott Sheffield said today during a conference call with analysts. “It obviously should demand a much, much higher price.”

Pioneer can target as many as five producing deposits with each well, compared with one zone for wells in the area where Devon holds leases, he said.

Wells in the planned joint-venture area in the Wolfcamp shale play in the Permian Basin produce an average of the equivalent of 365 barrels of oil a day, according to the company.

Devon is getting about $6,500 an acre in its venture with Sumitomo, according to Scott Hanold, a Minneapolis-based analyst for RBC Capital Markets LLC.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.