Pioneer to Add Up to 10 Drilling Rigs Once Oil Prices Rebound
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Pioneer Natural Resources Co., an oil and natural gas explorer, will add five to 10 drilling rigs if crude prices rebound to $50 a barrel, said Chief Executive Officer Scott Sheffield.
West Texas Intermediate, the U.S. benchmark crude, should reach that threshold by the end of the year or in early 2017, Sheffield said at an industry conference in New York on Tuesday. Oil futures were up 3.5 percent to $41.77 a barrel on the New York Mercantile Exchange at 11:40 a.m. Prices are down about 20 percent in the past year.