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Liam Denning

Pioneer's Oily Slip-Up

Its headline production target cut isn't so bad, but the mix is worrisome.
Photographer: Bloomberg/Bloomberg via Getty Images

In the high-octane exploration and production business, growth rules.

Still, it seems a tad harsh that Pioneer Natural Resources Co. knocking a mere percentage point off its output target for 2017 should have wiped 9 percent off its share price in after-hours trading as Tuesday evening segued into Wednesday morning.