Production
In the first quarter of 2008 Pioneer increased average daily oil and gas sales to 110,298 barrels oil equivalent per day (BOEPD); 24% above comparable sales for the first quarter of 2007
In the 4th quarter of 2007, Pioneer increased average daily oil and gas sales to 103,330 barrels oil equivalent per day (BOEPD) excluding discontinued operations; 12% above comparable sales for the fourth quarter of 2006.
For full-year 2007, Pioneer increased oil and gas sales to 35.5 MMBOE excluding discontinued operations; a 14% increase on a production per share basis. The company replaced 357% of production.
Total production in 2006 rose 7% to 35.9 million barrels oil equivalent (MMBOE) from equivalent VPP adjusted 2005 levels. On a per share basis, total production was up 19%.
Reserves
As of December 31, 2007, its total proved oil and gas reserves were 964 million barrels oil equivalent (MMBOE). During 2007, the Company increased proved reserves by 148 MMBOE, replacing 357% of production at an average finding and development cost of $15.40 per barrel oil equivalent (BOE). The reserve additions were primarily attributable to successful drilling in Pioneer's core onshore areas (Spraberry, Raton, Edwards Trend and Tunisia) and recent acquisitions in the Spraberry, Raton and Barnett Shale fields.
Approximately 97% of Pioneer's proved reserves are in the United States, and 62% of reserves are proved developed. Approximately 51% of the Company's reserves are natural gas and 49% are oil and other liquids. Pioneer's reserves are long-lived with a reserves-to-production ratio of approximately 23 years.
Drillbit finding and development cost was $17.85 per BOE. Excluding the costs associated with the drilling of proved undeveloped reserves in the Spraberry and Raton fields, drillbit finding and development cost was approximately $12 per BOE.
Net proved reserves of 91 MMBOE were added in 2006 at a finding and development cost of $18.36 per barrel oil equivalent (BOE), resulting in reserve replacement of 200% of production.
