Pioneer Natural Resources drives Permian gas flaring below 1%

摘要

Pioneer Natural Resources plans to grow Permian production in 2020despite basin constraints and low local prices for associated naturalgas, as the company has managed to reduce flaring to less than 1%and market gas to more profitable areas, such as the US West Coast.Pioneer takes reduction of the volumes of associated gasproduction in the Permian seriously. During Thursday morning’s 4Q19earnings conference call, CEO Scott Sheffield suggested if producers inthe basin fail to drop flaring rates to less than 2% of gas produced overthe first half of 2020, investors should “end up either not doingbusiness or sell whatever you have in regard to that company.”“I think it’s important to remove that black eye on the PermianBasin going forward,” Sheffield added.