Marathon, Pioneer cut plans on lower prices

摘要

Houston—Recent lower oil and natural gas liquids prices have caused Marathon Oil and Pioneer Natural Resources to slash upstream drilling activity for second-half 2012, the companies said August 1. But even with fewer rigs, the companies say their 2012 production is on target for expected growth levels, and Pioneer even raised its projected output this year to 27% above 2011 production of 120,400 b/d of oil equivalent, up from a previously announced 25%. Pioneer’s second-quarter production totaled 150,500 boe/d from continuing operations.