Approximately 97% of Pioneer’s proved reserves are in US, and 62% of reserves are proved developed. Approximately 51% of the company’s reserves are natural gas and 49% are oil and other liquids.
The company said that drillbit finding and development cost was $17.85 per barrel oil equivalent (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.
Scott Sheffield, chairman and CEO of Pioneer, said: Our finding and development cost for 2007 of $15.40 per boe was essentially at the midpoint of our target range of $12 to $18 per boe and significantly below last year’s result, despite the upward pressure on drilling and development costs throughout the year.
