Pioneer Natural Resources Co.

Pioneer Natural Resources Company is an energy company engaged in hydrocarbon exploration. It was organised in Delaware as a stand-alone company following a merger of MESA Inc., and Parker & Parsley Petroleum Company in 1997. Its headquarters are located in Irving, Texas, United States. Pioneer Natural Resources shares trade on the New York Stock Exchange (NYSE) under the ticker symbol of PXD. PXD shares are also included as a component on the S&P 500 stock market index. The company is the largest acreage holder of Cline Shale, a part of Spraberry Trend in the Permian Basin, West Texas. It sources and explores new technologies by partnering-up with global laboratories, universities and researchers. PXD also operates two in-house vertically integrated services, namely Pioneer Well Services and Pioneer Water Management. Pioneer Well Services manages the company’s oil wells, pulling units, water tanks, reserve units, blowout preventers, fishing tools as well as construction equipment. Pioneer Water Management ensures water conservation by utilising brackish water, effluent water (wastewater), and recycled produced water in its day-to-day operations. Pioneer Natural Resources also has a water management subsidiary named Pioneer Water Management, LLC, which offers water sourcing and transportation to customer alongside water recycling efforts to reduce the usage of freshwater. Over the course of time, Pioneer Natural Resources expanded its business operations through a number of key acquisitions and investments. In 2004, it bought-off Evergreen Resources for a transaction value of $2.1 billion. PXD entered into a midstream joint venture with Reliance Eagleford Upstream LP, a subsidiary of Reliance Industries Limited. In 2012, PXD acquired Carmeuse Industrial Sands for a purchase price of $297 million. Another merger took place in 2021 when Pioneer Natural Resources bought-off Parsley Energy Inc. in a transaction of $4.5 billion. Forbes included PXD in its 2018 rankings of World’s Best Employers and America’s Largest Public Companies. In 2019, it joined Forbes’ rankings of America’s Best Midsize Employers. As of 2021, the company ranked 341st on the list of Fortune 500 companies. Pioneer Natural Resources also ranked 794th on Forbes’ list of Global 2000 2020 companies.