Pioneer Natural Resources cutting drilling program in half - KWES NewsWest 9 / Midland, Odessa, Big Spring, TX: newswest9.com |

Pioneer Natural Resources cutting drilling program in half

Pumpjack in the Permian Basin (Source: KWES/File Video) Pumpjack in the Permian Basin (Source: KWES/File Video)
BIG LAKE, TX (KWES) -

Pioneer Natural Resources is cutting its drilling program in half but they're still sticking around the Basin.

According to the Fort Worth Star Telegram, the company plans to have only 12 rigs by the middle of this year.

All the rigs will be in the Permian Basin.

The company plans to pull entirely out of the Eagle Ford Shale.

The newspaper says the company plans to reduce the number of rigs in the Southern Wolf Camp near Big Lake from four to zero by the middle of the year.

The company opened a 100,000 square-foot multimillion-dollar office complex in Big Lake last year.

The Star-Telegram says the cutback comes in response to the drop in crude oil prices.

Even with the cutback, the company told the newspaper that pioneer's oil and gas production will increase by 10 percent this year.

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