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Pioneer's startling Permian output-growth plans

Pioneer Natural Resources' growth plans will transform the company and points to a long bull run for Texas's prolific shale play

No single company has managed to ride the rise of the Permian shale as high as Pioneer Natural Resources. Over the past decade, the company has been transformed from a relatively obscure producer plugging away in a slowly dying oilfield in West Texas to one of the hottest growth stories in the industry. The latest step on that journey came in February, when the company outlined an ambitious plan to expand output from around 240,000 barrels of oil equivalent per day now to 1m boe/d over the next decade. To put that figure in a broader context, Pioneer could add about as much oil from the Permian as Petrobras plans to add in Brazil from the biggest deep-water expansion in oil-industry history

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