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Pioneer Flourishes in U.S. Shale Fields Where Shell Floundered

Extract from an article by Joe Carroll published 10 March 2014 by Bloomberg News

Screen Shot 2014-02-10 at 16.29.29Pioneer Natural Resources Co. (PXD), the top energy stock in the S&P 500 last year, is tripling drilling in shale fields as international energy explorers five times its size recoil from losses on the U.S. oil renaissance. Pioneer’s wildcatting bucks the trend among bigger explorers including Royal Dutch Shell Plc (RDSA) that are writing down U.S. shale assets and shrinking their footprints after drilling money-losing wells. For Shell, the world’s second-largest oil producer by market value, the dwindling value of its U.S. shale prospects contributed to a $2.7 billion writedown of its oil and gas portfolio announced in January. The Hague-based company said it would scale back drilling in those fields because of disappointing results. Shell’s global output dropped 1.9 percent last year to the lowest since 2009, according to data compiled by Bloomberg.

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