Pioneer Natural Resources (PXD)’s Refining Capacity Saturation Dilemma

Pioneer Natural Resources (NYSE:PXD) has been riding high on the U.S. energy boom. It’s not only Pioneer Natural Resources (NYSE:PXD), but several energy, oil and gas companies that have witnessed tremendous growth over the past few years and are predicting the good times to continue. The oil boom has reached such a stage that companies in U.S. are finding it tough to refine the oil that they are producing. Scott Sheffield, CEO of Pioneer Natural Resources (NYSE:PXD), discussed the energy boom that U.S. is going through and regulations concerning energy industry on Fox Business on Thursday.

Pioneer Natural Resources (NYSE:PXD)

“I will describe this as a game changer for this country; the U.S. oil production was at 5 million barrels a day just a few years ago. Now we are at 8.5 million barrels a day and it’s all because of the oil shell revolution with three big discoveries and primarily the Permian basin, 75 billion-barrel field, the Eagle field, a 25 billion-barrel field and then the Bakken, 25 billion-barrel field,” Sheffield said.

Sheffield revealed that Pioneer Natural Resources (NYSE:PXD), along with another company, has made a filing with the U.S. Commerce Department that allows it to export the condensate that comes out of the Eagle field as it goes through distillation. He also revealed that Pioneer Natural Resources (NYSE:PXD) has already exported two cargos, one of them to South Korea and another to Europe, he highlighted that due to the Ukrainian crisis, Europe needs this product.

Sheffield feels that once the refining capacity in U.S. matches up to the pace of its oil production, companies would be able to export even oil, apart from the condensate that is already exported. He believes that the refining capacity saturation in U.S. would cease to exist in the nest three year as the general public, the administration and the U.S. Congress gets educated about the potential that U.S. posess in terms of exporting oil and natural gas. Sheffield predicts that if U.S. starts exporting natural gas, it will put pressure on OPEC and bring the cost of natural gas down.


Disclosure: None

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months Click to see monthly returns in table format!

Lists

The 10 Countries with the Highest Suicide Rates

The 10 Most Technologically Advanced Countries in the World

The 10 Safest Countries in the World to Live in Peace

The 10 Top Selling Smartphones in the World 2014

The 12 Biggest Shopping Centers in the World

The 10 Friendliest Countries in the World

Qihoo 360 Technology Co Ltd (QIHU), Actavis plc (ACT), Yahoo! Inc. (YHOO) Among 20 Long Ideas from Sohn Canada

The 10 Laziest Countries in the World

The 10 Most Polluted Countries in the World

The 10 Most Dangerous Cities in America 2014

The Top 10 Gold Producing Countries in the World

The 10 Tallest Buildings in the World

The 10 Richest Stand Up Comedians in the World

The 10 Fattest Countries in the World

The 5 Best Summer Jobs for Teens

The 10 Most Religious Countries in the World Keeping the Faith

The 10 Most Educated Countries in the World

The 10 Most Popular Cell Phones in the World

The 10 Drunkest Countries in the World

The 10 Most Expensive Private Schools in the World

The 10 Smallest Countries in the World

Walking Dead Season 5 Spoilers You’ll Wish You Didn’t Know

The 10 Poorest Countries in the World

The 10 Greenest Countries in the World

The Top 10 Countries with the Highest Population in the World

The 10 Most Visited Countries in the World

The Top 10 Star Wars Characters in the Iconic Series

The 10 Most Expensive Android Phones in the World

5 Reasons Why The Illuminati Is Real and a Threat to Society

The 6 Scariest Halloween Costumes Ever Screamed At

The 4 Biggest Hedge Fund Managers in the World Today

The 15 Most Densely Populated Countries in the World

The 10 Biggest Tea Drinking Countries in the World

Top 6 Ways to Improve Your Checkout Process and Close Sales

The 5 Most Profitable Online Businesses You Can Start Today

The 20 Most Profitable Hospitals in the US

The 5 Most Profitable Home Businesses to Start

The 7 Teams that Will Win the Stanley Cup in 2015

The Top 10 Most Expensive Digital Cameras to Snap Stunning Shots With

The 10 Highest Quality Fast Food Restaurants In America Today

The 8 Best Halloween Decorating Ideas to Spook Up Your House

10 Marvel Women that Should Get a Movie Right Now

The 20 Best Remixes of Popular Songs that Will Make You Forget the Originals

7 Most Expensive Cities in the World

5 Least Expensive Cities in the World

10 Celebrities Who Believe In Scientology

10 High Margin Food Products to Build a Business Around

The 10 Most Expensive Clothing Stores in the United States to Get Decked Out At

The 5 Biggest Kickstarter Scams That Swindled Backers’ Donations

The 10 Most Expensive Boarding Schools In the World

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!