“We're scheduled to spud the first ever 20,000-foot laterals on Pioneer's acreage this quarter.”

In context

“er. To driver higher value, we continue to improve the profitability of the barrels we produce. Our progress has been exceptional. On a constant price basis, our 2019 unit earnings were about $5.00 per oil-equivalent barrel. Year-to-date in 2024, excluding Pioneer, we've doubled that to $10.00 per barrel. The third quarter was our first full quarter with Pioneer, which added 770,000 oil-equivalent barrels per day of highly advantaged production. As we said when we announced the deal, combining our technology, Pioneer's contiguous acreage, and the capabilities of our two organizations is allowing us to recover more resource more efficiently with a lower environmental footprint. In the third quarter, we drilled the longest ever laterals on Pioneer acreage at 18,250 feet or nearly 3.5 miles. We're scheduled to spud the first ever 20,000-foot laterals on Pioneer's acreage this quarter. The benefits of long laterals are significant; fewer wells, a smaller surface footprint, and greater capital efficiency. In Guyana, we completed tie-ins for the country's Gas-to-Energy project on budget and schedule. And we are back to full production. Once the government completes the associated power plant, the Gas-to-Energy project is expected to provide the people of Guyana with electricity that is significantly cheaper, cleaner, and more reliable. This will further spur the Guyanese economy, which was the fastest growing in the world in the first-half of 2024, with GDP up 50%. Our Payara project, which remained online during the tie-ins, continues to perform above investment basis, as has been the case with all the projects we've brought online in the world's premier deepwater develo”