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Pioneer to quadruple oil exports as shale surges - CEO

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Pioneer to quadruple oil exports as shale surges - CEO

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LONDON (Reuters) – Pioneer Natural Resources will quadruple oil exports within a year, reflecting an expected surge in U.S. exports as shale output rises, Chief Executive Tim Dove said on Thursday. Pioneer, one of the largest oil producers in the Permian Basin of West Texas and New Mexico, exported three cargoes of 500,000 barrels of oil in the third quarter and is expected to ship four in the fourth quarter. The number is expected to rise to 13 cargoes by the same time next year, Dove told the Oil & Money conference. “As you look forward to the growth in the production of the light sweet (shale) oil, it will in fact all be exported,” Dove said.

(Reporting by Ron Bousso; editing by Jason Neely)
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