Pioneer Natural Resources boosts 2018 spending on higher costs, drilling activity

HOUSTON (Reuters) – Pioneer Natural Resources (PXD.N) will boost its 2018 capital spending by roughly $450 million to address rising costs and to increase its drilling and completions activities, the company said on Wednesday.

The company expects to spend between $3.3 billion and $3.4 billion in 2018, up from $2.9 billion. About 35 percent of the increased spending will go to drilling and completions activities while between 50 and 60 percent will be allocated to rising costs, the company told analysts during its quarterly earnings call.

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