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Pioneer Natural bets on demand for more shale oil stock with new shares

Thursday, January 7, 2016 - 05:50
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Natural gas is flared at a Pioneer Natural Resources well in Karnes County, Texas. Pioneer plans to sell up to 12.1 million new shares to help finance a budget rise and production increases.

Chicago

EVEN after almost US$400 billion in oil company market value was wiped out by investors fleeing the crude rout, Pioneer Natural Resources Co is betting there's ample demand for more shale-drilling shares.

Pioneer plans to sell as many as 12.1 million new shares to help