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Pioneer Natural and City of Midland Ink Historic Agreement
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Pioneer Natural Resources Company recently inked a historic agreement with the City of Midland to upgrade the city’s infrastructure as well as save millions of gallons of freshwater. The impact of this news on the company’s stock price is yet to be seen. Year to date, shares of the company have gained 47.5%, outpacing the Zacks categorised sub industry Oil & Gas-U.S. Exploration & Production Market, which has increased by 44.7%. Midland City Council’s approval paves the way for a private-public partnership with Pioneer Natural Resources. The agreement will facilitate the company to develop the city’s wastewater treatment plant in exchange of reclaimed water from the plant for oil and gas development in the Midland Basin. The water will be transferred through Pioneer Natural Resources’ water distribution system in the Midland Basin and used for hydraulic fracturing. Utilizing sewage water for this purpose will considerably decrease Pioneer Natural Resources’ requirement for freshwater and will make productive use of a non-potable resource at a lower overall water cost.
Pioneer Natural Resources was chosen as the city’s partner in this venture through a proposal process. The city and Pioneer executed the contract for the project subsequent to the City Council meeting.
Per the agreement, Pioneer Natural Resources will provide $110 million in upgrades to the plant, which would have otherwise been paid for through the City of Midland’s utilities fund.
The volume-based contract is projected to last for the next 20 to 28 years, depending on flow rates. Depending on legislative validation from the State of Texas and conclusion of the plant’s design, construction is anticipated to take about two years.
SunCoke Energy posted a positive earnings surprise of 177.78% in the last reported quarter. It reported a positive earnings surprise in three of the four preceding quarters.
Suncor Energy posted a positive earnings surprise of 300.00% in the preceding quarter. It reported an average earnings surprise of 40.55% for the four preceding quarters.
Futurefuel Corp. posted a positive earnings surprise of 20.83% in the last reported quarter. It reported a positive earnings surprise in all of the four preceding quarters.
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Pioneer Natural and City of Midland Ink Historic Agreement
Pioneer Natural Resources Company recently inked a historic agreement with the City of Midland to upgrade the city’s infrastructure as well as save millions of gallons of freshwater. The impact of this news on the company’s stock price is yet to be seen. Year to date, shares of the company have gained 47.5%, outpacing the Zacks categorised sub industry Oil & Gas-U.S. Exploration & Production Market, which has increased by 44.7%.
Midland City Council’s approval paves the way for a private-public partnership with Pioneer Natural Resources. The agreement will facilitate the company to develop the city’s wastewater treatment plant in exchange of reclaimed water from the plant for oil and gas development in the Midland Basin. The water will be transferred through Pioneer Natural Resources’ water distribution system in the Midland Basin and used for hydraulic fracturing. Utilizing sewage water for this purpose will considerably decrease Pioneer Natural Resources’ requirement for freshwater and will make productive use of a non-potable resource at a lower overall water cost.
Pioneer Natural Resources was chosen as the city’s partner in this venture through a proposal process. The city and Pioneer executed the contract for the project subsequent to the City Council meeting.
Per the agreement, Pioneer Natural Resources will provide $110 million in upgrades to the plant, which would have otherwise been paid for through the City of Midland’s utilities fund.
The volume-based contract is projected to last for the next 20 to 28 years, depending on flow rates. Depending on legislative validation from the State of Texas and conclusion of the plant’s design, construction is anticipated to take about two years.
Pioneer Natural Resources currently has a Zacks Rank #3 (Hold). Some better-ranked players in the same sector include SunCoke Energy Inc. (SXC - Free Report) , Suncor Energy, Inc. (SU - Free Report) and Futurefuel Corp. (FF - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
SunCoke Energy posted a positive earnings surprise of 177.78% in the last reported quarter. It reported a positive earnings surprise in three of the four preceding quarters.
Suncor Energy posted a positive earnings surprise of 300.00% in the preceding quarter. It reported an average earnings surprise of 40.55% for the four preceding quarters.
Futurefuel Corp. posted a positive earnings surprise of 20.83% in the last reported quarter. It reported a positive earnings surprise in all of the four preceding quarters.
The Best Place to Start Your Stock Search
Today, you are invited to download the full list of 220 Zacks Rank #1 "Strong Buy" stocks – absolutely free of charge. Since 1988, Zacks Rank #1 stocks have nearly tripled the market, with average gains of +26% per year. Plus, you can access the list of portfolio-killing Zacks Rank #5 "Strong Sells" and other private research. See these stocks free >>