"Pioneer spends, on average, about $8 million to complete a well. In a March investor presentation, the company said its cost to drill and frack each 12-inch length of a well dropped 30 percent in the past year, to $905. At the same time, production from those wells jumped more than 50 percent. The cost declines are expected to slow, but Pioneer last month lifted its 2016 target for production growth without any spending increase. Such efficiencies have made it possible for the company to amass cash with crude prices as low as $35 a barrel. Pioneer's cash reserves rose to $1.61 billion in the first quarter of this year, up from $383 million a year earlier."
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