Pioneer Natural Resources Co. is participating in two renewable energy projects that will supply low-cost, renewable power to the company’s Permian Basin operations and the Texas electric grid.
Pioneer is working with a subsidiary of NextEra Energy Resources LLC to develop a 140 MW wind generation facility on Pioneer-owned surface acreage in Midland County. This project is supported by a power purchase agreement with Pioneer, in which Targa Resources Corp. will participate and is expected to be operational in 2024.
Additionally, Pioneer is also a participant in the 160 MW Concho Valley Solar project through Targa’s power purchase agreement, which commenced delivering renewable electricity during October 2022.
The renewable electricity sourced from these projects will provide a portion of the power required to operate Pioneer and Targa’s jointly owned Midland Basin natural gas processing infrastructure, as well as Pioneer’s field operations, enhancing each company’s emissions reduction initiatives through renewable electricity purchases and credits. Participating in these projects exemplify the commitment of Pioneer and Targa to be industry leaders in reducing emissions throughout the Midland Basin.
Pioneer will continue to evaluate wind and solar developments on its extensive owned surface acreage in the Permian Basin. These projects, along with any future projects, are expected to provide an offset to Pioneer’s Scope 2 emissions through the use of renewable electricity.