Pioneer Natural Resources Company (PXD) and Devon Energy Corporation (DVN) are two independent companies engaged in the exploration and production (E&P) of oil and gas in the United States. PXD in Irving, Tex., explores, develops, and produces oil, natural gas liquids (NGLs), and gas. In comparison, Oklahoma City, Okla.-based DVN explores, develops, and produces oil and natural gas properties. DVN develops and operates Heavy Oil, Rockies Oil, Eagle Ford, and more.
Amid the ongoing Russia-Ukraine war, Western and EU sanctions imposed on Russia to deter it from continuing the war have been hammering the Russian economy. However, given Russia’s status as one of the world’s major exporters of crude oil and natural gas, disruptions in its oil and gas exports could affect global markets. This potential has pushed oil prices above $113/barrel today. However, OPEC and its allies have been trying to uncork Iranian oil supplies through the revival of the Iranian nuclear deal, which could help ease tight global supplies. Therefore, both DVN and PXD should benefit.
