May 6 (Reuters) - Shale driller Pioneer Natural Resources Co increased its spending cuts and lowered its annual output target on Wednesday as oil prices slumped owing to excess supply and a plunge in demand due to the COVID-19 pandemic.
The company now expects 2020 capital budget between $1.4 billion to $1.6 billion, down from its prior estimates of $1.7 billion and $1.9 billion.
Total production for the year is expected to be between 341,000 to 359,000 barrels of oil equivalent per day (boepd), including current voluntary curtailments of about 7,000 barrels of oil per day.
The company had previously expected total production to be between 383,000 to 402,000 boepd in 2020.
Reporting by Shanti S Nair in Bengaluru; Editing by Arun Koyyur