Pioneer Natural 3Q Adjusted Profit Beats Expectations
HOUSTON, Nov 1 (Reuters) - Pioneer Natural Resources Co, one of the largest oil producers in the Permian Basin of West Texas and New Mexico, posted a better-than-expected adjusted profit on Wednesday, helped by rising commodity prices.
Pioneer, like many of its U.S. shale peers, forecast rising production for the rest of the year as improving technology lowers operating costs. The company boosted its 2017 capital budget by 2 percent to $2.75 billion to add two drilling rigs in the Permian.
"We are drilling low-cost, highly productive wells that generate high returns and have industry-leading break-even oil prices," Chief Executive Tim Dove said in a statement.
Pioneer posted a third-quarter net loss of $23 million, or 13 cents per share, compared with a net profit of $22 million, or 13 cents per share, in the year-ago period.
Excluding a $161 million loss on hedging, the company earned $80 million or 48 cents per share. By that measure, analysts expected earnings of 30 cents per share, according to Thomson Reuters I/B/E/S.
Production rose about 15 percent to 275,711 barrels of oil equivalent per day. Output from the Permian was dented by Hurricane Harvey, which tore through the U.S. Gulf Coast region in August.
Pioneer's stock fell slightly in after-hours trading to $152.50 alongside a dip in oil prices. The shares have dipped about 15 percent so far this year.
Executives plan to hold a conference call with investors to discuss results on Thursday morning.
(Reporting by Ernest Scheyder; Editing by Matthew Lewis)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- UK Oil Regulator Publishes New Emissions Reduction Plan
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- PetroChina Posts Higher Annual Profit on Higher Production
- McDermott Settles Reficar Dispute
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension