Pioneer’s production in doubt after severe winter weather in Texas


Pioneer Natural Resources (PXD +0.1%) warned late Wednesday that severe winter weather in Texas has significantly impacted production and drilling operations in the Spraberry/Wolfcamp, Eagle Ford shale and Barnett shale plays in the state, and analysts expect PXD to revise down its production guidance in the coming weeks.

PXD has said it expects production to average 179K-187K boe/day in Q4.

Topeka Capital keeps its Hold rating but cuts its price target on the stock to $210 from $225, while Global Hunter calls the news "more of a short-term nuisance than a long-term threat."

PXD shares have gained 66% YTD, the most among energy stocks in the S&P 500, as Permian plays have been hot.

Other Permian names are mixed today: CXO -0.2%, FANG -0.6%, LPI -1.7%, ATHL +1.4%, AREX +0.5%.

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Comments (1)
  • 2puttwo
    , contributor
    Comments (657) | Send Message
     
    TMI can be a nuisance, but that's today's world. FANG will probably drop too. Another buying opportunity at 45 and/or 40? Sounds good to me!
    30 Nov 2013, 01:44 PM Reply Like
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