Pioneer Natural +2.7% as profits rise on Texas success


Pioneer Natural Resources (PXD) +2.7% AH after posting better than expected Q1 earnings and revenues thanks to continued success at tight-oil fields in Texas.

Q1 production rose 5% Y/Y to 172K boe/day, primarily driven by successful Spraberry/Wolfcamp and Eagle Ford Shale horizontal drilling programs and the full recovery of weather-related production curtailments during Q4; continues to forecast 2014 production growth of 14%-19% based on $3B planned drilling capex.

Increased its drilling rig program in the northern Spraberry/Wolfcamp to 16 horizontal rigs from five at year-end 2013; total horizontal wells placed on production in the Spraberry/Wolfcamp and Eagle Ford Shale are expected to increase to 175 in H2 from 125 in H1.

From other sites
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Hub
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs