Pioneer Natural +2.7% as profits rise on Texas success

|About: Pioneer Natural Resources C... (PXD)|By:, SA News Editor

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.