- Pioneer Natural Resources (PXD +3%) pushes higher reporting a lighter than expected Q2 loss, not including derivative losses, on a 22% increase in revenues to $786M, which also edged estimates; counting derivatives, Q2 net loss totaled $268M, above the $218M year-ago loss.
- PXD's Q2 production averaged 233K boe/day, up 5% Y/Y and significantly above guidance of 224K-229K boe/day, and oil production rose 10% Y/Y, all driven by the Spraberry/Wolfcamp horizontal drilling program.
- PXD says it plans to increase its horizontal rig count to 17 rigs from 12 in the northern Spraberry/Wolfcamp during H2, beginning in September; raises its 2016 production growth forecast to at least 13% from 12% to reflect improving Spraberry/Wolfcamp well productivity, and expects the 17 rigs to deliver 13%-17% production growth in 2017.
- PXD increases its 2016 capital budget to $2.1B from $2B to cover the cost of the five horizontal drilling rigs.