Shares of Pioneer Resources (PXD +6.5%) shrug off a Q2 bottom line miss due to writedowns and power higher on the back of strong top line results. Revenue was solid, +15% Y/Y despite slack commodity prices. The company also raised its 2012 production growth target to a range of 25% to 29%, and increased its net resource potential from 5 billion BOE to more than 7 billion BOE.
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