Pioneer Natural Resources: Recent Stock Offering Makes Sense In Light Of 3-Way Collars On 2016 Production
Michael Fitzsimmons • 59 Comments
Michael Fitzsimmons • 59 Comments
Pioneer (Huge) Resources
Mon, Apr. 25, 7:15 PM
- Pioneer Natural Resources (NYSE:PXD) +3% AH after reporting a narrower than expected Q1 loss and raising its 2016 production outlook.
- PXD says its Q1 average daily production rose by a greater than expected 3% Q/Q to 222K boe/day, and raises its FY 2016 production outlook to 224K-229K boe/day, now expecting output growth of more than 12% compared with its previous outlook for an increase of at least 10%.
- The company also affirmed its 2016 capital spending plans of ~$2B, much of which will be spent in the Permian Basin; unlike most peers, PXD can rely on a combination of cash flow and asset sales rather than debt to fund its budget.
- Now read Pioneer to add 5-10 drilling rigs if oil prices rebound
Mon, Apr. 25, 4:11 PM
Sun, Apr. 24, 5:35 PM
Wed, Feb. 10, 6:19 PM
- Pioneer Natural Resources (NYSE:PXD) -1.5% AH after beating Q4 earnings estimates and saying it plans to cut in half the number of rigs it operates to 12 by mid-2016.
- PXD also reverses its plan to raise drilling expenses for 2016, cutting its capex forecast to $2B from guidance of $2.4B-$2.6B just a month ago; its 2015 budget totaled $2.2B.
- Despite the cuts, PXD sees production growing ~10% this year after producing 204K boe/day in FY 2015, along with 215K boe/day in Q4, with oil accounting for 53% of total output.
- PXD says it added proved reserves totaling 210M boe during 2015 from discoveries, extensions and technical revisions of previous estimates, equating to a drillbit reserve replacement of 273% of its FY 2015 production of 77M boe.
Wed, Feb. 10, 4:18 PM
Tue, Feb. 9, 5:35 PM
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Nov. 2, 2015, 6:28 PM
- Pioneer Natural Resources (NYSE:PXD) -0.6% AH despite reporting a smaller than expected Q3 loss, boosted by the sale of its Eagle Ford Shale pipeline joint venture with Reliance Industries to Enterprise Products Partners.
- PXD, which has said it would continue to add an average of two rigs a month through the end of the year in the northern Spraberry/Wolfcamp area despite sharply lower crude oil prices, says it does not plan to add more rigs this year, citing efficiency gains.
- However, PXD raises its production target for the year by one percentage point to 11%, as it ups its Spraberry/Wolfcamp target to a 25%-26% increase from its previous view of 22%-24%.
- PXD says it produced 211K boe/day in Q3 (52% oil), up 7% Q/Q and above the top end of its guidance range of 205K-210K boe/day, again driven by Spraberry/Wolfcamp, where production rose 13% Q/Q.
- Says its 2015 capital budget remains at $2.2B.
Nov. 2, 2015, 4:20 PM
- Pioneer Natural Resources (NYSE:PXD): Q3 EPS of -$0.01 beats by $0.02.
- Revenue of $2.22B (+47.0% Y/Y)
Nov. 1, 2015, 5:35 PM
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Aug. 5, 2015, 3:54 PM
- Pioneer Natural Resources (PXD +0.9%) closes in on a solid gain after Q2 earnings beat expectations and saying it still expects crude oil production to increase even in the face of the oil market downturn.
- PXD says it is maintaining a 10%-plus production growth forecast for 2015, reflecting an expected increase in Spraberry/Wolfcamp production growth from 20%-plus to 22%-24% offset by a reduction in the full-year growth rate for the Eagle Ford Shale.
- Q2 production totaled 197K boe/day (51% oil), reflecting strong Spraberry/Wolfcamp production growth the company says was driven by its successful horizontal drilling program.
- PXD says it put two additional rigs in Spraberry/Wolfcamp in July and will continue to add an average of two rigs a month and bring 100 new wells into production during the rest of the year, and then add eight more rigs in Q1 2016.
- Topeka Capital reiterates its Buy rating and $180 price target, saying PXD remains one of its top picks given a strong balance sheet, solid hedge book and position in the Permian Basin ahead of re-acceleration in what the firm believes will be an improved environment (Briefing.com).
Aug. 4, 2015, 4:41 PM
- Pioneer Natural Resources (NYSE:PXD): Q2 EPS of $0.10 beats by $0.05.
- Revenue of $648M (-30.5% Y/Y) misses by $111.8M.
May 5, 2015, 6:46 PM
- Pioneer Natural Resources (NYSE:PXD) -0.5% AH after posting an unexpected Q1 loss, but PXD says it continues to deliver strong well results and that cost-cutting has helped improve margins.
- Analysts had estimated PXD’s profits would fall more than 90% Y/Y but did not go so far as to predict a loss; revenues fell 8% Y/Y but beat estimates.
- PXD says Q1 sales volumes averaged 194K boe/day, up 17% Y/Y, and it continues to forecast 10% production growth this year; Spraberry/Wolfcamp production is forecast to rise by at least 20% Y/Y.
- PXD says its $1.85B planned capital budget for FY 2015 is a 45% reduction from last year’s capital spending for continuing operations.
- Says it had $383M of cash on hand at the end of the quarter vs. more than $1B at the beginning of 2015, but CEO Scott Sheffield maintains the company is in healthy financial shape and may increase drilling activity in H2.
May 5, 2015, 4:17 PM
- Pioneer Natural Resources (NYSE:PXD): Q1 EPS of -$0.03 misses by $0.11.
- Revenue of $868M (-8.1% Y/Y) beats by $117.25M.
- Shares -1.9%.
Feb. 10, 2015, 5:29 PM
- Pioneer Natural Resources (NYSE:PXD) says it will cut capital spending by 45% in 2015 to $1.85B amid lower oil prices and reduced margins, an announcement that comes as Q4 earnings fell short of Wall Street estimates while revenue surged 75% on strong production growth.
- PXD says it is shutting down vertical drilling in the Spraberry/Wolfcamp area and cutting roughly in half its drilling in the Spraberry/Wolfcamp and Eagle Ford Shale to 16 rigs by the end of February.
- Even with the reductions, PXD expects 2015 crude oil production to increase 20% from 87K bbl/day in 2014.
- In Q4, PXD produced 201K boe/day, up 28% Y/Y; oil production rose 39% Y/Y to 100K bbl/day.
- Says it maintained a strong year-end balance sheet with $1B of cash on hand and net debt-to-operating cash flow of less than 1x.
- PXD -0.8% AH.
Feb. 10, 2015, 4:13 PM
- Pioneer Natural Resources (NYSE:PXD): Q4 EPS of $0.80 misses by $0.15.
- Revenue of $1.66B (+74.2% Y/Y) beats by $660M.
- Shares -2.1%.
Pioneer Natural Resources Co. operates as an independent oil and gas exploration and production company. It is a holding company whose assets consist of direct and indirect ownership interests in, and whose business is conducted substantially through, its subsidiaries. The company is one of the... More
Sector: Basic Materials
Industry: Independent Oil & Gas
Country: United States
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