Seeking Alpha

Pioneer Natural Resources Company (PXD)

  • Oct. 8, 2014, 8:10 AM
    • Pioneer Natural Resources (NYSE:PXD) is pushing forward with a sale of its oil and gas operations in the Eagle Ford shale which could fetch $4B-$4.5B, Bloomberg reports.
    • It would be the second time PXD has sought to sell the assets, and it appears to have lowered its price expectations from the $5B or more the company was seeking earlier this year.
    • PXD is said to be working with Citigroup and Tudor Pickering Holt to find buyers for the assets.
    | 1 Comment
  • Sep. 30, 2014, 10:34 AM
    • The positive market reaction following Encana's deal for Athlon Energy and other recent transactions may put pressure on inventory short majors and other large-cap companies to pursue M&A activity to increase their quality inventory in the U.S. onshore market, according to a UBS report.
    • UBS lists six top potential targets, some of which already are swirling in the rumor mill, including Pioneer Natural Resources (NYSE:PXD), with its own fracking fleet and huge Midland Basin play making it a very attractive but expensive target.
    • The firm's other five top M&A candidates: COG, CXO, OAS, RRC, WLL.
  • Sep. 29, 2014, 4:36 AM
    • Pioneer Natural Resources (NYSE:PXD) expects to double its U.S. exports of condensate to 50K barrels per day next year.
    • The U.S. shale resources explorer, along with Enterprise Product Partners (NYSE:EPD), received permits in June to export the ultra-light oil, after the country eased its 40-year ban on oil exports.
    • Pioneer sells condensate from its Eagle Ford shale site to Enterprise, which markets the oil to foreign buyers.
    | 1 Comment
  • Sep. 24, 2014, 11:59 AM
    • A new research note from the Credit Suisse energy team points out that West Texas crude oil could drop into the low $80s, but the top companies in the booming Permian Basin have the ability to continue to make money, and they have sold off dramatically.
    • Leading the firm's top five Permian picks is Diamondback Energy (FANG -1.6%), a strong performer despite the selloff; FANG's average well produces 80%-90% liquids, which results in high margins, and the company could be a potential takeover candidate given its high quality assets in west Texas.
    • Credit Suisse also likes Athlon Energy (ATHL -0.3%), Concho Resources (CXO +0.1%), Pioneer Natural Resources (PXD -0.8%) and Cimarex Energy (XEC +0.2%).
    | 1 Comment
  • Sep. 24, 2014, 10:33 AM
    • Occidental Petroleum (OXY +0.6%) is added to the US 1 List at BofA/Merrill with a $130 price target, saying OXY's combination of share repurchases, competitive debt adjusted per share growth and a prospective sector leading dividend above ~4% can drive a re-rating over the next 12 months.
    • BofA sees OXY using proceeds from asset sales for buying back as much as 13% of its outstanding shares, as well as posting another year of strong dividend growth, perhaps serving as a catalyst to bring OXY in line with other large-cap dividend stocks.
    • Pioneer Natural Resources (PXD -0.8%) is removed from the US 1 List.
  • Sep. 17, 2014, 2:32 PM
    • Investors have been lulled by a lack of volatility, but October is on the way, reminds Goldman, and it's time to buy options (volatility) on a number of companies where the market has yet to price in event risk.
    • "On average since 1928, October realized volatility has been 19 vs 15 for all other months," say the Goldman team of John Marshall and Katherine Fogertey. "In recent years, October volatility has been even higher and even more of a standout."
    • Bristol-Myers Squibb (NYSE:BMY), Dish Network (NASDAQ:DISH), Intel (NASDAQ:INTC), Ford (NYSE:F), J.C. Penney (NYSE:JCP), and Pioneer Natural Resources (NYSE:PXD) are all names, they say, that have key events in October for which the options market has not priced in elevated volatility.
  • Sep. 8, 2014, 6:43 PM
    • The energy sector has seen little M&A activity despite a growth shortfall and cheap borrowing rates, but UBS analysts think a focus on incremental returns may lead to less exploration and more deals as resource prices on the market have fallen.
    • The firm figures four large-cap E&P companies - Anadarko Petroleum (NYSE:APC), EOG Resources (NYSE:EOG), Marathon Oil (NYSE:MRO) and Pioneer Natural Resources (NYSE:PXD) - could prove tantalizing acquisition targets, but the buyer likely would need very deep pockets.
    • In the case of EOG, UBS says the company's strong position in the three biggest tight oil plays  - the Eagle Ford, Bakken and Permian - make it a perfect fit for an integrated major looking to expand in those areas.
  • Sep. 8, 2014, 12:32 PM
    • The day's five biggest decliners in the S&P 500 are all energy companies - Newfield Exploration (NFX -5.6%), EOG Resources (EOG -3.6%), Anadarko Petroleum (APC -2.9%), Cimarex Energy (XEC -3.3%) and Pioneer Natural Resources (PXD -3.4%) - as crude oil prices slide to new lows, including Brent crude's first move below $100/bbl in more than a year.
    • Brent crude dropped $1.12, or 1.1%, to $99.70/bbl after falling to as low as $99.36, a 16-month low, while U.S. crude slipped more than a percent to below $92 after settling at $93.29 on Friday for its sixth weekly drop in seven.
    • Traders are concerned crude demand won't keep up, with data from the U.S. and China, the world's top oil consumers, suggesting their economies aren't growing as quickly as had been hoped.
  • Sep. 3, 2014, 3:27 PM
    • Pioneer Natural Resources (PXD +0.5%) says it is in negotiations with foreign buyers to sell condensate, which the company produces and has authority to export.
    • The oil previously was sold at ~$15/bbl below U.S. crude oil prices, but PXD CEO Scott Sheffield says prices for the historically discounted grade have significantly improved since PXD and Enterprise Product Partners (NYSE:EPD) were licensed to export the condensate.
    • Sheffield says PXD already has exported two cargoes, one to South Korea and another to Europe.
    | 1 Comment
  • Aug. 20, 2014, 4:38 PM
    • Pioneer Natural Resources Company (NYSE:PXD) declares $0.04/share quarterly dividend, in line with previous.
    • Forward yield 0.04%.
    • Payable Oct. 10; for shareholders of record Sept. 30; ex-div Sept. 26.
  • Aug. 7, 2014, 11:58 AM
    • Technological improvements will allow energy companies to scrape more crude out of the ground and drive U.S. oil production as high as 14M bbl/day, Pioneer Natural Resources (NYSE:PXD) CEO Scott Sheffield says.
    • The industry may not discover any more elephant fields, but operators will continue to find new opportunities in conventional plays, the CEO says, noting the industry is pursuing new techniques for boosting the recovery rate at wells up from the 2%-3% common today.
    • Only lower oil prices can stop the upward march in U.S. production, Sheffield adds, warning that a price collapse for domestic West Texas Intermediate crude would cause “a tremendous turndown.”
  • Aug. 5, 2014, 2:48 PM
    • Pioneer Natural Resources (PXD -5%) is defended by Goldman Sachs analyst Brian Singer, who maintains a Buy rating on the shares and lifts his price target to $266 from $257 after a "noisy" Q2 but with 2015 growth on track.
    • While total production beat expectations, oil was lighter as vertical Permian wells that were returned to production at flush rates in Q1 declined in Q2; oil comprised 63% of Permian production vs. 68% in Q1, but the firm views the 67% 2013 average as more normal and expects an oilier mix as horizontal growth rises.
    • The firm remains confident in PXD's growth, with H2 ramp-up the first key test; PXD raised its 2014 production growth to 16%-19% from 14%-19% and maintained its three-year compound annual growth rate at 16%-21%, warranting a double-digit multiple.
    | 1 Comment
  • Aug. 5, 2014, 8:39 AM
    • Pioneer Natural Resources (NYSE:PXD) says its first cargo of Eagle Ford condensate was exported in late July following confirmation from the Commerce Department that the ultra-light oil could be exported without a license if processed minimally.
    • PXD says its monthly condensate shipments are expected through year-end at prices higher than domestic levels, adding that Asian petrochemical demand for the Eagle Ford shale condensate is growing.
    | Comment!
  • Aug. 4, 2014, 5:15 PM
    • Pioneer Natural Resources (NYSE:PXD) agrees to sell its Hugoton and Barnett Shale assets for ~$495M, part of its move to focus on its oil-related Spraberry/Wolfcamp assets in the Permian Basin in west Texas.
    • Linn Energy (NASDAQ:LINE) is buying PXD's Hugoton Shale assets for $340M, while an unnamed private company is buying the Barnett Shale assets for ~$155M.
    • LINE says its acquisition in the Hugoton Shale would make it the largest producer in the field, as it would acquire ~235K net acres, all held by production, with ~1,200 producing wells; meanwhile, LINE is selling its rights to the Woodford and Meramec horizons in the STACK play on ~26K undeveloped acres in the Anadarko Basin for ~$90M.
    • Earlier: Pioneer Natural Resources beats by $0.07, misses on revenue.
  • Aug. 4, 2014, 4:14 PM
    • Pioneer Natural Resources (NYSE:PXD): Q2 EPS of $1.35 beats by $0.07.
    • Revenue of $953M (-17.8% Y/Y) misses by $11.05M.
    • Press Release
    | Comment!
  • Aug. 3, 2014, 5:35 PM
Visit Seeking Alpha's
PXD vs. ETF Alternatives
Company Description
Pioneer Natural Resources Co is an independent oil and gas exploration and production company with operations in the United States.