Feb. 10, 2014, 5:09 PM
- Pioneer Natural Resources (PXD) -2.1% AH after reporting an unadjusted Q4 loss of $1.37B, or $9.82/share, including of $1.5B loss related to discontinued operations and assets held for sale, vs. a year-ago profit of $28M, or $0.22/share, a year earlier.
- Forecasts 14%-19% production growth from continuing operations in 2014 based on planned drilling capital expenditures of $3B; growth will be second-half weighted as PXD ramps up its drilling program in the northern Spraberry/Wolfcamp from five rigs at year-end 2013 to 16 rigs by the end of Q1.
- Added proved reserves of 141M boe during 2013, equating replacement of 211% of PXD's FY 2013 production of 67M boe.
Feb. 10, 2014, 4:09 PM| 2 Comments
Feb. 10, 2014, 12:10 AM
Feb. 9, 2014, 5:35 PM
Jan. 21, 2014, 3:49 PM
- Pioneer Natural Resources (PXD +2.8%) says its Q4 production averaged 173K boe/day, missing earlier estimates of 179K-184K boe/day following winter storms stretching from November through January that knocked out power across much of west Texas.
- PXD says more than 50% of its wells were shut in during the period, and some wells were without power for weeks, but all wells are now operational.
Jan. 17, 2014, 3:53 PM
- Pioneer Natural Resources (PXD -0.4%) is upgraded to Buy from Hold with a $210 target price at Stifel, which sees the correction in the stock since October providing an attractive entry point ahead of a likely favorable Feb. 10 operational update that could include better than expected 2014 guidance, new Spraberry shale well results, and an increase in recoverable resources.
- As drilling picks up in the Permian, the firm thinks PXD is well positioned for NAV expansion, and the risk in the name should come down given the strong production growth expected from PXD’s drilling activity.
Jan. 13, 2014, 3:32 PM
- "Options markets suggest this will be one of the most important earnings seasons in 10 years for stock pickers given low expected correlation and limited pre-positioning," says Goldman analyst John Marshall.
- "We expect outsized profitability for call buying strategies on single stocks this quarter," he adds, noting options markets are actually pricing in a lower earnings-day move than any time on record for the average stock. "We expect earnings surprises to spark unexpectedly large stock moves."
- The average earnings-day move last quarter was 3.5x as large as the average daily move, he says, greater than any other time in the past 17 years.
- Goldman analysts see above-consensus reports from KORS, RYL, TIF, EOG, PXD, WNR, BBT, BX, LAZ, STI, BMY, THC, CMI, DOW, STZ, ARUN, OLED, QCOM, and XLNX.
- Goldman's below the Street on ANN, IGT, MAT, COL, JOY, and MSFT.
Dec. 24, 2013, 2:12 PM
- Energy stocks have underperformed this year, but Merrill Lynch analysts are reasonably positive on the sector for 2014, pointing to some key themes:
- With the price of gas likely to remain in a narrow range next year, the firm says investors should buy high-quality, large resource-based stocks such as COG and RRC.
- The net asset value race is over, and the coming year is about execution, ML says, seeing PXD and WLL as winners here.
- Following 2013's wave of activism, the firm sees gains in HES and OXY.
- Favorable outlooks for E&P budgets could lift oilfield services stocks focused on North America, such as HAL and SLB.
- The ML team sees crude production rising to the highest level since 1989, and pinpoints TSO and VLO as the refiners to benefit the most in 2014 because they're crude-advantaged and have stock-specific catalysts.
- Finally, the firm suggests investors with significant gains in CVX may want to take those and buy XOM for 2014.
Dec. 10, 2013, 11:18 AM
- Pioneer Natural Resources (PXD +2.4%) and its Pioneer Southwest Energy Partners (PSE +3.2%) unit say their Q4 results could fall short of expectations after severe weather in Texas hurt production, but shares are higher as the impact may be less than investors had feared.
- PXD had forecast average production of 179K-184K boe/day for Q4, and PSE had forecast output of 8.7K-9.2K boe/day.
- The Spraberry/Wolfcamp area was "especially hard hit" in late November, but another bout of severe weather that began Dec. 4 "did not cause a significant amount of incremental damage."
Dec. 5, 2013, 5:19 PM
- Callon Petroleum (CPE) is the latest Permian producer to warn about the impact of recent severe weather on its operations, lowering its FY 2013 production guidance for Permian operations to 2,150-2,250 boe/day, ~4% below previous guidance.
- Laredo Petroleum (LPI) warned yesterday that more than half of its wells can't pump oil and gas, while the remainder are producing less than normal, and Energen (EGN) said Tuesday that power outages and other weather effects will hurt its Q4 bottom line.
- Apache (APA) and Pioneer Natural (PXD) said their Permian operations were been affected but haven't yet provided details.
- The cold weather power outages aren't likely to affect the long-term outlook for the companies, according to Iberia analyst Eli Kantor, but more freezing weather is expected to settle on the area through the weekend.
Dec. 3, 2013, 10:36 AM
- Pioneer Natural Resources (PXD +1.4%) to upgraded to Buy from Neutral with a $235 target price, up from $207, at Global Hunter, which cites multiple, consistent results across a wide swath of PXD's 600K gross acres in central and northern Midland, and foresees a substantial upward revision of PXD's resource potential at year-end.
- The firm also thinks management understands that PXD's NAV story has lost a bit of its luster - shares are down ~20% since Q3 earnings - and is eager to demonstrate that the company is poised to transition into manufacturing mode.
Dec. 2, 2013, 6:16 PM
- Energen (EGN) warns that severe winter weather in west Texas that began Nov. 23 has negatively affected its Permian Basin operations and could result in 2013 production falling below its guidance range of 23.4M-23.8M boe.
- While all areas in the Permian Basin were affected to some degree, EGN says its Midland Basin operations took the brunt of the ice storm's immediate impacts, including widespread power outages, limited access to production and drilling facilities, and frozen facilities.
- Pioneer Natural Resources (PXD) made a similar announcement last week.
Nov. 30, 2013, 8:53 AM
- Pioneer Natural Resources (PXD) Wednesday announced that severe winter weather in Texas has significantly impacted the company's production and drilling operations in the Spraberry/Wolfcamp, Eagle Ford Shale and Barnett Shale Combo plays.
- Commenting, analyst Gordon Douthat of Wells Fargo said, "PXD did not revise production guidance at this point as the company is still assessing impacts across its operations, but will provide an update once impact can be quantified. Production downtime will vary by company with some stating only 12 days of downtime and others stating more substantial downtime."
- Douthat said impacts will likely be felt by all Permian operators including Concho Resources (CXO), Laredo Petroleum Holdings (LPI), Athlon Energy (ATHL), Diamondback Energy (FANG), Approach Resources (AREX) though more time is needed to fully quantify the extent.
Nov. 29, 2013, 11:59 AM
- Pioneer Natural Resources (PXD +0.1%) warned late Wednesday that severe winter weather in Texas has significantly impacted production and drilling operations in the Spraberry/Wolfcamp, Eagle Ford shale and Barnett shale plays in the state, and analysts expect PXD to revise down its production guidance in the coming weeks.
- PXD has said it expects production to average 179K-187K boe/day in Q4.
- Topeka Capital keeps its Hold rating but cuts its price target on the stock to $210 from $225, while Global Hunter calls the news "more of a short-term nuisance than a long-term threat."
- PXD shares have gained 66% YTD, the most among energy stocks in the S&P 500, as Permian plays have been hot.
- Other Permian names are mixed today: CXO -0.2%, FANG -0.6%, LPI -1.7%, ATHL +1.4%, AREX +0.5%.
Nov. 21, 2013, 10:55 AM
- Pioneer Natural Resources (PXD +2.2%), up 73% YTD, is downgraded to Perform from Outperform at Oppenheimer, which also removes its $180 price target as it questions the company’s valuation.
- Shares have pulled back 15% in the past month from a record $227, but PXD still trades at the highest multiple of its peers, the firm says.
- Growth potential in Texas’ Permian basin is PXD’s key asset; it is the largest operator in the Spraberry/Wolfcamp shale play, which the company says holds 50B recoverable boe.
- Baird said yesterday the recent weakness in the shares is a buying opportunity, believing PXD deserves a premium valuation due to its production growth profile and superior returns.
Nov. 13, 2013, 10:34 AM
- Pioneer Natural Resources (PXD +5.1%) begins production at its fourth horizontal Wolfcamp D interval well with a 24-hour peak initial production rate of 3,605 boe/day, the highest initial production rate for any interval in the Midland Basin to date.
- PXD also placed on production its third horizontal Wolfcamp B interval well, with a 24-hour peak initial production rate of 2,801 boe/day.
- PXD has 16 horizontal wells on production across its northern Spraberry/Wolfcamp acreage in the Midland Basin in west Texas.
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