Tue, May 5, 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.
Tue, May 5, 4:17 PM| Comment!
Tue, Feb. 10, 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.
Tue, Feb. 10, 4:13 PM| Comment!
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May 6, 2014, 6:59 PM
- Pioneer Natural Resources (PXD) +2.7% AH after posting better than expected Q1 earnings and revenues thanks to continued success at tight-oil fields in Texas.
- Q1 production rose 5% Y/Y to 172K boe/day, primarily driven by successful Spraberry/Wolfcamp and Eagle Ford Shale horizontal drilling programs and the full recovery of weather-related production curtailments during Q4; continues to forecast 2014 production growth of 14%-19% based on $3B planned drilling capex.
- Increased its drilling rig program in the northern Spraberry/Wolfcamp to 16 horizontal rigs from five at year-end 2013; total horizontal wells placed on production in the Spraberry/Wolfcamp and Eagle Ford Shale are expected to increase to 175 in H2 from 125 in H1.
May 6, 2014, 4:11 PM| 2 Comments
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
Nov. 5, 2013, 8:53 AM
- Pioneer Natural Resources' (PXD) Q3 oil production of 173K boe/day broke records but fell shy of projections, due to increased pad drilling activity which delayed its own wells from going online.
- But investors remain excited about the acreage PXD holds in the Permian Basin's Spraberry and Wolfcamp shales, where PXD drilled a record-breaking shale well that produced 3,156 boe/day in a 24-hour period.
- PXD believes production in the Spraberry/Wolfcamp will grow 21%-22% up to 81K bbl/day; it plans to drill another 34 wells.
- Citigroup raises its price target for PXD shares to $260 from $190, citing the solid Permian results; Capitol One calls the results "beyond impressive."
- Shares +3.1% premarket.
Nov. 4, 2013, 4:31 PM| Comment!
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