Pioneer Natural Resources Company Earnings Cheat Sheet: Revenue and Net Income Grow

S&P 500 (NYSE:SPY) component Pioneer Natural Resources Company (NYSE:PXD) reported net income above Wall Street’s expectations for the second quarter. Pioneer Natural Resources Co. is an oil and gas exploration and production company operating in the United States, South Africa and Tunisia.

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Pioneer Natural Resources Company Earnings Cheat Sheet for the Second Quarter

Results: Net income for the independent oil and gas company rose to $245.6 million ($2.03 per share) vs. $167.6 million ($1.41 per share) in the same quarter a year earlier. This marks a rise of 46.5% from the year earlier quarter.

Revenue: Rose 34.8% to $602.1 million from the year earlier quarter.

Actual vs. Wall St. Expectations: PXD reported adjusted net income of 93 cents per share. By that measure, the company beat the mean estimate of 83 cents per share. Analysts were expecting revenue of $605.7 million.

Quoting Management: Scott Sheffield, Chairman and CEO, stated, “The Company delivered another strong quarter, with second quarter production increasing to 119 thousand barrels oil equivalent per day (MBOEPD), an increase of eight MBOEPD, or 7%, from the first quarter of 2011, despite losing two MBOEPD of production during the second quarter due to a shortage of third-party oil transport trucks in the Spraberry field. Our three core growth assets (Spraberry field, Eagle Ford Shale and the Barnett Shale Combo) all contributed to the quarterly production increase. Second half production is forecasted to grow by approximately 10 MBOEPD per quarter as these three assets continue to deliver quarterly production growth and incremental oil transportation capacity is added in the Spraberry field. We continue to expect to deliver full-year 2011 production ranging from 125 MBOEPD to 130 MBOEPD, recognizing that production is likely to be towards the lower end of the range due to the severe weather and unplanned third-party impacts we experienced during the first half of the year.”

Key Stats:

The company has now topped analyst estimates for the last three quarters. It beat the mark by 15 cents in the first quarter and by 8 cents in the fourth quarter of the last fiscal year.

A year-over-year revenue increase last quarter snaps a streak of two consecutive quarters of revenue declines. Revenue fell 2.1% in the first quarter and fell 21.6% in the fourth quarter of the last fiscal year.

Competitors to Watch: Lucas Energy, Inc. (AMEX:LEI), Anadarko Petroleum Corp. (NYSE:APC), Contango Oil & Gas Company (AMEX:MCF), Cimarex Energy Co. (NYSE:XEC), SM Energy Co. (NYSE:SM), Brigham Exploration Co. (NASDAQ:BEXP), Abraxas Petroleum Corp. (NASDAQ:AXAS), Concho Resources Inc. (NYSE:CXO), Linn Energy, LLC (NASDAQ:LINE), and Approach Resources Inc. (NASDAQ:AREX).

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(Source: Xignite Financials)

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