Pioneer Natural Resources Company Earnings: Profit Decreases

Rising revenue was not enough for S&P 500 (NYSE:SPY) component Pioneer Natural Resources Company (NYSE:PXD) as the independent oil and gas company saw profit fall in the first quarter. Pioneer Natural Resources 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 First Quarter

Results: Net income fell to $214.6 million ($1.73 per share) vs. $348.6 million ($2.96 per share) a year earlier. This is a decline of 38.4% from the year-earlier quarter.

Revenue: Rose more than threefold to $882.8 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: Pioneer Natural Resources Company reported adjusted net income of $1.23 per share. By that measure, the company beat the mean estimate of $1.20 per share. It beat the average revenue estimate of $747.5 million.

Quoting Management: Scott Sheffield, Chairman and CEO, stated, “As the third largest driller in the U.S., the Company delivered another strong quarter, with production of 147 thousand barrels oil equivalent per day (MBOEPD), an increase of 10 MBOEPD, or 7%, from the fourth quarter of 2011 (excluding discontinued operations). Our three core liquids-rich growth assets in Texas, the Spraberry field, the Eagle Ford Shale and the Barnett Shale Combo play, were the drivers of this significant increase. Importantly, oil production increases accounted for 74% of the quarter-to-quarter growth.”

Key Stats:

The company has now topped analyst estimates for the last four quarters. It beat the mark by 20 cents in the fourth quarter of the last fiscal year, by 46 cents in the third quarter of the last fiscal year, and by 11 cents in the second quarter of the last fiscal year.

The company reported a profit last quarter, following a quarter of being in the red. The company booked a net loss of $351.5 million, or $2.95 per share, in the third quarter of the last fiscal year.

Looking Forward: Analysts appear increasingly optimistic about the company’s results for the next quarter. The average estimate for the second quarter has moved up from $1.26 a share to $1.31 over the last ninety days. The average estimate for the fiscal year is $5.59 per share, a rise from $5.13 ninety days ago.

(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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