Pioneer Natural Resources Company Earnings: Two Straight Quarters of Profit Broken by a Loss

S&P 500 (NYSE:SPY) component Pioneer Natural Resources Company (NYSE:PXD) reported its results for the fourth 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 Fourth Quarter

Results: Reported a loss of $111.1 million (93 cents per diluted share) in the quarter. The independent oil and gas company had net income of $80.3 million or 67 cents per share in the year earlier quarter.

Revenue: Rose 50.4% to $703.1 million from the year earlier quarter.

Actual vs. Wall St. Expectations: Pioneer Natural Resources Company reported adjusted net income of $1.19 per share. By that measure, the company beat the mean estimate of $1.01 per share. Analysts were expecting revenue of $689.9 million.

Quoting Management: Scott Sheffield, Chairman and CEO, stated, “The Company delivered another strong quarter, with production of 140 thousand barrels oil equivalent per day (MBOEPD), an increase of 12 MBOEPD, or 9%, from the third quarter of 2011 (including South Africa, which is being moved to discontinued operations, in both quarters). Our three core liquids-rich growth assets in Texas, the Spraberry field, the Eagle Ford Shale and the Barnett Shale Combo, were the drivers of this significant increase. These three assets were also the primary contributors to Pioneer’s 313% drillbit reserve replacement in 2011 at a drillbit finding and development cost of $13.83 per barrel oil equivalent (NYSE:BOE).”

Key Stats:

The company has now topped analyst estimates for the last four quarters. It beat the mark by 46 cents in the third quarter, by 11 cents in the second quarter, and by 15 cents in the first quarter.

The company’s loss in the latest quarter follows profits in the previous three quarters. The company reported a profit of $351.5 million in the third quarter, a profit of $245.6 million in the second quarter and $348.6 million in the first.

Looking Forward: Analysts appear increasingly optimistic about the company’s results for the next quarter. The average estimate for the first quarter of the next fiscal year has moved up from 95 cents a share to $1.10 over the last ninety days. The average estimate for the fiscal year is $3.81 per share, a rise from $3.47 ninety days ago.

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

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To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com