Pioneer Natural Resources Earnings Cheat Sheet: Beats Expectations

S&P 500 (NYSE:SPY) component Pioneer Natural Resources Company (NYSE:PXD) reported net income above Wall Street’s expectations for the third 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 Third Quarter

Results: Net income for Pioneer Natural Resources Company rose to $351.5 million ($2.95 per share) vs. $112 million (94 cents per share) in the same quarter a year earlier. This is a more than threefold rise from the year earlier quarter.

Revenue: Rose nearly twofold to $1.03 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: PXD beat the mean analyst estimate of 89 cents per share. It beat the average revenue estimate of $642.1 million.

Quoting Management: Scott Sheffield, Chairman and CEO, stated, “The Company delivered another strong quarter, with production increasing to 128 thousand barrels oil equivalent per day (MBOEPD), an increase of nine MBOEPD, or 8%, from the second quarter of 2011. This follows an increase of seven MBOEPD, or 7%, from the first quarter to the second quarter. Our three core Texas liquids-rich growth assets, the Spraberry field, Eagle Ford Shale and the Barnett Shale Combo, were the drivers of these quarterly production increases. Fourth quarter production is forecasted to grow by approximately 10 MBOEPD, reflecting the continued successful drilling in these three assets. For 2011, production is expected to average approximately 125 MBOEPD.”

Key Stats:

The company has now topped analyst estimates for the last four quarters. It beat the mark by 11 cents in the second quarter, by 15 cents in the first quarter, and by 8 cents in the fourth quarter of the last fiscal year.

The company’s revenue has now risen for two straight quarters. In the second quarter, revenue increased 26.4% to $583.9 million from the year earlier quarter.

Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the fourth quarter has moved down from $1.11 a share to 92 cents over the last ninety days. For the fiscal year, the average estimate has moved down from $3.63 a share to $3.40 over the last ninety days.

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)