S&P 500 (NYSE:SPY) component Pioneer Natural Resources Company (NYSE:PXD) reported net income above Wall Street’s expectations for the first quarter. Pioneer Natural Resources Co. is an oil and gas exploration and production company operating in the United States, South Africa and Tunisia.
Pioneer Natural Resources Company Earnings Cheat Sheet for the First Quarter
Results: Net income for Pioneer Natural Resources Company rose to $348.6 million ($2.96/share) vs. $245.3 million ($2.08/share) in the same quarter a year earlier. A rise of 42.1% from the year earlier quarter.
Revenue: Rose 3.9% to $527.6 million YoY.
Actual vs. Wall St. Expectations: The mean estimate for PXD was 52 cents per share with a range of 37 cents per share to 67 cents per share.
Quoting Management: Scott Sheffield, chairman and CEO, stated, “Despite having production curtailed in the first quarter due to the impacts of severe weather and unscheduled third-party downtime, we continue to expect to deliver full-year 2011 production growth for the Company ranging from 125 MBOEPD to 130 MBOEPD, an increase of 15% to 19% compared to 2010.”
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)
Stock Performance: Shares of PXD are down near 1% in after hours trading.