Free Research Report as Pioneer Natural Resources’ Quarterly Revenues Soared 48.5%

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LONDON, UK / ACCESSWIRE / February 28, 2018 / Active-Investors.com has just released a free earnings report on Pioneer Natural Resources Co. (NYSE: PXD) (“Pioneer”). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=PXD. The Company reported its fourth quarter fiscal 2017 operating and financial results on February 06, 2018. The Shale Oil producer exceeded earnings expectations and announced a fourfold dividend hike. Register today and get access to over 1000 Free Research Reports by joining our site below:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Pioneer Natural Resources most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

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Earnings Highlights and Summary

For the three months ended December 31, 2017, Pioneer reported revenues of $1.53 billion compared to $1.03 billion in Q4 2016. The Company’s revenue numbers fell short of analysts’ expectations of $1.74 billion.

Pioneer reported a net income attributable to common stockholders of $665 million, or $3.87 per diluted share, in Q4 2017 compared to a net loss of $44 million, or $0.26 loss per diluted share, in Q4 2016. Excluding the effect of non-cash mark-to-market (MTM) derivative losses of $0.99 per diluted share, and a non-cash benefit related to the reduction in Pioneer’s deferred tax liability resulting from the Tax Cuts and Jobs Act 2017 (TCJA) of $3.64 per diluted share, the Company’s adjusted income was $1.22 per diluted share for the reported quarter, beating Wall Street’s estimates of $0.80 per share.

Production Updates

During Q4 2017, Pioneer produced 305 thousand barrels oil equivalent per day (MBOEPD), reflecting an increase of 29 MBOEPD, or 11% on a q-o-q basis. The Company’s reported quarter oil production was up 18 thousand barrels oil per day (MBOPD), or 11%, compared to the prior quarter.

Pioneer’s sales volumes averaged 305 MBOEPD for Q4 2017. The Company’s oil sales averaged 180 thousand barrels per day (MBPD), while NGL sales averaged 62 MBPD and gas sales averaged 377 MMCFPD.

During Q4 2017, Pioneer’s average realized price for oil was $52.81 per barrel. The average realized price for NGLs was $21.64 per barrel, and the average realized price for gas was $2.53 per thousand cubic feet (MCF). The Company’s production costs, including taxes, averaged $7.60 per BOE. Depreciation, depletion, and amortization (DD&A) expenses averaged $13.07 per BOE. Exploration and abandonment costs were $28 million, including $8 million for seismic purchases and $17 million for personnel costs.

Permian Basin Operations

During Q4 2017, Pioneer placed 56 Version 3.0 wells on production in the Permian Basin region. Two of the Version 3.0 wells that were placed on production during the reported quarter were in the Jo Mill interval. The Company plans to drill seven additional Jo Mill appraisal wells during 2018.

Pioneer placed its first Wolfcamp D well with a Version 3.0 completion on production in Midland County during Q4 2017. The well, which had a lateral length of ~9,700 feet, had an initial 24-hour peak production rate of 3.6 MBOEPD and has delivered 45-day cumulative production of 120 MBOE, with an oil content of 72%. This well delivered the strongest 45-day cumulative production for all Pioneer Wolfcamp D wells till the date of the earnings release, and ranked as one of Pioneer’s top producing Wolfcamp wells during its early production days.

For Q4 2017, Pioneer placed 64 horizontal wells on production. Forty-three wells were in the northern area and 21 wells were in the southern Wolfcamp joint venture area.

Pioneer’s Permian Basin horizontal drilling program continues to drive production growth, with total Permian Basin oil production increasing by 14 MBOPD, or 9%, in Q4 2017 compared to Q3 2017.

For 2018, Pioneer is forecasting Permian Basin oil production growth in the range of 19% to 24% on a y-o-y basis. The Company’s total Permian Basin production, on a BOE basis, is also forecasted to grow by 19% to 24% compared to FY17. The Company is expecting internal rates of return (IRRs) averaging 65% for the 2018 drilling program, assuming an oil price of $55.00 per barrel and a gas price of $3.00 per MCF.

Capital Program

For 2018, Pioneer’s capital budget is $2.9 billion, including $2.65 billion for drilling and completion activities, consisting of tank batteries/saltwater disposal facilities and gas processing facilities, and $260 million for water infrastructure, vertical integration, field facilities, and vehicles.

For 2018, the Company’s capital spending is expected to be funded from forecasted operating cash flow of $2.8 billion (assuming average estimated prices of $55.00 per barrel for oil and $3.00 per MCF for gas for 2018), proceeds from asset divestitures, and cash on hand.

Share Repurchase and Dividend

Pioneer announced that its Board of Directors approved a fourfold increase in the Company’s semiannual cash dividend, from $0.04 per share to $0.16 per share on its outstanding common stock. The dividend is payable on April 12, 2018, to stockholders of record at the close of business as on March 29, 2018.

Pioneer’s Board of Directors also approved a common stock repurchase program to offset the impact of dilution associated with annual employee stock awards. The stock repurchase program allows for up to $100 million of common stock to be repurchased during 2018.

Financial Outlook

For the first quarter of FY18, Pioneer is forecasting total production to average between 304 MBOEPD to 314 MBOEPD. The Permian Basin’s production is forecasted to average between 252 MBOEPD to 260 MBOEPD. Pioneer’s production costs are expected to average $7.00 per BOE to $9.00 per BOE.

Stock Performance Snapshot

February 27, 2018 – At Tuesday’s closing bell, Pioneer Natural Resources’ stock declined 2.79%, ending the trading session at $174.67.

Volume traded for the day: 1.68 million shares, which was above the 3-month average volume of 1.60 million shares.

Stock performance in the last three-month – up 13.35%; previous six-month period – up 35.19%; and year-to-date – up 1.05%

After yesterday’s close, Pioneer Natural Resources’ market cap was at $29.69 billion.

Price to Earnings (P/E) ratio was at 147.03.

The stock has a dividend yield of 0.18%.

The stock is part of the Basic Materials sector, categorized under the Independent Oil & Gas industry.

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