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Pioneer Natural quarterly loss shrinks on cost cuts, rising oil prices

Pioneer Natural

Pioneer Natural Resources reported production rose 13 per cent in the last quarter. Company photo.

Pioneer Natural quarterly loss shrinks on cost cuts, rising oil prices

HOUSTON, Feb 7 (Reuters) – U.S. shale oil producer Pioneer Natural Resources Co on Tuesday posted a better-than-expected adjusted quarterly profit helped by cost cuts and rising crude prices.

The results reflect the slow-but-steady improvement across the energy sector due to improving commodity prices. Pioneer said it would spend about $2.8 billion this year due to that improvement, about 8 per cent above last year’s levels.

The company posted a net loss attributable to common shareholders of $44 million, or 26 cents per share, compared to a loss of $623 million, or $4.17 per share, in the year-ago period.

Excluding one-time items, Pioneer earned 49 cents per share.

By that measure, analysts expected earnings of 33 cents per share, according to Thomson Reuters I/B/E/S.

Production rose 13 per cent to 241,833 barrels of oil equivalent per day.

Shares of Pioneer fell 0.3 per cent to $174.50 in after-hours trading.

(Reporting by Ernest Scheyder; Editing by Andrew Hay)

Posted in: Energy Financial

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