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

/ Energy Financial / By
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.

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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)

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