Pioneer Natural Resources' profit falls, but tops analysts estimates (updated)
02/11/2023 20:25
(Adds details on outlook in paragraph 3, results in paragraph
4,5)
HOUSTON, Nov 2 (Reuters) - Pioneer Natural Resources
PXD.N on Thursday said its third quarter profit fell 26% due
to lower oil and gas prices, but topped analysts' estimates on
the back of higher production.
The earnings report is Pioneer's first since the U.S. shale
producer agreed to be acquired by oil major ExxonMobil XOM.N
in an all-stock deal valued at $253 a share.
Pioneer said it was increasing its full-total production
forecast to between 708,000 and 713,000 barrel of oil equivalent
per day (boepd), while cutting its 2023 drilling and completions
budget to $4.38 billion from $4.48 billion.
The company's average price for oil, gas and natural gas
liquids fell 25% to $52.13 per barrel of oil equivalent in the
three months ended Sept 30.
Daily sales volumes, however, rose 10% to 721,479 boepd.
Net income, excluding items, fell to $1.4 billion, or $5.83
per share, in the three months to Sept. 30, from $1.9 billion,
or $7.48 per share, a year earlier. Analysts had estimated a
profit of $5.55 per share.
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Exxon secures lead in top US oilfield with $60 bln buy of shale
rival Pioneer urn:newsml:reuters.com:*:nL1N3BH2HJ
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(Reporting by Arathy Somasekhar in Houston
Editing by Chris Reese)
((arathy.s@thomsonreuters.com; +1 832 610 7346; Twitter:
@ArathySom;))