Pioneer Natural Resources misses profit estimates on weak oil and gas prices
22/02/2024 13:59
Feb 22 (Reuters) - Pioneer Natural Resources PXD.N on
Thursday missed fourth-quarter profit estimates on weak oil and
gas prices as well as higher production costs while it works to
close its purchase by oil major Exxon Mobil XOM.N later this
year.
Rival Exxon agreed in October to buy Pioneer in an all-stock
deal valued at about $60 billion to bolster its U.S. shale oil
production in the Permian Basin. The deal is expected to close
in the second quarter.
Commodity prices stabilized in 2023 after reaching
multi-year high in 2022 when Russia's invasion of Ukraine
disrupted the energy markets.
Pioneer saw average realized prices of $78.47 per barrel of
oil in the quarter, down about 6% from a year earlier while
costs associated with oil and gas production rose about 16%.
Excluding items, the company earned $5.26 per share, missing
analysts' estimates of $5.48 per share, according to LSEG data.
(Reporting by Mrinalika Roy in Bengaluru; Editing by Arun
Koyyur)
((mrinalika.roy@thomsonreuters.com;))