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Leading upstream energy company Pioneer Natural Resources Company (PXD - Free Report) reported first-quarter 2017 earnings of 25 cents per share, excluding one-time items. The bottom line surpassed the Zacks Consensus Estimate of 16 cents per share. Notably, the company had incurred adjusted loss of 64 cents per share in the year-earlier quarter.
Revenues and other income in the quarter surged 114.3% year over year to $1,468 million from $685 million. The top line also beat the Zacks Consensus Estimate of $998 million.
Significantly high commodity price realizations, along with Spraberry/Wolfcamp horizontal drilling program, resulted in the strong first-quarter results.
Production
Total production in the reported quarter averaged approximately 249 thousand barrels of oil equivalent per day (MBOE/d), up 12.2% year over year. The Spraberry/Wolfcamp horizontal drilling program of the company led to the outperformance.
Oil production averaged 145.6 thousand barrels per day (MBbl/d), up 18.6% year over year. Natural gas liquids (NGLs) production jumped 19.4% year over year to 46.8 MBbl/d. Natural gas productions, however, decreased to 338.6 million cubic feet per day (MMcf/d) from the year-ago level of 358.6 MMcf/d.
Price Realization
On an oil equivalent basis, average realized price was $36.14 per barrel in the reported quarter as against $20.28 a year ago. The average realized price for oil was $49.05 per barrel compared with $28.09 in first-quarter 2016.
Average natural gas price surged 55.9% year over year to $2.79 per thousand cubic feet (Mcf). Natural gas liquids were sold at $19.33 per barrel as against $10.33 in the year-ago quarter.
Cash, Debt and Capex
At the end of the quarter, cash balance was $663 million. Long-term debt was $2,729 million, which represents debt-to-capitalization ratio of 20.9%.
Guidance
For 2017, Pioneer intends to spend $2.8 billion in total. Of this, it has planned drilling and completion capex of $2.5 billion and capital for water infrastructure, vertical integration and field facilities of $275 million.
Pioneer expects production to average between 254 MBOE/d and 259 MBOE/d in the second quarter of 2017.
Pioneer Natural Resources Company Price, Consensus and EPS Surprise
Year to date, Pioneer Natural outperformed the Zacks categorized Oil & Gas-U.S Exploration & Production industry. During the aforesaid period, the company’s shares lost 8.9% compared with 17.9% improvement for the broader industry.
Zacks Rank
Pioneer Natural Resources currently has a Zacks Rank #3 (Hold). Some better-ranked stocks from the same space are SunCoke Energy, Inc. (SXC - Free Report) , Enerplus Corporation (ERF - Free Report) and Bellatrix Exploration Ltd. . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
SunCoke Energy posted a positive earnings surprise of 120.0% in the preceding quarter. The company beat estimates in two of the four trailing quarters with an average negative earnings surprise of 35.78%.
Enerplus Corporation posted a positive earnings surprise of 66.67% in the preceding year quarter.
Bellatrix Exploration posted a positive earnings surprise of 240.00% in the preceding quarter. It surpassed estimates in three of the four trailing quarters with an average positive earnings surprise of 58.54%.
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Image: Bigstock
Pioneer Natural (PXD) Q1 Earnings & Revenues Beat Estimates
Leading upstream energy company Pioneer Natural Resources Company (PXD - Free Report) reported first-quarter 2017 earnings of 25 cents per share, excluding one-time items. The bottom line surpassed the Zacks Consensus Estimate of 16 cents per share. Notably, the company had incurred adjusted loss of 64 cents per share in the year-earlier quarter.
Revenues and other income in the quarter surged 114.3% year over year to $1,468 million from $685 million. The top line also beat the Zacks Consensus Estimate of $998 million.
Significantly high commodity price realizations, along with Spraberry/Wolfcamp horizontal drilling program, resulted in the strong first-quarter results.
Production
Total production in the reported quarter averaged approximately 249 thousand barrels of oil equivalent per day (MBOE/d), up 12.2% year over year. The Spraberry/Wolfcamp horizontal drilling program of the company led to the outperformance.
Oil production averaged 145.6 thousand barrels per day (MBbl/d), up 18.6% year over year. Natural gas liquids (NGLs) production jumped 19.4% year over year to 46.8 MBbl/d. Natural gas productions, however, decreased to 338.6 million cubic feet per day (MMcf/d) from the year-ago level of 358.6 MMcf/d.
Price Realization
On an oil equivalent basis, average realized price was $36.14 per barrel in the reported quarter as against $20.28 a year ago. The average realized price for oil was $49.05 per barrel compared with $28.09 in first-quarter 2016.
Average natural gas price surged 55.9% year over year to $2.79 per thousand cubic feet (Mcf). Natural gas liquids were sold at $19.33 per barrel as against $10.33 in the year-ago quarter.
Cash, Debt and Capex
At the end of the quarter, cash balance was $663 million. Long-term debt was $2,729 million, which represents debt-to-capitalization ratio of 20.9%.
Guidance
For 2017, Pioneer intends to spend $2.8 billion in total. Of this, it has planned drilling and completion capex of $2.5 billion and capital for water infrastructure, vertical integration and field facilities of $275 million.
Pioneer expects production to average between 254 MBOE/d and 259 MBOE/d in the second quarter of 2017.
Pioneer Natural Resources Company Price, Consensus and EPS Surprise
Pioneer Natural Resources Company Price, Consensus and EPS Surprise | Pioneer Natural Resources Company Quote
Share Performance
Year to date, Pioneer Natural outperformed the Zacks categorized Oil & Gas-U.S Exploration & Production industry. During the aforesaid period, the company’s shares lost 8.9% compared with 17.9% improvement for the broader industry.
Zacks Rank
Pioneer Natural Resources currently has a Zacks Rank #3 (Hold). Some better-ranked stocks from the same space are SunCoke Energy, Inc. (SXC - Free Report) , Enerplus Corporation (ERF - Free Report) and Bellatrix Exploration Ltd. . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
SunCoke Energy posted a positive earnings surprise of 120.0% in the preceding quarter. The company beat estimates in two of the four trailing quarters with an average negative earnings surprise of 35.78%.
Enerplus Corporation posted a positive earnings surprise of 66.67% in the preceding year quarter.
Bellatrix Exploration posted a positive earnings surprise of 240.00% in the preceding quarter. It surpassed estimates in three of the four trailing quarters with an average positive earnings surprise of 58.54%.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
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