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Pioneer Natural (PXD) Q4 Earnings Top Estimates, Reserves Grow
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Pioneer Natural Resources Company’s (PXD - Free Report) fourth-quarter 2020 earnings per share of $1.07, excluding one-time items, beat the Zacks Consensus Estimate of 66 cents. The bottom line, however, declined from the year-ago quarter’s $2.36 per share.
Revenues and other income declined year over year to $1,856 million from $2,643 million a year ago. However, the top line beat the consensus mark of $1,804 million.
The company reported better-than-expected results due to increased crude oil equivalent production volumes. The was offset partially by lower crude price realizations.
Pioneer Natural Resources Company Price, Consensus and EPS Surprise
Total production for the reported quarter was 364.5 thousand barrels of oil equivalent per day (MBoe/d), up from the year-ago figure of 363.4 MBoe/d.
Oil production was 204.5 thousand barrels per day (MBbls/d), down from the year-ago quarter’s 220.3 MBbls/d. NGLs production was 85.8 MBbls/d compared with the year-ago quarter’s 80.2 MBbls/d. Moreover, natural gas production amounted to 445.4 million cubic feet per day (MMcf/d), up from the year-ago quarter’s 377.3 MMcf/d.
Price Realization
On an oil-equivalent basis, average realized price was $30.22 per barrel for the reported quarter compared with $40.36 a year ago. The company reported average realized crude price of $40.94 a barrel, down from $56.01 in the December quarter of 2019.
Average natural gas price improved to $2.37 per thousand cubic feet (Mcf) from $2.21 in the prior-year quarter. However, natural gas liquids were sold at $18.51 a barrel, down from $18.60 a year ago.
Operating Costs
The company’s expenses for oil and gas production were $175 million, down from $207 million in the year-ago quarter. As such, total costs and expenses decreased to $1,828 million for the fourth quarter from $2,195 million in the year-ago period.
Cash, Debt and Capex
At the end of the quarter under review, cash balance totaled $1,442 million while long-term debt summed $3,160 million. It had a debt to capitalization of 22.2%. The current portion of the long-term debt was $140 million.
During the December quarter of 2020, the company spent $351 million.
Proved Reserves Grow
As of Dec 31, 2020, the company reported proved reserves of 1,271,321 MBoe, up from the year-ago period’s 1,135,652 MBOE.
Guidance
Pioneer projects oil production for the March quarter of 2021 in the band of 259 to 274 thousand barrel per day (MBbls/d). For the first quarter, the company expects total production in the range of 444-470 MBoe/D.
For 2021, the upstream player anticipates oil production in the band of 307-322 MBbls/d. Also, the company projects total production for this year in the range of 528 to 554 MBoe/D. Pioneer provided production outlook based on its 2021 capital budget of $2.4 billion to $2.7 billion. Notably, the company believes this capital spending will be fully funded by its $4.6 billion of projected cash flow.
Pioneer projects free cashflow for 2021 at $2 billion. Moreover, from 2022, the company is planning to start distributing quarterly variable dividend.
Zacks Rank & Other Key Picks
Pioneer currently carries a Zacks Rank #2 (Buy). Other prospective players in the energy space include Matador Resources Company (MTDR - Free Report) , Antero Resources Corporation (AR - Free Report) and Diamondback Energy, Inc. (FANG - Free Report) . While Diamondback and Antero Resources carry a Zacks Rank #2, Matadorsports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Matador is likely to see earnings growth of 201.3% in 2021.
Antero Resources has seen upward estimate revisions for 2021 earnings in the past 30 days.
Diamondback is likely to see earnings growth of 55% in 2021.
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Pioneer Natural (PXD) Q4 Earnings Top Estimates, Reserves Grow
Pioneer Natural Resources Company’s (PXD - Free Report) fourth-quarter 2020 earnings per share of $1.07, excluding one-time items, beat the Zacks Consensus Estimate of 66 cents. The bottom line, however, declined from the year-ago quarter’s $2.36 per share.
Revenues and other income declined year over year to $1,856 million from $2,643 million a year ago. However, the top line beat the consensus mark of $1,804 million.
The company reported better-than-expected results due to increased crude oil equivalent production volumes. The was offset partially by lower crude price realizations.
Pioneer Natural Resources Company Price, Consensus and EPS Surprise
Pioneer Natural Resources Company price-consensus-eps-surprise-chart | Pioneer Natural Resources Company Quote
Production
Total production for the reported quarter was 364.5 thousand barrels of oil equivalent per day (MBoe/d), up from the year-ago figure of 363.4 MBoe/d.
Oil production was 204.5 thousand barrels per day (MBbls/d), down from the year-ago quarter’s 220.3 MBbls/d. NGLs production was 85.8 MBbls/d compared with the year-ago quarter’s 80.2 MBbls/d. Moreover, natural gas production amounted to 445.4 million cubic feet per day (MMcf/d), up from the year-ago quarter’s 377.3 MMcf/d.
Price Realization
On an oil-equivalent basis, average realized price was $30.22 per barrel for the reported quarter compared with $40.36 a year ago. The company reported average realized crude price of $40.94 a barrel, down from $56.01 in the December quarter of 2019.
Average natural gas price improved to $2.37 per thousand cubic feet (Mcf) from $2.21 in the prior-year quarter. However, natural gas liquids were sold at $18.51 a barrel, down from $18.60 a year ago.
Operating Costs
The company’s expenses for oil and gas production were $175 million, down from $207 million in the year-ago quarter. As such, total costs and expenses decreased to $1,828 million for the fourth quarter from $2,195 million in the year-ago period.
Cash, Debt and Capex
At the end of the quarter under review, cash balance totaled $1,442 million while long-term debt summed $3,160 million. It had a debt to capitalization of 22.2%. The current portion of the long-term debt was $140 million.
During the December quarter of 2020, the company spent $351 million.
Proved Reserves Grow
As of Dec 31, 2020, the company reported proved reserves of 1,271,321 MBoe, up from the year-ago period’s 1,135,652 MBOE.
Guidance
Pioneer projects oil production for the March quarter of 2021 in the band of 259 to 274 thousand barrel per day (MBbls/d). For the first quarter, the company expects total production in the range of 444-470 MBoe/D.
For 2021, the upstream player anticipates oil production in the band of 307-322 MBbls/d. Also, the company projects total production for this year in the range of 528 to 554 MBoe/D. Pioneer provided production outlook based on its 2021 capital budget of $2.4 billion to $2.7 billion. Notably, the company believes this capital spending will be fully funded by its $4.6 billion of projected cash flow.
Pioneer projects free cashflow for 2021 at $2 billion. Moreover, from 2022, the company is planning to start distributing quarterly variable dividend.
Zacks Rank & Other Key Picks
Pioneer currently carries a Zacks Rank #2 (Buy). Other prospective players in the energy space include Matador Resources Company (MTDR - Free Report) , Antero Resources Corporation (AR - Free Report) and Diamondback Energy, Inc. (FANG - Free Report) . While Diamondback and Antero Resources carry a Zacks Rank #2, Matadorsports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Matador is likely to see earnings growth of 201.3% in 2021.
Antero Resources has seen upward estimate revisions for 2021 earnings in the past 30 days.
Diamondback is likely to see earnings growth of 55% in 2021.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>