Pioneer Natural Resources Company ( PXD Quick Quote PXD - Free Report) reported second-quarter 2022 earnings of $9.36 per share (excluding one-time items), beating the Zacks Consensus Estimate of $8.81. The bottom line surged from the year-ago quarter’s profit of $2.55 per share.
Total quarterly revenues of $6,920 million missed the Zacks Consensus Estimate of $6,930 million. However, the top line improved from the year-ago quarter’s $3,419 million.
Strong quarterly earnings can be attributed to higher oil-equivalent production volumes and commodity price realizations.
For the second quarter, Pioneer announced a dividend payment of $8.57 per share of common stock, which includes a variable dividend of $7.47 per share and a base dividend of $1.10. This suggests a 16.1% improvement from the prior dividend of $7.38 per share. The new dividend is payable on Sept 16, 2022, to its stockholders of record at the close of business on Sept 6, 2022.
Moreover, the company repurchased $500 million of common stock in the second quarter.
For second-quarter 2022, the total production was 642.8 thousand barrels of oil-equivalent per day (MBoe/d), up from the year-ago figure of 629.5 MBoe/d.
Oil production was 348 thousand barrels per day (MBbls/d), down from the year-ago quarter’s 363 MBbls/d. NGLs production was 160.2 MBbls/d compared with the prior-year quarter’s 147.1 MBbls/d. Natural gas production amounted to 808.2 million cubic feet per day (MMcf/d), up from the year-ago quarter’s 715.7 MMcf/d.
On an oil-equivalent basis, the average realized price was $79.31 per barrel for the reported quarter compared with $46.82 a year ago. The company reported an average realized crude price of $110.56 a barrel, up from $64.55 reported in the June-end quarter of 2021.
The average natural gas price improved to $6.72 per thousand cubic feet from $2.69 in the prior-year quarter. Natural gas liquids were sold at $44.21 a barrel, up from $27.95 a year ago.
Pioneer’s expenses for oil and gas production were $478 million, up from $316 million in the year-ago quarter. Total costs and expenses increased to $3,892 million in the second quarter from $2,919 million in the year-ago period.
Cash, Debt and Capex
As of Jun 30, 2022, Pioneer’s cash and cash equivalents totaled $2,579 million, while long-term debt was $4,576 million. It had a debt to capitalization of 19.3%.
In the June-end quarter, the company spent $895 million.
For 2022, Pioneer reiterated its oil production guidance of 350-365 thousand barrels of oil per day (MBo/d). It projects a total production of 623-648 MBoe/d.
For third-quarter 2022, the company expects oil production of 345-360 MBo/d and a total production of 635-660 MBoe/d.
The Zacks Rank #3 (Hold) company gave $3.6-$3.8 billion total capital budget for the year. It boasted that the capital spending would be fully funded by its more than $13-billion projected cash flow for this year.
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