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Will Pioneer Natural's (PXD) Upstream Business Aid Q3 Earnings?
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Pioneer Natural Resources Company is set to release third-quarter 2023 results on Nov 2, after the closing bell. Since the company is a leading upstream energy player, the favorable oil price is likely to have aided the quarterly performance.
Upstream Business
Pioneer Natural has a strong footprint in Permian – the most prolific oil and gas resource in the United States. The company conducts high-return and low-cost horizontal drilling activities in the resource and thereby derives premium margins. The exploration and production player reported an adjusted income of $1.1 billion in the second quarter of 2023.
Q3 Oil & Gas Price
The pricing scenario of oil and natural gas was impressive in the third quarter of this year. Per data provided by the U.S. Energy Information Administration, the average West Texas Intermediate crude prices per barrel in July, August and September were $76.07, $81.39 and $89.43, respectively. Although the prices were not as high as in the year-ago quarter, the commodity prices were impressive and healthy.
Like oil, natural gas prices in the September quarter were healthier than in the second quarter, aiding the exploration and production activities of PXD. Following higher commodity prices, we expect the total production to increase 8.1% year over year in the third quarter, aiding the bottom line.
Earnings & Revenue Projections
The solid upstream business is likely to have aided Pioneer Natural’s earnings in the September quarter of 2023. The Zacks Consensus Estimate for its third-quarter earnings of $5.53 per share suggests a significant decline year over year. The same for sales of $5.2 billion indicates a 14.2% decrease.
Pioneer Natural, carrying a Zacks Rank #2 (Buy), has an Earnings ESP of +0.91%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Our proven model predicts an earnings beat for Pioneer Natural this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 or 3 (Hold) increases the chances of an earnings beat, which is the case here.
Pioneer Natural Resources Company Price and EPS Surprise
Here are some other firms worth considering, as these, too, have the right combination of elements to beat on earnings in the upcoming quarterly reports:
The company is scheduled to release third-quarter earnings on Nov 2. The Zacks Consensus Estimate for EOG’s earnings is pegged at $2.95 per share, suggesting a decline from the year-ago figure.
Devon Energy Corp. (DVN - Free Report) has an Earnings ESP of +0.72% and is currently a Zacks #2 Ranked player.
The company is scheduled to release third-quarter results on Nov 7. The Zacks Consensus Estimate for DVN’s earnings is pegged at $1.55 per share.
ConocoPhillips (COP - Free Report) has an Earnings ESP of +0.50% and is a Zacks #2 Ranked player at present.
ConocoPhillips is scheduled to release third-quarter results on Nov 2. The Zacks Consensus Estimate for COP’s earnings is pegged at $2.04 per share, suggesting a significant year-over-year decline.
Image: Shutterstock
Will Pioneer Natural's (PXD) Upstream Business Aid Q3 Earnings?
Pioneer Natural Resources Company is set to release third-quarter 2023 results on Nov 2, after the closing bell. Since the company is a leading upstream energy player, the favorable oil price is likely to have aided the quarterly performance.
Upstream Business
Pioneer Natural has a strong footprint in Permian – the most prolific oil and gas resource in the United States. The company conducts high-return and low-cost horizontal drilling activities in the resource and thereby derives premium margins. The exploration and production player reported an adjusted income of $1.1 billion in the second quarter of 2023.
Q3 Oil & Gas Price
The pricing scenario of oil and natural gas was impressive in the third quarter of this year. Per data provided by the U.S. Energy Information Administration, the average West Texas Intermediate crude prices per barrel in July, August and September were $76.07, $81.39 and $89.43, respectively. Although the prices were not as high as in the year-ago quarter, the commodity prices were impressive and healthy.
Like oil, natural gas prices in the September quarter were healthier than in the second quarter, aiding the exploration and production activities of PXD. Following higher commodity prices, we expect the total production to increase 8.1% year over year in the third quarter, aiding the bottom line.
Earnings & Revenue Projections
The solid upstream business is likely to have aided Pioneer Natural’s earnings in the September quarter of 2023. The Zacks Consensus Estimate for its third-quarter earnings of $5.53 per share suggests a significant decline year over year. The same for sales of $5.2 billion indicates a 14.2% decrease.
Pioneer Natural, carrying a Zacks Rank #2 (Buy), has an Earnings ESP of +0.91%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Our proven model predicts an earnings beat for Pioneer Natural this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 or 3 (Hold) increases the chances of an earnings beat, which is the case here.
Pioneer Natural Resources Company Price and EPS Surprise
Pioneer Natural Resources Company price-eps-surprise | Pioneer Natural Resources Company Quote
Other Stocks to Consider
Here are some other firms worth considering, as these, too, have the right combination of elements to beat on earnings in the upcoming quarterly reports:
EOG Resources, Inc. (EOG - Free Report) currently has an Earnings ESP of +1.52% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
The company is scheduled to release third-quarter earnings on Nov 2. The Zacks Consensus Estimate for EOG’s earnings is pegged at $2.95 per share, suggesting a decline from the year-ago figure.
Devon Energy Corp. (DVN - Free Report) has an Earnings ESP of +0.72% and is currently a Zacks #2 Ranked player.
The company is scheduled to release third-quarter results on Nov 7. The Zacks Consensus Estimate for DVN’s earnings is pegged at $1.55 per share.
ConocoPhillips (COP - Free Report) has an Earnings ESP of +0.50% and is a Zacks #2 Ranked player at present.
ConocoPhillips is scheduled to release third-quarter results on Nov 2. The Zacks Consensus Estimate for COP’s earnings is pegged at $2.04 per share, suggesting a significant year-over-year decline.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.