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Pioneer Natural Resources Company (PXD - Free Report) reported third-quarter 2018 earnings of $2.07 per share, excluding one-time items, which surpassed the Zacks Consensus Estimate of $1.69 and the year-ago quarter figure of 48 cents.
Revenues and other income surged 112.2% year over year to $2,476 million from $1,167 million in the year-ago quarter. The top line also exceeded the consensus mark of $2,277 million.
Higher production volumes of liquids and natural gas as well as increased oil equivalent price realizations supported the strong third-quarter results.
Production
Total production in the reported quarter averaged 320.7 thousand barrels of oil equivalent per day (MBOE/d), which improved 16.3% year over year and beat the Zacks Consensus Estimate of 318 MBOE/d. The upside can be attributed to higher activities in the Permian Basin.
Oil production averaged 195.1 thousand barrels per day (MBbl/d), up 20.7% year over year and outpaced the Zacks Consensus Estimate of 192 MBbl/d. Natural gas liquids (NGLs) production jumped 9.2% year over year to 62.6 MBbl/d and came in line with the Zacks Consensus Estimate. Natural gas productions amounted to 377.6 million cubic feet per day (MMcf/d), up from the year-ago quarter’s level of 340.4 MMcf/d. The figure, however, missed the Zacks Consensus Estimate of 379 MMcf/d.
Price Realization
On an oil equivalent basis, average realized price was $44.64 per barrel in the reported quarter compared with $33.72 a year ago. The company reported its average realized crude price at $57.54 a barrel, up from $45.35 in September quarter of 2017.
Average natural gas price dropped 14.3% year over year to $2.21 per thousand cubic feet (Mcf). Natural gas liquids were sold at $35.97 a barrel, up from $18.96 in the year-ago quarter.
Cash, Debt and Capex
At the end of the quarter under review, cash balance totaled $919 million. Long-term debt summed $2,286 million, reflecting a debt-to-capitalization ratio of 16.1%.
Guidance
Pioneer Natural expects production in the Permian basin to lie in the range of 188-194 MBOE/d in the December quarter of 2018. For the fourth quarter, the company projects production costs in the band of $9-$11 per BOE.
Pioneer Natural Resources Company Price, Consensus and EPS Surprise
Pioneer Natural currently carries a Zacks Rank #2 (Buy). Other prospective players in the energy space areMurphy Oil Corporation (MUR - Free Report) , Exxon Mobil Corporation (XOM - Free Report) and Petroleo Brasileiro S.A. or Petrobras (PBR - Free Report) . While Murphy sports a Zacks Rank #1 (Strong Buy), ExxonMobil and Petrobras carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Murphy has an average four-quarter positive earnings surprise of 96.5%.
ExxonMobil will likely see earnings growth of 32% in 2018.
Petrobras’ bottom line surpassed the Zacks Consensus Estimate in three of the trailing four quarters.
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With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
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Pioneer Natural (PXD) Q3 Earnings Surpass Estimates, Rise Y/Y
Pioneer Natural Resources Company (PXD - Free Report) reported third-quarter 2018 earnings of $2.07 per share, excluding one-time items, which surpassed the Zacks Consensus Estimate of $1.69 and the year-ago quarter figure of 48 cents.
Revenues and other income surged 112.2% year over year to $2,476 million from $1,167 million in the year-ago quarter. The top line also exceeded the consensus mark of $2,277 million.
Higher production volumes of liquids and natural gas as well as increased oil equivalent price realizations supported the strong third-quarter results.
Production
Total production in the reported quarter averaged 320.7 thousand barrels of oil equivalent per day (MBOE/d), which improved 16.3% year over year and beat the Zacks Consensus Estimate of 318 MBOE/d. The upside can be attributed to higher activities in the Permian Basin.
Oil production averaged 195.1 thousand barrels per day (MBbl/d), up 20.7% year over year and outpaced the Zacks Consensus Estimate of 192 MBbl/d. Natural gas liquids (NGLs) production jumped 9.2% year over year to 62.6 MBbl/d and came in line with the Zacks Consensus Estimate. Natural gas productions amounted to 377.6 million cubic feet per day (MMcf/d), up from the year-ago quarter’s level of 340.4 MMcf/d. The figure, however, missed the Zacks Consensus Estimate of 379 MMcf/d.
Price Realization
On an oil equivalent basis, average realized price was $44.64 per barrel in the reported quarter compared with $33.72 a year ago. The company reported its average realized crude price at $57.54 a barrel, up from $45.35 in September quarter of 2017.
Average natural gas price dropped 14.3% year over year to $2.21 per thousand cubic feet (Mcf). Natural gas liquids were sold at $35.97 a barrel, up from $18.96 in the year-ago quarter.
Cash, Debt and Capex
At the end of the quarter under review, cash balance totaled $919 million. Long-term debt summed $2,286 million, reflecting a debt-to-capitalization ratio of 16.1%.
Guidance
Pioneer Natural expects production in the Permian basin to lie in the range of 188-194 MBOE/d in the December quarter of 2018. For the fourth quarter, the company projects production costs in the band of $9-$11 per BOE.
Pioneer Natural Resources Company Price, Consensus and EPS Surprise
Pioneer Natural Resources Company Price, Consensus and EPS Surprise | Pioneer Natural Resources Company Quote
Zacks Rank and Other Stocks to Consider
Pioneer Natural currently carries a Zacks Rank #2 (Buy). Other prospective players in the energy space areMurphy Oil Corporation (MUR - Free Report) , Exxon Mobil Corporation (XOM - Free Report) and Petroleo Brasileiro S.A. or Petrobras (PBR - Free Report) . While Murphy sports a Zacks Rank #1 (Strong Buy), ExxonMobil and Petrobras carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Murphy has an average four-quarter positive earnings surprise of 96.5%.
ExxonMobil will likely see earnings growth of 32% in 2018.
Petrobras’ bottom line surpassed the Zacks Consensus Estimate in three of the trailing four quarters.
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.
See This Ticker Free >>