Stock Monitor: Bellatrix Exploration Post Earnings Reporting
LONDON, UK / ACCESSWIRE / June 1, 2018 / If you want access to our free earnings report on Pioneer Natural Resources Co. (NYSE: PXD) ("Pioneer"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=PXD. The Company reported its first quarter fiscal 2018 operating and financial results on May 02, 2018. The independent oil and gas Company reported better than expected revenue and earnings estimates. Additionally, the Company provided guidance for the upcoming quarter. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the three months ended March 31, 2018, Pioneer recorded revenues and other income of $1.27 billion, up 57% compared to $809 million in Q1 2017. The Company's revenue numbers beat analysts' estimates of $1.83 billion.
Pioneer reported a net income attributable to common stockholders of $178 million, or $1.04 per diluted share, in Q1 2018 compared to a net loss of $42 million, or $0.25 loss per diluted share, in Q1 2017. Without the effect of the non-cash mark-to-market (MTM) derivative losses of $106 million after tax, or $0.62 per diluted share, the Company's adjusted income was $284 million, or $1.66 per diluted share, in the reported quarter. Pioneer's earnings surpassed Wall Street's estimates of $1.51 per share.
Pioneer's sales volumes averaged 312 thousand barrels oil equivalent per day (MBOEPD) in Q1 2018. The Company's oil sales averaged 183 thousand barrels per day (MBPD); its NGL sales averaged 66 MBPD; and its gas sales averaged 379 MMCFPD.
During Q1 2018, Pioneer's average realized price for oil was $61.64 per barrel. Including the effects of ASC 606, the average realized price for NGLs was $27.74 per barrel, while the average realized price for gas was $2.59 per MCF.
For Q1 2018, Pioneer's Production costs, including taxes and the effects of ASC 606, averaged $10.30 per BOE. The Company's production costs would have been $8.77 per BOE, excluding the effects of ASC 606.
Pioneer's depreciation, depletion, and amortization (DD&A) expenses averaged $12.72 per BOE in Q1 2018. The Company's exploration and abandonment costs were $35 million, including $7 million for drilling, acreage, and other abandonments; $11 million for seismic purchases; and $17 million for personnel costs. During Q1 2018, Pioneer's general and administrative (G&A) expenses totaled $90 million. The Company's effective income tax rate was 22%.
For Q1 2018, Pioneer produced 312 MBOEPD company-wide, reflecting an increase of 7 MBOEPD, or 2% on a q-o-q basis. During Q1 2018, Pioneer produced 260 MBOEPD in the Permian Basin, reflecting an increase of 9 MBOEPD, or 3% on a q-o-q basis. The Company's Permian Basin oil production increased to 170 MBOPD in the reported quarter. Pioneer placed 63 horizontal wells on production. Approximately 75% of the Company's Permian Basin gas production of 216 million cubic feet per day (MMCFPD) was transported under firm pipeline contracts to the southern California market where it is sold, with the remainder sold primarily under term contracts at Waha.
Pioneer delivered approximately 160 MBOPD to the Gulf Coast under firm pipeline contracts during Q1 2018 at Brent-related pricing. The Company exported 87 MBOPD of the total volumes delivered to the Gulf Coast.
During Q1 2018, Pioneer closed the sale of 10,200 net acres in the Eagle Ford Shale for $103 million.
During Q1 2018, Pioneer repurchased approximately $17 million of its common stock under the $100 million repurchase program, to offset dilution from annual employee stock awards.
The Company continued to maintain a strong balance sheet with cash on hand of $1.8 billion, including liquid investments, at the end of Q1 2018. The Company's net debt to forecasted 2018 operating cash flow was 0.3 times, while its net debt-to-book capitalization was 7% at the end of Q1 2018.
For the second quarter of the fiscal year 2018, Pioneer is forecasting total production to average between 312 MBOEPD to 322 MBOEPD. The Company's Permian Basin production is forecasted to average between 268 MBOEPD to 276 MBOEPD.
Pioneer's production costs are expected to average $10.00 per BOE to $12.00 per BOE for Q2 2018, reflecting the impact of ASC 606. The Company's DD&A expenses are expected to average $12.50 per BOE to $14.50 per BOE. The Company's total exploration and abandonment expenses are forecasted to be between $20 million to $30 million for Q2 2018.
Stock Performance Snapshot
May 31, 2018 - At Thursday's closing bell, Pioneer Natural Resources' stock declined 1.79%, ending the trading session at $193.10.
Volume traded for the day: 1.62 million shares, which was above the 3-month average volume of 1.44 million shares.
Stock performance in the last three-month – up 14.15%; previous six-month period – up 27.80%; past twelve-month period – up 15.73%; and year-to-date – up 11.72%
After yesterday's close, Pioneer Natural Resources' market cap was at $33.36 billion.
Price to Earnings (P/E) ratio was at 78.18.
The stock has a dividend yield of 0.17%.
The stock is part of the Basic Materials sector, categorized under the Independent Oil & Gas industry.
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