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:
Active-Investors.com is currently working on the research report for Bellatrix Exploration Ltd. (NYSE: BXE), which also belongs to the Basic Materials sector as the Company Pioneer Natural Resources. Do not miss out and become a member today for free to access this upcoming report at:
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Pioneer Natural Resources most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
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.
Active-Investors (A-I) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. A-I has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.
A-I has not been compensated; directly or indirectly; for producing or publishing this document.
PRESS RELEASE PROCEDURES:
The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third-party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email firstname.lastname@example.org. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by A-I. A-I is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.
A-I, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. A-I, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, A-I, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.
NOT AN OFFERING
This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither A-I nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://active-investors.com/legal-disclaimer/.
For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:
Phone number: 73 29 92 6381
Office Address: 6, Jalan Kia Peng, Kuala Lumpur, 50450 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.