Pioneer Natural (PXD) Q3 Earnings Surpass Estimates, Rise Y/Y
Pioneer Natural Resources Company PXD 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.
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.
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%.
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, Exxon Mobil Corporation XOM and Petroleo Brasileiro S.A. or Petrobras PBR. 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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