IRVING, Texas (AP) _ Pioneer Natural Resources Co. (PXD) on Wednesday reported fourth-quarter net income of $324 million.
On a per-share basis, the Irving, Texas-based company said it had net income of $1.89. Earnings, adjusted for non-recurring gains, were $1.18 per share.
The results fell short of Wall Street expectations. The average estimate of 15 analysts surveyed by Zacks Investment Research was for earnings of $1.40 per share.
The independent oil and gas company posted revenue of $2.68 billion in the period, which topped Street forecasts. Six analysts surveyed by Zacks expected $2.33 billion.
For the year, the company reported profit of $978 million, or $5.70 per share. Revenue was reported as $9.41 billion.
Pioneer Natural Resources shares have increased 11 percent since the beginning of the year, while the Standard & Poor's 500 index has increased roughly 10 percent. In the final minutes of trading on Wednesday, shares hit $145.95, a decrease of 15 percent in the last 12 months.