DALLAS (AP) -- Pioneer Natural Resources Co. reported a second-quarter profit on Wednesday, reversing a year-ago loss, as petroleum prices rose and it made winning bets on derivatives.
The independent oil and gas exploration and production company also raised the low end of its 2013 production growth guidance, now forecasting a range of 14 percent to 16 percent. Previously, it had predicted growth of 12 percent to 16 percent.
Shares jumped 5 percent after-hours on the report. The stock had climbed $1.43 to close at $154.76 before the results were announced.
After paying preferred dividends, the Dallas company earned $337.3 million, or $2.40 per share, for the quarter that ended on June 30. Excluding gains on derivatives and property sales and Alaska tax credits, Pioneer Natural would have earned $154 million, or $1.10 per share, in the latest period.
A year earlier it lost $70.4 million, or 57 cents per share.
Revenue rose 29 percent to $1.18 billion, from $918 million a year ago. Average selling prices averaged $52.71 per barrel of oil equivalent, up from $46.86 last year. Production rose 3 percent to 176,200 barrels of oil equivalent per day.
Adjusted profit was a penny shy of analysts' average estimate, according to FactSet, but revenue easily topped their $900.9 million forecast.