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Pioneer (PXD) Beats Q2 Earnings Estimates, Hikes Dividend

Pioneer Natural Resources Company PXD reported second-quarter 2022 earnings of $9.36 per share (excluding one-time items), beating the Zacks Consensus Estimate of $8.81. The bottom line surged from the year-ago quarter’s profit of $2.55 per share.

Total quarterly revenues of $6,920 million missed the Zacks Consensus Estimate of $6,930 million. However, the top line improved from the year-ago quarter’s $3,419 million.

Strong quarterly earnings can be attributed to higher oil-equivalent production volumes and commodity price realizations.

Pioneer Natural Resources Company Price, Consensus and EPS Surprise

 

Pioneer Natural Resources Company Price, Consensus and EPS Surprise
Pioneer Natural Resources Company Price, Consensus and EPS Surprise

Pioneer Natural Resources Company price-consensus-eps-surprise-chart | Pioneer Natural Resources Company Quote

Dividend Hike

For the second quarter, Pioneer announced a dividend payment of $8.57 per share of common stock, which includes a variable dividend of $7.47 per share and a base dividend of $1.10. This suggests a 16.1% improvement from the prior dividend of $7.38 per share. The new dividend is payable on Sept 16, 2022, to its stockholders of record at the close of business on Sept 6, 2022.

Moreover, the company repurchased $500 million of common stock in the second quarter.

Production

For second-quarter 2022, the total production was 642.8 thousand barrels of oil-equivalent per day (MBoe/d), up from the year-ago figure of 629.5 MBoe/d.

Oil production was 348 thousand barrels per day (MBbls/d), down from the year-ago quarter’s 363 MBbls/d. NGLs production was 160.2 MBbls/d compared with the prior-year quarter’s 147.1 MBbls/d. Natural gas production amounted to 808.2 million cubic feet per day (MMcf/d), up from the year-ago quarter’s 715.7 MMcf/d.

Price Realization

On an oil-equivalent basis, the average realized price was $79.31 per barrel for the reported quarter compared with $46.82 a year ago. The company reported an average realized crude price of $110.56 a barrel, up from $64.55 reported in the June-end quarter of 2021.

The average natural gas price improved to $6.72 per thousand cubic feet from $2.69 in the prior-year quarter. Natural gas liquids were sold at $44.21 a barrel, up from $27.95 a year ago.

Operating Costs

Pioneer’s expenses for oil and gas production were $478 million, up from $316 million in the year-ago quarter. Total costs and expenses increased to $3,892 million in the second quarter from $2,919 million in the year-ago period.

Cash, Debt and Capex

As of Jun 30, 2022, Pioneer’s cash and cash equivalents totaled $2,579 million, while long-term debt was $4,576 million. It had a debt to capitalization of 19.3%.

In the June-end quarter, the company spent $895 million.

Outlook

For 2022, Pioneer reiterated its oil production guidance of 350-365 thousand barrels of oil per day (MBo/d). It projects a total production of 623-648 MBoe/d.

For third-quarter 2022, the company expects oil production of 345-360 MBo/d and a total production of 635-660 MBoe/d.

The Zacks Rank #3 (Hold) company gave $3.6-$3.8 billion total capital budget for the year. It boasted that the capital spending would be fully funded by its more than $13-billion projected cash flow for this year.

You can see the complete list of today's Zacks #1 Rank stocks here.

A Glimpse of Other Players’ Q2 Results

NOV Inc. NOV reported a second-quarter 2022 adjusted profit of 18 cents per share, beating the Zacks Consensus Estimate of a profit of 5 cents. The outperformance resulted from better-than-expected performances in all of the company’s segments.

NOV has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days. The company currently has a Zacks Style Score of A for Momentum. NOV is expected to see earnings growth of 175.5% in 2022.

Phillips 66 PSX reported second-quarter 2022 adjusted earnings per share of $6.77, comfortably beating the Zacks Consensus Estimate of $5.92. The strong quarterly results were driven by strong refining margins worldwide.

Phillips 66 has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days. The company currently has a Zacks Style Score of A for Value and Momentum, and B for Growth. PSX is expected to see earnings growth of 160.7% in 2022.

Valero Energy Corporation VLO reported second-quarter 2022 adjusted earnings of $11.36 per share, beating the Zacks Consensus Estimate of $9.7 per share. The strong quarterly results were driven by increased refinery throughput volumes and a higher refining margin.

Valero has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days. The company currently has a Zacks Style Score of A for Value, Growth and Momentum. VLO is expected to see earnings growth of 836.3% in 2022.


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