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Pioneer (PXD) Q2 Earnings Beat Estimates, Revenues Miss

Zacks Equity Research

Pioneer Natural Resources Company PXD reported second-quarter 2020 loss per share of 32 cents, excluding one-time items, narrower than the Zacks Consensus Estimate of a loss of 35 cents. In the year-ago quarter, the company reported a profit of $2.01 per share.

Revenues and other income declined 55.3% year over year to $859 million from $1,923 million a year ago. Also, the top line missed the consensus mark of $1,501 million.

The company reported narrower-than-expected loss, thanks to higher oil equivalent production volumes. This was partially offset by lower realized prices of crude.

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

Production

Total production in the reported quarter was 374.6 thousand barrels of oil equivalent per day (MBOE/D), up 12.1% year over year.

Oil production was 214.9 thousand barrels per day (MBbl/D), up 3.6% year over year. Natural gas liquids (NGLs) production of 90.2 MBbl/D compared with the year-ago quarter’s 67.1 MBbl/D. Moreover, natural gas production amounted to 416.5 million cubic feet per day (MMcf/D), up from the year-ago quarter’s 357.9 MMcf/D.

Price Realization

On an oil-equivalent basis, average realized price was $17.61 per barrel in the reported quarter compared with $39.35 a year ago. The company reported average realized crude price of $23.16 a barrel, down from $55.50 in the June quarter of 2019.  

Average natural gas price improved 29.2% year over year to $1.15 per thousand cubic feet (Mcf). However, natural gas liquids were sold at $12.65 a barrel, down from $19.63 a year ago.

Cash, Debt and Capex

At the end of the quarter under review, cash balance totaled $180 million. Long-term debt summed $2,054 million, reflecting a debt-to-capitalization of 15.7%.

During the June quarter of 2020, the company spent $235 million.

Guidance

For the third quarter of 2020, the company expects daily oil equivalent production in the range of 341 to 356 (MBOE/D). For 2020, Pioneer Natural revised its oil equivalent production volumes guidance higher to 356 MBoE/D to 371 MBoE/D.

For shareholders, the company has planned a total of 10% or more annual return.

Zacks Rank & Stocks to Consider

The company currently has a Zacks Rank #3 (Hold). Meanwhile, a few better-ranked players in the energy space include Concho Resources Inc. CXO, Cimarex Energy Co XEC and EOG Resources, Inc. EOG, each holding a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Concho is likely to see earnings growth of 21.6% in 2020.

Cimarex Energy’ 2020 bottom-line estimates have moved up over the past 30 days.

EOG Resources’ 2020 bottom-line estimates have risen more than 200% over the past 30 days.

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Pioneer Natural Resources Company (PXD) : Free Stock Analysis Report
 
EOG Resources, Inc. (EOG) : Free Stock Analysis Report
 
Concho Resources Inc. (CXO) : Free Stock Analysis Report
 
Cimarex Energy Co (XEC) : Free Stock Analysis Report
 
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