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Shale producer Pioneer Natural Resources net income drops, meets expectations

HOUSTON, Nov 4 (Reuters) - Pioneer Natural Resources, one of the largest U.S. shale producers, reported a 44% drop in quarterly profit on Monday.

The Irving, Texas-based company reported net income of $231 million in the third quarter, down from $411 million during the same period last year.

Excluding one-time items, Pioneer met analysts expectations of earnings of $1.99 per share, according to Refinitiv.

The company plans to hold a conference call with analysts on Tuesday to discuss the results. Pioneer shares closed at $136.03 Monday, up 6.6%. (Reporting by Jennifer Hiller in Houston Editing by Chris Reese)