Permian Names Move Higher Despite Impact from Severe Winter Weather

November 29, 2013 12:44 PM EST
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Price: $181.93 -0.53%

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Pioneer Natural Resources Company (NYSE: PXD) Wednesday announced that severe winter weather in Texas has significantly impacted the Company's production and drilling operations in the Spraberry/Wolfcamp, Eagle Ford Shale and Barnett Shale Combo plays. The news impacted other Permian names early on Friday, although for the most part stocks recovered later in the session, with many commodities and related stocks higher.

Commenting, analyst Gordon Douthat of Wells Fargo said, "PXD did not revise production guidance at this point as the company is still assessing impacts across its operations, but will provide an update once impact can be quantified. Production downtime will vary by company with some stating only 12 days of downtime and others stating more substantial downtime."

Douthat said impacts will likely be felt by all Permian operators including Concho Resources, Inc. (NYSE: CXO), Laredo Petroleum Holdings, Inc. (NYSE: LPI), Athlon Energy Inc. (NYSE: ATHL), Diamondback Energy, Inc. (Nasdaq: FANG), Approach Resources, Inc. (Nasdaq: AREX) though more time is needed to fully quantify the extent.

For an analyst ratings summary and ratings history on Pioneer Natural Resources click here. For more ratings news on Pioneer Natural Resources click here.

Shares of Pioneer Natural Resources closed at $178.91 yesterday.

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