Pioneer Natural Resources (PXD) Tops Q2 EPS by 54c

Pioneer Natural Resources (NYSE: PXD) reported Q2 EPS of $9.36, $0.54 better than the analyst estimate of $8.82. Revenue for the quarter came in at $6.92 billion versus the consensus estimate of $7.03 billion.

2022 Outlook:

Based on the inflationary pressures seen in steel, diesel and chemical costs, among other items, the Company now expects its 2022 total capital budget2 to range between $3.6 billion to $3.8 billion. Pioneer expects its capital program to be fully funded from 2022 cash flow6 of greater than $13 billion.

During 2022, the Company plans to operate an average of 22 to 24 horizontal drilling rigs in the Midland Basin, including a three-rig average program in the southern Midland Basin joint venture area. The 2022 capital program is expected to place 475 to 505 wells on production. Pioneer expects 2022 oil production of 350 to 365 thousand barrels of oil per day (MBOPD) and total production of 623 to 648 thousand barrels of oil equivalent per day (MBOEPD).

Third Quarter 2022 Guidance

Third quarter 2022 oil production is forecasted to average between 345 to 360 MBOPD and total production is expected to average between 635 to 660 MBOEPD. Production costs are expected to average $12.00 per BOE to $13.50 per BOE. DD&A expense is expected to average $10.50 per BOE to $12.00 per BOE. Total exploration and abandonment expense is forecasted to be $10 million to $20 million. G&A expense is expected to be $75 million to $85 million. Interest expense is expected to be $30 million to $35 million. Other expense is forecasted to be $20 million to $40 million. Accretion of discount on asset retirement obligations is expected to be $3 million to $6 million. The cash flow impact related to purchases and sales of oil and gas, including firm transportation, is expected to be a loss of $60 million to a loss of $100 million, based on forward oil price estimates for the quarter. The Company’s effective income tax rate is expected to be between 22% to 27%, with cash taxes expected to be $300 million to $350 million, representing estimated federal and state tax payments that will be paid based on forecasted 2022 taxable income.

For earnings history and earnings-related data on Pioneer Natural Resources (PXD) click here.

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