Pioneer Natural Resources (PXD) Misses Q4 EPS by 3c, Revenues Beat

Pioneer Natural Resources (NYSE: PXD) reported Q4 EPS of $2.06, $0.03 worse than the analyst estimate of $2.09. Revenue for the quarter came in at $1.35 billion versus the consensus estimate of $1.34 billion.

Highlights

• Achieved corporate return on capital employed (ROCE)1 of 11% during 2019
• Delivered strong fourth-quarter and full-year 2019 free cash flow2 of $384 million and $540 million, respectively
• Returned $780 million of capital to shareholders through dividends and share repurchases during 2019
• Averaged fourth quarter oil production of 220 thousand barrels of oil per day (MBOPD), at the top end of guidance
• Averaged fourth quarter total production of 363 thousand barrels of oil equivalent per day (MBOEPD), above the top end of guidance
• Announced 2020 Capital Budget3 of $3.15 billion to $3.45 billion, with cash flow4 expected to be $3.9 billion
• Increased quarterly dividend to $0.55 per share, or $2.20 per share on an annual basis

President and CEO Scott D. Sheffield stated, "2019 was an excellent year for Pioneer, where we delivered strong cash flow, robust free cash flow generation and top tier corporate returns. This was driven by an intense focus on execution that resulted in significant well cost reductions while maintaining peer-leading oil production per well in the Permian Basin. We remain committed to returning capital to shareholders, and in 2019 we delivered $780 million to shareholders through share repurchases and dividends.

Our 2020 plan builds on our strong 2019 performance and is structured to deliver a capitally efficient program that prioritizes free cash flow. Our dividend increase announced today solidifies our commitment to returning capital to shareholders and represents a greater than 185% increase, on an annualized basis, when compared to the dividends paid in 2019. Pioneer continues to offer a compelling value proposition, underpinned by our premier acreage position in the Permian Basin that drives best-in-class margins, increasing corporate returns and is forecasted to generate significant free cash flow."

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

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