Pioneer Natural Resources (PXD) Tops Q1 EPS by 26c

Pioneer Natural Resources (NYSE: PXD) reported Q1 EPS of $1.83, $0.26 better than the analyst estimate of $1.57. Revenue for the quarter came in at $1.14 billion versus the consensus estimate of $1.14 billion.

Second Quarter 2019 Guidance

Second quarter 2019 Permian production is forecasted to average between 313 to 328 MBOEPD and 198 to 208 MBOPD. Permian production costs are expected to average $8.50 per BOE to $10.50 per BOE. Permian DD&A expense is expected to average $13.00 per BOE to $15.00 per BOE.

Total exploration and abandonment expense for the Company is forecasted to be $20 million to $30 million. General and administrative expense is expected to be $93 million to $98 million. Interest expense is expected to be $28 million to $33 million. Other expense is forecasted to be $25 million to $35 million and is expected to include $10 million to $20 million of charges associated with excess firm gathering and transportation commitments, principally related to the Eagle Ford assets prior to their divestiture in early May. Accretion of discount on asset retirement obligations is expected to be $3 million to $6 million. The Company’s effective income tax rate is expected to range from 21% to 25%. Current income taxes are expected to be less than $5 million.

The Company’s financial and derivative mark-to-market results and open derivatives positions are outlined on the attached schedules.

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

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