Last $144.80 USD
Change Today +10.00 / 7.42%
Volume 3.9M
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As of 8:04 PM 12/17/14 All times are local (Market data is delayed by at least 15 minutes).

pioneer natural resources co (PXD) Key Developments

Reliance, Pioneer look to Exit Gas Pipeline JV

Reliance Industries Limited (BSE:500325) and Pioneer Natural Resources Co. (NYSE:PXD) are contemplating to sell their respective share in joint venture that owns 460 miles of pipeline network for transportation of shale oil and gas. Reliance as well as Pioneer Natural Resources is seeking a buyer for their stakes in Eagle Ford Shale's midstream business. Reliance owns 49.9% stake while Pioneer Natural Resources owns remaining 50.1% share.

Pioneer Natural Resources Co. Reports Unaudited Consolidated Earnings Results and Operating Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Production Guidance for the Fourth Quarter and Full Year of 2014; Provides Capital Expenditure Guidance for 2014; Provides Interest Expense and Tax Rate Guidance for the Fourth Quarter of 2014; Reports Impairment for the Third Quarter Ended September 30, 2014

Pioneer Natural Resources Co. reported unaudited consolidated earnings results and operating results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported revenues and other income of $1,513 million compared to $807 million a year ago. Income from continuing operations before income taxes were $647 million compared to $127 million a year ago. Income from continuing operations was $411 million compared to $79 million a year ago. Net income was $374 million compared to $98 million a year ago. Net income attributable to common stockholders was $374 million compared to $91 million a year ago. Diluted earnings per share from continuing operations attributable to common stockholders were $2.84 compared to $0.51 a year ago. Diluted net income attributable to common stockholders were $2.58 compared to $0.65 a year ago. Net cash provided by operating activities were $616 million compared to $668 million a year ago. EBITDAX was $693 million compared to $587 million a year ago. For the nine months, the company reported revenues and other income of $3,388 million compared to $2,699 million a year ago. Income from continuing operations before income taxes were $931 million compared to $788 million a year ago. Income from continuing operations was $612 million compared to $507 million a year ago. Net income was $499 million compared to $559 million a year ago. Net income attributable to common stockholders was $499 million compared to $529 million a year ago. Diluted earnings per share from continuing operations attributable to common stockholders were $4.23 compared to $3.44 a year ago. Diluted net income attributable to common stockholders were $3.44 compared to $3.82 a year ago. Net cash provided by operating activities were $1,798 million compared to $1,605 million a year ago. EBITDAX was $1,954 million compared to $1,620 million a year ago. The company's net debt at the end of the third quarter was $2.1 billion. For the quarter, the company reported total production of 186,077 BOE against 152,671 BOE a year ago. Oil production was 88,973 Bbls against 67,674 Bbls a year ago. Natural gas liquids were 39,819 Bbls against 31,507 Bbls a year ago. Gas produciton was 343,711 Mcf against 320,938 Mcf a year ago. For the nine months, the company reported total production of 175,929 BOE against 153,730 BOE a year ago. Oil production was 82,485 Bbls against 68,650 Bbls a year ago. Natural gas liquids were 37,319 Bbls against 29,268 Bbls a year ago. Gas produciton was 336,749 Mcf against 334,876 Mcf a year ago. The company's capital program for 2014 is forecasted at $3.4 billion (excludes acquisitions, asset retirement obligations, capitalized interest, geological and geophysical G&A and capital expenditures associated with the Alaska and Barnett Shale assets prior to their sale). It includes $3.1 billion for drilling and $0.3 billion for vertical integration and the construction of new field and office buildings. The 2014 capital budget is expected to be funded from forecasted operating cash flow of $2.4 billion, proceeds from asset divestitures and cash on hand of $550 million as of September 30, 2014. The company now expects to grow production by 18% to 19% in 2014, the upper end of full-year guidance range, and believes it can deliver consistent annual production growth of 16% to 21% through 2016 at attractive returns ranging from 40% to 80% in a $70 to $80 oil price environment. For the fourth quarter of 2014, the company expects production to average 200 MBOEPD to 205 MBOEPD. For the fourth quarter of 2014, the company expects interest expense to be $46 million to $51 million and other expense is expected to be $25 million to $35 million. The company's effective income tax rate is expected to range from 35% to 40%. Current income taxes are expected to be $1 million to $5 million and are primarily attributable to state taxes. For the third quarter ended September 30, 2014, the company reported impairment of inventory and other property and equipment of $3 million against $4 million a year ago.

Pioneer And Reliance Holding To Sell Their Eagle Ford Shale Midstream Business

Pioneer Natural Resources Co. (NYSE:PXD) is planning to sell its 50.1% stake in Eagle Ford Shale Midstream business. Reliance Holding USA, Inc. owns the remaining 49.9% of the EFS Midstream business and also plans to pursue the divestment of its share in a joint process with Pioneer. Pioneer said, "Pioneer Natural Resources Company today announced that the Company is pursuing the divestment of its 50.1% share of the Eagle Ford Shale Midstream business." Scott D. Sheffield, Chairman and Chief Executive Officer of Pioneer said, "The sale of EFS Midstream would allow us to strategically redeploy capital to our core, oil-rich Spraberry/Wolfcamp assets in the Permian Basin of West Texas, where we are successfully transforming the substantial resource potential we delineated in 2013 into strong production growth. We currently have no plans to divest our Eagle Ford Shale upstream assets. The sale of EFS Midstream is not expected to impact our ability to export processed Eagle Ford condensate." Pioneer expects to open a data room in December 2014.

Pioneer Natural Resources Co. Presents at Bank of America 2014 Global Energy Conference, Nov-13-2014 11:15 AM

Pioneer Natural Resources Co. Presents at Bank of America 2014 Global Energy Conference, Nov-13-2014 11:15 AM. Venue: The Fontainebleau Miami Beach, 4441 Collins Ave, Miami, Florida, United States. Speakers: Timothy L. Dove, President, Chief Operating Officer and Director.

Pioneer Natural Resources Co. Presents at Capital One Southcoast 2014 Energy Conference, Dec-10-2014 08:20 AM

Pioneer Natural Resources Co. Presents at Capital One Southcoast 2014 Energy Conference, Dec-10-2014 08:20 AM. Venue: Omni Royal Orleans Hotel, 621 St. Louis St, New Olreans, Louisiana, United States. Speakers: Timothy L. Dove, President, Chief Operating Officer and Director.

 

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