Pioneer’s net income soars on production, high oil prices

Petroleum News Staff

Pioneer Natural Resources, in the early stages of a production boom coupled with robust commodity prices during the first three months of the year, sent its profit to astronomical heights during the first quarter.

Net income rocketed to $84.2 million or $0.71 per share during the first quarter, up 358 percent compared to $18.4 million in the prior quarter, the Dallas-based independent said April 29. In the year-ago quarter, Pioneer reported a loss of $2 million.

At the same time, production during the first quarter climbed to 128,444 barrels a day of oil equivalent, up nearly 10 percent from the prior quarter and up 16 percent compared to the same period last year.

During the first quarter, the company noted, natural gas production from its Canyon Express project in the deepwater Gulf of Mexico reached full rates and that production from its operated Falcon field in the gulf was launched ahead of schedule and under budget.

“Our current daily production is up approximately 45 percent from 12 months ago with just two of our five large projects on stream,” Pioneer CEO Scott Sheffield said, adding that the company expects to average 150,000 to 165,000 barrels a day of oil equivalent during this year’s second quarter.