Why Pioneer Natural Resources Stock Is Rallying Today
Fueling the rally in the oil stock was its stronger-than-expected first-quarter results as well as surging crude oil prices. Overall, its output averaged 375,000 barrels of oil equivalent per day (BOE/D), including 223,000 barrels of oil per day (BPD), which were both in the top half of its guidance range. Meanwhile, the company captured an average oil price of $45.60 per barrel during the quarter, which was only down 7.7% year over year thanks to its strong oil hedges.