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Pioneer Natural Resources: 1Q Earnings Snapshot

Associated Press
Updated ·1-min read

IRVING, Texas (AP) _ Pioneer Natural Resources Co. (PXD) on Wednesday reported first-quarter profit of $289 million.

On a per-share basis, the Irving, Texas-based company said it had net income of $1.74. Earnings, adjusted for non-recurring gains, were $1.15 per share.

The results beat Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.03 per share.

The independent oil and gas company posted revenue of $2.26 billion in the period, which did not meet Street forecasts. Five analysts surveyed by Zacks expected $2.3 billion.

Pioneer Natural Resources shares have decreased 46% since the beginning of the year, while the Standard & Poor's 500 index has declined 12%. In the final minutes of trading on Wednesday, shares hit $81.83, a drop of 48% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PXD at https://www.zacks.com/ap/PXD