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Pioneer (PXD) Output Jumps in Q3 as Permian Work Ramps Up

Zacks

Upstream energy player Pioneer Natural Resources Company PXD recently announced third-quarter 2017 production update.

During the quarter, the company’s total production came in at 275.7 thousand barrels oil equivalent per day (MBOE/D), representing an increase of 6.4% sequentially and 15.4% year over year. Higher activities in the Wolfcamp and Spraberry plays of Permian Basin primarily supported the rise in total production in the third quarter.

However, total output failed to beat the Zacks Consensus Estimate of 278 MBOE/D, thanks to lower activities in the Raton basin.

Of the total amount, oil production came in at 161.6 thousand barrels per day (B/D), marking more than 10% sequential rise and 20.4% increase from the prior-year comparable period.


Natural gas output for the July-to-September quarter was reported at 340.4 million cubic feet per day, down 3.7% sequentially. However, the commodity output increased 3.4% year over year.

Pioneer Natural added that Hurricane Harvey hurt third-quarter output by 3,500 barrels oil equivalent per day (BOE/D), which mostly lowered natural gas production. The upstream firm also said that excluding the losses in the third quarter, the company’s production could reach the high end of the earlier projected guidance of 274-279 MBOE/D.

Along with the production update, Pioneer Natural reported realized crude and natural gas prices of $45.35 per barrel and $2.58 per thousand cubic feet, respectively.

Pioneer Natural’s third-quarter 2017 results are scheduled for release on Nov 1, after the closing bell. The Zacks Consensus Estimate for earnings stands at 26 cents per share.

Headquartered in Irving, TX, Pioneer Natural is primarily involved in oil and gas exploration and production activities in the prospective resources of the United Sates. The company managed to beat the Zacks Consensus Estimate in three of the last four quarters, with an average positive surprise of 46.74%.

However, the company that belongs to the Zacks Oil U.S Exploration industry fell 18.8% year to date.

The company currently carries a Zacks Rank #3 (Hold), implying that the stock will perform in line with the broader U.S. equity market over the next one to three months.

A few better-ranked players in the energy sector are Par Pacific Holdings Inc. PARR, Enbridge Energy Partners, L.P. EEP and Jones Energy, Inc. JONE. All the stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Headquartered in Houston, TX, Par Pacific managed to beat the Zacks Consensus Estimate in three of the last four quarters, at average earnings surprise of 195.26%.

Houston, TX-based Enbridge Energy, a master limited partnership (MLP), is a midstream energy player. The partnership recorded average positive earnings surprise of 22.83% over the last four quarters.

Based in Austin, TX, Jones Energy is an upstream energy player. The company’s 2017 earnings are estimated to grow 31.6%.

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