Pioneer Natural Resources Co.(PXD: Quote) reported that its second-quarter net loss attributable to common stockholders was $70.39 million, compared to net income of $245.58 million in the same quarter last year. On a per share basis, net loss was $0.57, compared to net income of $2.03 last year.
Adjusted income excluding unrealized MTM derivative gains and unusual items for the latest-quarter was $97.77 million or $0.78 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $0.97 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues and other income for the quarter rose to $924.73 million from $805.19 million in the prior year quarter. Seventeen analysts had consensus revenue estimate of $726.98 million for the quarter.
For the third-quarter, Production is forecasted to average 155 MBOEPD to 159 MBOEPD. Production costs are expected to average $13.50 to $15.50 per BOE, based on current NYMEX strip commodity prices. DD&A expense is expected to average $13.00 to $15.00 per BOE. Total exploration and abandonment expense is forecasted to be $25 million to $40 million.
The company raised its annual production growth target range for 2012 to 25% - 29% from 23% - 25%, as strong drilling and well performance is expected to outweigh continuing ethane rejection and a decrease in drilling activity over the remainder of 2012.
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by RTT Staff Writer
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