UPDATE 1-Pioneer Natural Resources sees strong 3rd-qtr output
* Q2 adj EPS $0.78 vs est $0.97
* Q2 oil and gas rev $641 mln
* Sees Q3 output at 155,000 to 159,000 boepd
July 31 (Reuters) - Oil and gas producer Pioneer Natural Resources Co posted a smaller-than-expected quarterly profit due to lower realized prices and higher costs but forecast strong third-quarter output.
Pioneer expects third-quarter output of 155,000 to 159,000 barrels of oil equivalent per day (boepd). It produced 128,000 boepd in the comparable quarter last year.
The company reported a second-quarter loss of $70.4 million, or 57 cents per share, compared with a profit of $245.6 million, or $2.03 per share, a year earlier.
Excluding one-time items, the company earned 78 cents per share.
Analysts on average had expected the company to earn 97 cents per share, according to Thomson Reuters I/B/E/S.
Revenue rose 14 percent to $641 million.
Average realized prices for the company fell 13 percent while costs rose 24 percent.
The company backed its spending forecast of $2.4 billion on drilling for the full year.
Pioneer shares, which have lost 24 percent of their value in the past three months, closed at $88.63 on Tuesday on the New York Stock Exchange.
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