Pioneer Natural sees lower Q1 production
Feb 6 (Reuters) - Pioneer Natural Resources Co. (PXD.N) said it expects lower production in the first quarter due to significant winter weather downtime in the Raton, Hugoton and West Panhandle fields during January.
The independent oil and gas exploration company said it sees production to average 97,000 barrels of oil equivalent per day (BOEPD) to 102,000 BOEPD, about 3,000 BOEPD lower than expected.
Pioneer Natural said first-quarter production costs are expected to average $11.25 to $12.25 per barrel of oil equivalent based on current New York Mercantile Exchange strip prices for oil and gas.
Total exploration and abandonment expense during the quarter is expected to be $50 million to $90 million, it said in a statement.
The company also reported fourth-quarter earnings of 22 cents per share on revenue of $389.8 million. Analysts were expecting earnings of 18 cents a share, before special items, on revenue of $408.8 million. (Reporting by Debiprasad Nayak in Bangalore)
