February 13, 2013 / 10:56 PM / 4 years ago

Pioneer Natural profit misses estimates; to issue 8 mln shares

2 Min Read

Feb 13 (Reuters) - Pioneer Natural Resources Co's quarterly profit lagged analysts' estimates as lower oil and gas prices and higher cost of production hit margins.

The oil and gas producer also said it would issue 8 million shares to raise funds to accelerate drilling at its Wolfcamp/Spraberry shale fields in West Texas, where it sold some acreage to China's Sinochem Group Co Ltd for $1.74 billion last month.

Dallas-based Pinoeer's shares were down 3 percent in after-market trading, after closing at $126.76 on Wednesday.

Net income attributable to common stockholders was $28.8 million, or 22 cents per share, compared with a loss of $111.1 million, or 95 cents per share, a year earlier.

Excluding one-time items, the company earned 83 cents per share, missing analysts' estimate of 87 cents per share, according to Thomson Reuters I/B/E/S.

U.S. crude oil prices fell 6 percent to average $88.23 per barrel in the October-December period from a year earlier.

Pioneer expects current-quarter production to average 165,000 barrels of oil equivalent per day (boepd) to 170,000 boepd, slightly better than 165,000 boepd produced in the fourth quarter.

Oil and gas revenue rose about 11 percent to $734.6 million.

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