Feb 13 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
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
Oil and gas revenue rose about 11 percent to $734.6 million.