Investing
Pioneer Natural Resources posts earnings, revenue miss
© Reuters. Pioneer Natural Resources (PXD) posts earnings, revenue miss
Pioneer Natural Resources (NYSE:) reported fourth-quarter earnings and revenue that fell short of Wall Street expectations. The Dallas-based energy company disclosed a quarterly EPS of $5.26, which was $0.12 below the consensus of $5.38. Revenue for the quarter was also lower than expected, coming in at $5.22 billion against the consensus estimate of $5.28 billion.
Despite the miss, Pioneer maintained a robust balance sheet, with net debt standing at $4.6 billion as of December 31, 2023. The company’s liquidity was reported at $2.2 billion, including $240 million in cash and a $2.0 billion undrawn unsecured credit facility. Total capital expenditures for the quarter amounted to $1.1 billion, contributing to the full year’s total of $4.6 billion. Operating cash flow for the fourth quarter reached $2.3 billion, leading to a free cash flow of $1.2 billion.
The company’s average realized prices for the quarter were $78.47 per barrel for oil, $23.25 per barrel for natural gas liquids, and $2.35 per thousand cubic feet for gas, excluding derivatives effects. Production costs averaged $10.54 per BOE, with depreciation, depletion, and amortization expenses averaging $11.30 per BOE.
Pioneer announced a first-quarter 2024 dividend of $2.56 per share, which includes a $1.25 base dividend and a $1.31 variable dividend, translating to an annualized yield of 4.4%. Following the merger agreement with Exxon Mobil (NYSE:), dividends after the first quarter of 2024 are expected to consist only of the base dividend component.
The company’s stock saw a marginal decline of 0.4% following the earnings release, indicating a tempered reaction from investors to the earnings and revenue miss. Management attributed the quarter’s performance to various factors, including merger-related costs, with ExxonMobil totaling $102 million, and a net cash flow impact related to oil and gas purchases and sales, resulting in a loss of $105 million.
Pioneer’s CEO stated, “Our strong balance sheet and disciplined capital investment have positioned us well for sustainable growth. We remain focused on delivering value to our shareholders through our robust dividend program, even as we navigate the complexities of our merger activities.”
Investors will be watching closely to see how the company’s financials and strategic initiatives unfold in the coming quarters, particularly in light of the anticipated merger with ExxonMobil.
Read the full article here
-
Personal Finance6 days ago
Seniors to get moderate cost of living bump in Social Security payments next year
-
Side Hustles5 days ago
Social Security Payments to Increase By 2.5%: What It Means
-
Investing6 days ago
5 Steps to Creating More Inclusive PR Campaigns
-
Investing4 days ago
Ambani’s Reliance lobbies India on satellite spectrum in new face-off with Musk By Reuters
-
Investing3 days ago
Half million still without power in Sao Paulo from Friday storm By Reuters
-
Make Money6 days ago
How Workers Believe the Presidential Election Will Impact Their Careers
-
Investing5 days ago
Pemex’s Deer Park oil refinery scales back operations after fatal accident By Reuters
-
Investing5 days ago
Expand Your Global Reach With Babbel, on Sale for More Than 60% Off