Pioneer Natural Resources beats profit estimates on soaring crude prices

Must read

Joe Biden pays tribute to victims of California mass shootings: ‘As a nation, we have to be there for them’

 President Joe Biden led a moment of silence at the White House on Thursday in honor of the victims of separate shootings that killed 11 people...

FDA pushes to make COVID-19 vaccinations easier. At the top of the list: One annual booster instead of two

The U.S. is poised to make COVID-19 vaccinations more like a yearly flu shot, a major shift in strategy despite a long list of...

Hasbro to cut 1,000 jobs as the pandemic-era toy-buying boom cools now that kids are back in school

Hasbro, one of the world’s largest toymakers, said it would cut 15% of its workforce, or about 1,000 jobs, after a disappointing holiday shopping...

A chemical plant’s polluting poisoned a generation of children in a small town. The settlement that the state just made has residents up in...

In hindsight, it’s clear that something was very wrong in this suburban town at the Jersey Shore, where many people worked at or lived...

Investing.com - Financial Markets Worldwide

Please try another search

Commodities 8 minutes ago (Oct 27, 2022 06:10PM ET)

Pioneer Natural Resources beats profit estimates on soaring crude prices © Reuters. FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant//File Photo

(Reuters) -U.S. shale producer Pioneer Natural Resources (NYSE:) Co on Thursday posted a better-than-expected profit for the third quarter as crude prices hovered near multi-year highs following sanctions on Russia, a leading producer of oil and gas.

Crude prices have recently cooled from 14-year peaks touched earlier in 2022, but were still more than 30% higher year-over-year during the quarter, benefiting producers such as Pioneer.

The company saw average realized prices of $94.23 per barrel of oil in the quarter, up 36% from a year earlier.

Pioneer also said it expects to return $7.5 billion in cash flow to shareholders through dividends and buybacks. It declared a base-plus-variable quarterly cash dividend of $5.71, down from $8.57 in the previous quarter.

Separately, the company said it was working to develop two renewable energy projects totaling 300 megawatts (MW) to provide electricity for its operations.

The projects, being developed with a unit of NextEra Energy Inc (NYSE:), will power a part of Pioneer’s field operations, as well as its Midland Basin processing infrastructure, jointly owned with Targa Resources (NYSE:) Corp.

    Pioneer’s total average production was 657,000 barrels of oil equivalent per day (boepd) in the July-September quarter, including 354,000 barrels of oil per day (bopd).

The Dallas, Texas-based firm forecast fourth-quarter oil production in the range of 346,500 to 361,500 bopd, the midpoint of which was flat compared with the third quarter.

Net income attributable to common stockholders stood at $1.98 billion, or $7.93 a share, in the three months ended Sept. 30, up 90% from $1.05 billion, or $4.07 per share, a year ago.

Excluding items, the company earned $7.48 per share, beating Wall Street consensus of $7.44, according to Refinitiv data.

Shares of the company were up 1.9% at $270.50 in extended trading.

Related Articles

More articles

Latest article

Joe Biden pays tribute to victims of California mass shootings: ‘As a nation, we have to be there for them’

 President Joe Biden led a moment of silence at the White House on Thursday in honor of the victims of separate shootings that killed 11 people...

FDA pushes to make COVID-19 vaccinations easier. At the top of the list: One annual booster instead of two

The U.S. is poised to make COVID-19 vaccinations more like a yearly flu shot, a major shift in strategy despite a long list of...

Hasbro to cut 1,000 jobs as the pandemic-era toy-buying boom cools now that kids are back in school

Hasbro, one of the world’s largest toymakers, said it would cut 15% of its workforce, or about 1,000 jobs, after a disappointing holiday shopping...

A chemical plant’s polluting poisoned a generation of children in a small town. The settlement that the state just made has residents up in...

In hindsight, it’s clear that something was very wrong in this suburban town at the Jersey Shore, where many people worked at or lived...

Health effects of cannabis products are too uncertain for regulating the fast-growing market like food or supplements, FDA says

The Food and Drug Administration said Thursday there are too many unknowns about CBD products to regulate them as foods or supplements under the...