Pioneer Natural Resources (ticker: PXD) reported third quarter results yesterday, showing net income of $411 million, or $2.39 per share.

The company produced 288 MBOEPD in the Permian, up 5% from the previous quarter. This is at the high end of guidance, driven by 7% growth in Permian oil production.
A few surprises
Considering the differential pressure most operators are facing in the Permian, some of Pioneer’s comments may be surprising.

“We are now essentially a Brent-priced company, if you talk about our oil sales,” Pioneer President and CEO Tim Dove commented.

The company has extensive firm transportation to the Gulf Coast, meaning no Pioneer oil is exposed to Midland pricing.

Source: Pioneer Investor Presentation


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