On the call: talks about using the “DrillCo” structure
By Richard Rostad, analyst, Oil & Gas 360

Pioneer Natural Resources (ticker: PXD) announced first quarter results today, showing $350 million in net income or $2.06 per share.

Pioneer produced an average of 320 MBOEPD in Q1 from the Permian, above expectations. The company spent $928 million in the basin this quarter, below forecasts. Pioneer brought 71 wells on production during Q1, the same number as the company brought on in Q4. Pioneer’s marketing efforts continue to bear fruit, as the company receives Brent-based pricing for much of its oil. This pricing scheme led to an incremental $151 million in cash flow in the quarter.

Pioneer sells Eagle Ford for just $25 mill...

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