AUSTIN, Texas (AP) _ Parsley Energy Inc. (PE) on Monday reported a loss of $3.37 billion in its first quarter.

The Austin, Texas-based company said it had a loss of $9.20 per share. Earnings, adjusted for non-recurring costs, were 29 cents per share.

The results beat Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 25 cents per share.

The independent oil and gas company posted revenue of $564.8 million in the period, missing Street forecasts. Seven analysts surveyed by Zacks expected $589.7 million.

Parsley Energy shares have decreased 50% since the beginning of the year. In the final minutes of trading on Monday, shares hit $9.45, a decline of 50% in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PE at https://www.zacks.com/ap/PE

Automated Insights, source Associated Press News