By Patrick Thomas
Pioneer Natural Resources Co. (PXD) swung to a loss for its second quarter as sales fell 9% from a year ago.
Pioneer, one of the largest oil and gas producers in the Permian Basin of West Texas and New Mexico, reported a loss of $169 million, or $1.01 a share, compared with a profit $63 million, or 33 cents a share, a year ago. The company said in a statement its unadjusted profit includes the effects of noncash mark-to-market adjustments and "certain other unusual items."
The company reported adjusted earnings of $2.01 a share. Analysts polled by FactSet were expecting earnings of $1.91 a share, or $1.89 a share on an adjusted basis.
Revenue fell to $1.92 billion from $2.11 billion a year earlier. Analysts had expected $2.38 billion of revenue in the quarter.
Second-quarter Permian oil production averaged 206 thousand barrels of oil per day.
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