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Birthday : 06/16/1947
Place of birth : France
Linked companies : Johnson Matthey PLC - Akzo Nobel NV
Biography : Patrick Webster Thomas is a British businessperson who has been the head of 5 different companies an

Pioneer Natural Resources Swings to Loss

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08/06/2019 | 05:04pm EDT

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.

Write to Patrick Thomas at patrick.thomas@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
JOHNSON MATTHEY PLC 0.11% 2848 Delayed Quote.1.64%
LONDON BRENT OIL -1.06% 59.81 Delayed Quote.10.34%
PIONEER NATURAL RESOURCES 0.01% 126.93 Delayed Quote.-3.48%
WTI -1.25% 55.24 Delayed Quote.23.24%
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