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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 -1.27% 3120 Delayed Quote.11.47%
LONDON BRENT OIL 0.51% 64.5 Delayed Quote.11.63%
PIONEER NATURAL RESOURCES -3.63% 139.01 Delayed Quote.5.70%
WTI 0.32% 59.05 Delayed Quote.21.48%
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