Sunday, October 22, 2017

Pioneer Natural Swings to Profit, but Slashes 2017 Budget

Posted by August 1, 2017

U.S. shale oil producer Pioneer Natural Resources Co (PXD) said on Tuesday it swung to a quarterly profit but would cut $100 million from its 2017 capital budget.
 
The company, one of the largest oil producers in the Permian Basin of West Texas and New Mexico, posted second-quarter net income of $233 million, or $1.36 per share, compared to a net loss of $268 million, or $1.63 per share, in the year-ago period.
 
Production rose 11 percent to 259,087 barrels of oil equivalent per day.


(Reporting by Ernest Scheyder; editing by Diane Craft)

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