(Adds Q1 details, estimates)
May 3 U.S. shale oil company Pioneer Natural
Resources Co reported a better-than-expected adjusted
profit on Wednesday as higher crude prices and increased
production offset a rise in costs.
However, Pioneer's shares fell 4.7 percent in extended
trading after the company gave a second-quarter production
forecast below Wall Street estimates.
Pioneer said it expected second-quarter production of
254,000-259,000 barrels of oil equivalent per day, lower than
analysts' estimate of 262,000 boepd.
The company, which drills in Texas, produced 248,881 boepd
in the first quarter ended March 31, compared with 221,809 boepd
a year earlier.
The average price Pioneer received for its oil jumped about
75 percent to $49.05 per barrel of oil equivalent.
The company said on Wednesday it was reducing share of oil
in its total production to 60 percent from 62 percent.
The Dallas-based company's total expenses surged 41 percent
in the first quarter to $1.54 billion.
Pioneer's net loss attributable to shareholders narrowed to
$42 million, or 25 cents per share, from $267 million, or $1.65
per share, a year earlier.
Excluding one-time items, Pioneer reported a per-share
profit of 25 cents, while Wall Street analysts had expected a
profit of 17 cents, according to Thomson Reuters I/B/E/S.
Pioneer's total revenue more than doubled to $1.47 billion,
beating estimates of $1.01 billion.
(Reporting by Ahmed Farhatha in Bengaluru; Editing by Maju