Pioneer Natural Resources posts earnings, revenue miss
Pioneer Natural Resources (NYSE:PXD) reported fourth-quarter earnings and revenue that fell short of Wall Street expectations. The Dallas-based energy company disclosed a quarterly EPS of $5.26, which was $0.12 below the consensus of $5.38. Revenue for the quarter was also lower than expected, coming in at $5.22 billion against the consensus estimate of $5.28 billion.
Despite the miss, Pioneer maintained a robust balance sheet, with net debt standing at $4.6 billion as of December 31, 2023. The company's liquidity was reported at $2.2 billion, including $240 million in cash and a $2.0 billion undrawn unsecured credit facility. Total capital expenditures for the quarter amounted to $1.1 billion, contributing to the full year's total of $4.6 billion. Operating cash flow for the fourth quarter reached $2.3 billion, leading to a free cash flow of $1.2 billion.
The company's average realized prices for the quarter were $78.47 per barrel for oil, $23.25 per barrel for natural gas liquids, and $2.35 per thousand cubic feet for gas, excluding derivatives effects. Production costs averaged $10.54 per BOE, with depreciation, depletion, and amortization expenses averaging $11.30 per BOE.
Pioneer announced a first-quarter 2024 dividend of $2.56 per share, which includes a $1.25 base dividend and a $1.31 variable dividend, translating to an annualized yield of 4.4%. Following the merger agreement with Exxon Mobil, dividends after the first quarter of 2024 are expected to consist only of the base dividend component.
The company's stock saw a marginal decline of 0.4% following the earnings release, indicating a tempered reaction from investors to the earnings and revenue miss. Management attributed the quarter's performance to various
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