HOUSTON (Reuters) – Pioneer Natural Resources on Thursday said its third quarter profit fell 26% due to lower oil and gas prices, but topped analysts’ estimates on the back of higher production.
The earnings report is Pioneer’s first since the U.S. shale producer agreed to be acquired by oil major ExxonMobil in an all-stock deal valued at $253 a share.
Pioneer said it was increasing its full-total production forecast to between 708,000 and 713,000 barrel of oil equivalent per day (boepd), while cutting its 2023 drilling and completions budget to $4.38 billion from $4.48 billion.
The company’s average price for oil, gas and natural gas liquids fell 25% to $52.13 per barrel of oil equivalent in the three months ended Sept 30.
Daily sales volumes, however, rose 10% to 721,479 boepd.
Net income, excluding items, fell to $1.4 billion, or $5.83 per share, in the three months to Sept. 30, from $1.9 billion, or $7.48 per share, a year earlier. Analysts had estimated a profit of $5.55 per share.
(Reporting by Arathy Somasekhar in Houston; Editing by Chris Reese)
