Pioneer Natural Resources Misses Estimates in Second Quarter

   By Waverly Colville

Pioneer Natural Resources (PXD) on Tuesday reported second-quarter earnings that missed analysts' estimates.

The company reported net income of $66 million, or 38 cents a share, compared to $233 million, or $1.36 cents a share, a year earlier. Analysts polled by FactSet were expecting $1.55 per share.

Adjusted income was $1.41 a share. Analysts expected adjusted earnings of $1.48 a share.

The company's second-quarter revenue was $2.11 billion, up $1.46 billion from a year earlier. Analysts expected $2.25 billion.

The company's costs and expenses totaled $2 billion, up from $1.1 billion a year earlier.

The company repurchased $51 million of stock during the first half of 2018. It also increased its Permian Basin oil production to 175,000 barrels per day.

Shares were down 1.4% during post-market trading on Tuesday.

Write to Waverly Colville at waverly.colville@wsj.com

(END) Dow Jones Newswires

August 07, 2018 17:31 ET (21:31 GMT)

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