Pioneer Beats Production Guidance but Cash Flow Deficit Continues; Balance Sheet Remains Rock-Solid
Pioneer Natural Resources delivered another period of production that exceeded guidance, with third-quarter volumes coming in at 239 thousand barrels of oil equivalent per day, or mboe/d, up 3% sequentially and 14% year over year. Volumes were once again driven by strong performance across its Spraberry/Wolfcamp position. While the number of wells placed on production was down--going from 69 in the second quarter to 46 in the current period--the company continues to benefit from its “Version 3.0...Pioneer Natural Resources is a holding company. Through its subsidiaries, the company is engaged in oil and gas exploration and production. The company explores for, develops and produces oil, Natural Gas Liquids and gas within the United States, with operations in the Permian Basin in West Texas. The company's portfolio of resources are located in the Spraberry/Wolfcamp oil field.
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