Pioneer Natural Resources beat Wall Street estimates for quarterly profit on Monday, and said it sold its Eagle Ford and remaining assets in South Texas to become a pure-play Permian basin producer.
Shares of Pioneer were up 2.4% at $160 in trading after the bell.
Reuters had reported in April that the oil producer was in advanced talks to sell its Eagle Ford acreage in South Texas to privately owned energy producer Ensign Natural Resources, citing five sources familiar with the matter. cnbc.com
Pioneer Natural Resources (NYSE: PXD) delivered another outstanding quarter as its Permian Basin operations continue to produce excellent results. The oil and gas driller once again exceeded expectations as both production and earnings came in ahead of estimates during the first quarter. finance.yahoo.com
- oil per day (MBOPD), near the top end of guidance
- First quarter Permian production averaged 320 thousand barrels of oil equivalent per day (MBOEPD), above the top end of guidance
- Corporate restructuring efforts are expected to save up to $100 million annually in general and administrative (G&A) costs and create a flatter organization, facilitating greater transparency and accountability
- Opening data room to divest gas processing midstream assets, resulting in reduced annual capital requirements and increased annual free cash flow
- First quarter Permian oil firm transportation (FT) agreements added $151 million of incremental cash flow
- Planning to increase dividend yield to approximately 1% per share1 on an annual basis (range of $1.50 to $1.75 per share