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What Are Pioneer Natural Resources Operating Netbacks?


Dec. 4 2020, Updated 10:52 a.m. ET

Operating netbacks

In 1Q16, Pioneer Natural Resources (PXD) reported an operating netback of ~$22.15 per boe (barrel of oil equivalent), which is ~4% lower than in 1Q15.

Operating netback (also referred as “production netback”) is derived by subtracting field operating expenses (or production expenses), production taxes, and transportation expenses from the realized price, including any hedging benefit.

By comparison, in 1Q16, S&P 500 (SPY) upstream companies Marathon Oil (MRO), Murphy Oil (MUR), and EOG Resources (EOG) had operating netbacks of $9.43 per boe, $14.39 per boe, and $10.69 per boe, respectively.

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