uploads///PXD Q Post Revenue

Why Pioneer Natural Resources’ Revenues Are Trending Upward

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Sep. 8 2017, Updated 7:38 a.m. ET

Pioneer Natural Resources’ 2Q17 Revenues

For 2Q17, Pioneer Natural Resources (PXD) reported revenues of ~$1.63 billion—much higher than the Wall Street analyst consensus of ~$1.03 billion. For 2Q17, PXD reported crude oil (USO) and natural gas (UNG) sales revenues of ~$768 million, purchased commodities revenues of ~$517 million, derivative gains of ~$135 million, and gains on disposition of assets of ~$194 million. Just ~47% of PXD’s revenues came from crude oil and natural gas sales.

Sequentially PXD’s 2Q17 revenues are ~11% higher compared with 1Q17 revenues of ~$1.47 billion. Even on a year-over-year basis, PXD’s 2Q17 revenues are much higher compared with 2Q16 revenues of ~-$790 million.

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The year-over-year increase in Pioneer Natural Resources’ 2Q17 production, coupled with higher realized prices for natural gas (UNG), crude oil (USO) and natural gas liquids, helped PXD’s revenues. PXD reported a ~9% higher crude oil realized price of $45.00 per barrel in 2Q17 from $41.43 per barrel in 2Q16. We’ll look at PXD’s production in the next part of this series.

PXD’s 1Q17 revenues

For 1Q17, Pioneer Natural Resources (PXD) reported revenues of ~$1.47 billion—much higher than Wall Street analyst consensus for revenues of ~$1.00 billion. For 1Q17, PXD reported crude oil (USO) and natural gas (UNG) sales revenues of ~$613 million, purchased commodities revenues of ~$395 million, a derivative loss of ~$229 million, interest income of $6 million, and a gain on disposition of assets of ~$1 million. Only ~42% PXD’s 1Q17 revenues came from crude oil and natural gas sales.

Putting PXD’s revenues in context

Compared to PXD’s $1.63 billion revenues in 2Q17, Devon Energy (DVN) reported revenues of ~$3.15 billion in the quarter—lower than Wall Street analysts’ consensus for its revenues of ~$3.25 billion. The ETF ISE-Revere Natural Gas Index Fund (FCG) invests in natural gas producers, whereas the Vanguard Energy ETF (VDE) invests in the broader energy market via stocks across the energy sub-sectors.

Now let’s take a look at Pioneer Natural Resources’ 2Q17 operational performance.

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