uploads///PXD Q Pre Net Income

Will Pioneer Natural Resources Report Higher Profits in 3Q17?

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Dec. 4 2020, Updated 10:53 a.m. ET

PXD’s net income estimates

Pioneer Natural Resources (PXD) is set to report its 3Q17 earnings on November 1, 2017, after the market closes. For 3Q17, excluding any one-time items, the current consensus net income estimate for Pioneer Natural Resources is at ~$44 million. On a year-over-year basis, PXD is expected to report ~100% higher profits when compared with 3Q16 adjusted net income of ~$22 million. Even on a sequential basis and excluding any one-time items, PXD’s 3Q17 consensus net income estimate is higher than its profit of ~$38 million in 2Q17.

Thus, based on the current consensus net income estimate, PXD is expected to report profits for the fifth consecutive quarter. Just like PXD, peer Devon Energy (DVN) is expecting a higher profit of ~$206 million in 3Q17 compared to ~$47 million in 3Q16.

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EPS estimates

For 3Q17, excluding any one-time items, Wall Street analysts’ current consensus EPS estimate for PXD is at $0.28. On a year-over-year basis, Pioneer Natural Resources’ 3Q17 current consensus EPS estimate is higher by $0.15 when compared with 3Q16 adjusted EPS of $0.13. Sequentially, PXD’s 3Q17 current consensus EPS estimate is higher than the $0.21 it reported in 2Q17.

Pioneer Natural Resources’ 2Q17 earnings performance

In the most recent earnings release in August 2017, Pioneer Natural Resources reported a better-than-expected profit of ~$38 million in 2Q17. Wall Street analysts were expecting a lower profit of ~$31 million. In 2Q16, PXD reported a loss of ~$37 million. However, on a sequential basis and excluding any one-time items, PXD’s profits fell ~10% compared to a profit of ~$42 million in 1Q17.

PXD’s peers Southwestern Energy (SWN) and EOG Resources (EOG), which are also part of the SPDR S&P Oil & Gas Exploration & Production ETF (XOP), reported adjusted net incomes of ~$40 million and ~$47 million, respectively, in 2Q17. Thanks to higher energy prices, SWN and EOG also turned year-ago losses into profits in 2Q17.

In this series

In this series, we’ll also look at PXD’s revenues expectations, PXD’s production guidance, cash flow estimates, and the odds that Pioneer Natural Resources could beat its EPS expectations.

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