Pioneer Natural Resources Company Reports Operating Results (10-Q)
Pioneer Natural Resources has a market cap of $11.99 billion; its shares were traded at around $96.74 with a P/E ratio of 15.8 and P/S ratio of 4.3. The dividend yield of Pioneer Natural Resources stocks is 0.1%. Pioneer Natural Resources had an annual average earning growth of 9.8% over the past 10 years. GuruFocus rated Pioneer Natural Resources the business predictability rank of 4-star.
Highlight of Business Operations:Earnings attributable to common stockholders was a net loss of $70.4 million ($0.57 per diluted share), as compared to net income attributable to common stockholders of $245.6 million ($2.03 per diluted share) for the second quarter of 2011. The decrease in earnings attributable to common stockholders is primarily comprised of a $331.0 million decrease in earnings from continuing operations, which includes:
Net cash provided by operating activities increased to $499.3 million for the three months ended June 30, 2012, as compared to $421.2 million for the three months ended June 30, 2011. The $78.1 million increase in net cash provided by operating activities was primarily due to increases in oil and gas sales volumes and realized derivative gains;
Oil and gas revenues. Oil and gas revenues totaled $641.7 million and $1.4 billion for the three and six months ended June 30, 2012, respectively, as compared to $562.4 million and $1.0 billion for the same respective periods in 2011.
Derivative activities. The primary purposes for which the Company utilizes commodity swap contracts, collar contracts and collar contracts with short puts are to (i) reduce the effect of price volatility on the commodities the Company produces, sells and consumes, (ii) support the Company's annual capital budgeting and expenditure plans and (iii) reduce commodity price risk associated with certain capital projects. During the three and six months ended June 30, 2012, the Company transferred $2.3 million and $3.2 million, respectively, of deferred oil hedge losses from AOCI-Hedging to oil revenue, as compared to transferring $8.2 million and $16.3 million of deferred oil hedge gains, respectively, from AOCI-Hedging to oil revenue during the same respective periods in 2011.
Deferred revenue. During the three and six months ended June 30, 2012, the Company's amortization of deferred VPP revenue increased oil revenues by $10.4 million and $20.9 million as compared to an increase of $11.2 million and $22.3 million during the same respective periods in 2011.
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