Pioneer Natural Resources Reports 1Q Loss

DALLAS (AP) — Pioneer Natural Resources Co. said on Tuesday that it lost $14.6 million in the first quarter as it was hurt by low commodity prices.

The independent oil and gas company said its loss of 13 cents per share for the quarter that ended March 31 compared with a profit of almost $128 million, or $1.07 per share, during the same period last year. Revenue fell 17.3 percent to $484.2 million, from $585.2 million a year ago.

It said its net loss would have been smaller by $2 million, or 2 cents per share, if not for unusual items. Analysts surveyed by Thomson Reuters, who generally exclude unusual items, were expecting a loss of 26 cents per share on revenue of $349.2 million.

The company said oil and gas sales rose 15 percent from a year ago to 127,005 barrels of oil equivalent per day.

The company halted drilling in the Spraberry field. It said that given declining costs, new oil price derivatives, and a projections for oil above $60 per barrel in 2010 and 2011, "the outlook for recommencing drilling in early 2010 is improving."

Pioneer predicted second-quarter production of 117,000 barrels of oil equivalent per day.

Shares of the company fell $1.27, or 4.8 percent, to close at $25.46 before the results were released.