Pioneer Natural Earnings Fall

Revenue rises 25%.
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Pioneer Natural Resources

(PXD) - Get Report

, a gas and oil exploration and production company, said its second-quarter earnings fell 52.6%.

The company earned $88 million, or 69 cents a share, in the quarter, compared with $185.6 million, or $1.28 a share, a year ago. Income from continuing operations was $65.9 million, or 52 cents a share, in the quarter, compared with $22.2 million, or 16 cents a share, a year ago. Analysts polled by Thomson First Call were estimating earnings of 59 cents a share in the most recent quarter.

Second-quarter total revenue increased 24.5% to $413.9 million as against analysts' expectation of $403.9 million.

From continuing operations, oil sales averaged 24,571 barrels a day in the quarter compared with 30,537 barrels a day, a year ago. Natural gas liquids sales averaged to 19,143 barrels a day from 15,444 barrels a day during the same period last year. Gas sales in the second quarter averaged 331 million cubic feet a day compared with 288.8 million cubic feet a day.

Oil prices moved to $69.71 per barrel from $37.60 and natural gas prices increased to $36.32 per barrel from $28.85. The prices for gas fell marginally in the quarter to $6.25 per thousand cubic feet compared with $6.67 per thousand cubic feet a year ago.

The company expects third-quarter production to average 95,000 to 100,000 barrels oil equivalent a day.

The company's shares were trading at $45.34, down 17 cents, or 0.4% Thursday.

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