Mark-To-Market Derivative Losses and Unusual Items Included in Third Quarter 2012 EarningsPioneer’s third quarter earnings included unrealized mark-to-market losses on derivatives of $146 million after tax, or $1.19 per diluted share. Third quarter earnings also included income of $61 million after tax, or $0.52 per diluted share, related to unusual items. These unusual items included:
- a net gain of $28 million after tax, or $0.23 per diluted share, for 2014 and 2015 gas derivatives and interest rate swaps that were liquidated during the third quarter,
- income of $32 million after tax, or $0.26 per diluted share, associated with the sale of Pioneer’s South Africa properties (recorded in discontinued operations),
- other small items that net to income of $1 million after tax, with a nominal per diluted share impact and
- a $0.03 per diluted share impact of excluding four million incremental dilutive shares in computing adjusted income per share that, in accordance with GAAP, were not included in the net income per diluted share computation because the Company reported a net loss from continuing operations for the third quarter of 2012.