U.S. shale producer Pioneer Natural Resources Co. beat analysts’ estimates for third-quarter profit on Nov. 6, driven by higher production and realized prices.
Total production rose to 320,659 barrels of oil equivalent per day (boe/d) from 275,711 boe/d as the company pumped more oil from its Permian Basin assets.
Pioneer reported hedging losses of $135 million in the third quarter.
The company said the average price for a barrel of oil rose about 27% to $57.54. U.S. crude prices rose 45% from a year earlier, to about $75 per barrel at the end of the third quarter.
Net income attributable to the company was $411 million, or $2.39 per share, in the quarter ended Sept. 30, compared with a loss of $23 million, or 13 cents per share, a year earlier.
Excluding one-time items, the company earned $2.07 per share, beating analysts’ estimate of $1.67, according to IBES data from Refiniti.