Writedowns hit Pioneer in Q2

by on July 31, 2012 10:33 pm BST

The US independent, active in US onshore basins, posted a net loss of $70.4 million for the three months ending in June, compared with a $245 million profit in the year-ago period.

But the company had an upbeat outlook for the upcoming quarter, saying it expected output to average 155,000 barrels per day to 159,000 barrels per day.

Average daily US production for the second quarter increased to 150,506 barrels of oil equivalent per day, compared to 113,937 in the year-ago quarter.

Revenue also saw a gain, growing to $924.7 million from $805.1 million in last year’s quarter.

Among other things, the company took a $280 million impairment charge on dry gas properties in the Barnett shale.

Excluding the one-time items, the company said it would have netted $98 million, or $0.78 per share.

Analysts surveyed by Reuters expected the company to earn $0.97 per share.