Pioneer Natural Resources Posts Q4 Loss From Cont. Ops. On Charges

(RTTNews) - Pioneer Natural Resources Company (PXD) reported a fourth-quarter loss from continuing operations of $863.80 million or $6.27 per share, compared to profit of $129.14 million or $0.94 per share, prior year. Net loss per share was $9.82, compared to profit of $0.22 per share, prior year. Pioneer's fourth-quarter earnings included noncash mark-to-market losses on derivatives of $28 million after tax, or $0.20 per share. Fourth-quarter earnings also included a loss of $1.5 billion after tax, or $10.62 per share, related to certain unusual noncash items.

Without the effect of noncash derivative mark-to-market losses and other unusual noncash items, adjusted income was $140 million after tax, or $1.00 per share, for the quarter.

On average, 37 analysts polled by Thomson Reuters expected the company to report profit per share of $0.99 for the quarter. Analysts' estimates typically exclude special items.

Revenues and other income totaled $970.78 million, compared to $796.96 million, prior year. Analysts expected revenue of $906.72 million for the quarter.

Sales volumes from continuing operations averaged 164 MBOEPD, excluding Alaska and Barnett Shale production. Oil sales averaged 72 thousand barrels per day (MBPD), natural gas liquids (NGLs) sales averaged 34 MBPD and gas sales averaged 346 million cubic feet per day.

Pioneer announced a capital program for 2014 of $3.3 billion, which includes $3.0 billion for drilling and $0.3 billion for vertical integration and the construction of new field and office buildings.

The company expects its first-quarter production to average 166 MBOEPD to 171 MBOEPD.