Pioneer Natural Resources Co. (PXD) reported a second quarter net loss of $218 million or $1.46 per share, compared to net income of $1 million or $0.01 per share for the year-ago quarter.
Excluding the effect of noncash derivative mark-to-market losses and other unusual items, adjusted earnings for the latest quarter were $15 million or $0.10 per share.
Revenue for the second quarter fell to $648 million from $932 million a year earlier.
Analysts polled by Thomson Reuters expected the company to earn $0.05 per share on revenue of $759.79 million for the second quarter. Analysts' estimates typically exclude special items.
The company produced 197,000 barrels oil equivalent per day, or MBOEPD, in the second quarter.
Looking forward, the company forecast third quarter production to average 205 MBOEPD to 210 MBOEPD.
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