One of the US largest shale producers, Pioneer Natural Resources Co., posted a sharp fall in its third-quarter profit as weak oil and gas prices could not offset the production cost.
Pioneer’s net income slumped by 44% year-on-year to USD231 million, with earnings of USD1.99/share excluding one-time items.
The company’s oil and gas production was at 351,000 bpd, up from 321,000 bpd from the same period a year ago. However, the price for its oil was down by 6% year-on-year to USD53.93/barrel, and it got 30% less for its natural gas and 53% less for its natural gas liquids.
Pioneer will cut its capital spending for 2019 by USD150 million to between USD3.05-3.10 billion.
