Missed the slew of shale oil earnings? Here's a quick run-through of how some of the bigwigs fared in their first-quarter earnings reports.
Fueling the rally in the oil stock was its stronger-than-expected first-quarter results as well as surging crude oil prices. Overall, its output averaged 375,000 barrels of oil equivalent per day (BOE/D), including 223,000 barrels of oil per day (BPD), which were both in the top half of its guidance range. Meanwhile, the company captured an average oil price of $45.60 per barrel during the quarter, which was only down 7.7% year over year thanks to its strong oil hedges.
PXD earnings call for the period ending March 31, 2020.
Higher oil equivalent production aids Pioneer Natural's (PXD) Q1 earnings.
Q1 2020 Pioneer Natural Resources Co Earnings Call
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Oil prices reversed lower on macroeconomic fears but U.S. crude inventories declined for the first time since January, easing pressure on storage capacity.
Pioneer Natural Resources Announces Early Results and Upsizing of Debt Tender Offers
Linde plc (LIN), Phillips 66 (PSX) and Marathon Petroleum (MPC) reported better-than-expected March quarter bottom line numbers.
EOG Resources warned of permanent damage to U.S. shale growth after the company fell far short of Q1 earnings views and cut capital spending again.
Weak commodity prices are likely to have hurt energy firms in Q1.
Put simply, investors who want to bet on an oil market rebound should look elsewhere. Three better oil stock options are ConocoPhillips (NYSE: COP), EOG Resources (NYSE: EOG), and Pioneer Natural Resources (NYSE: PXD).
Solid Permian presence, rising capital efficiency and a strong balance sheet are likely to boost Pioneer Natural Resources' (PXD) growth.
Pioneer Natural Resources Company Declares Dividend on Common Shares
Pioneer Natural Resources Announces Cash Tender Offer for up to $500 Million Aggregate Principal Amount of Certain of Its Outstanding Debt Securities
Pioneer Natural Resources Announces Offering of Convertible Senior Notes Due 2025
Pioneer Natural Resources Company Reports First Quarter 2020 Financial and Operating Results
Investors appear to be confident in the pace of the oil recovery without further government involvement.
Pioneer Natural Resources Announces Pricing of Upsized $1.15 Billion Convertible Senior Notes Offering
Pioneer Natural Resources (PXD) delivered earnings and revenue surprises of 11.65% and -1.80%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?