(Reuters) – Pioneer Natural Resources Co reported fourth-quarter profit on Wednesday that missed analysts’ estimates, sending shares of the U.S. shale producer down in after-hours trading.
The Irving, Texas, company reported an adjusted profit of $1.18 per share in the fourth quarter, down from $1.22 in the same quarter of the prior year, and below analysts’ estimate of a $1.54 per share by the same measure, according to IBES data from Refinitiv.
Its shares dropped $4.45 or 3 percent to $142.50 in after-hours trading on Wednesday.
Pioneer reported revenue of $2.68 billion in the fourth quarter compared with $1.53 billion in the year-ago period on higher production. It produced 320,000 barrels of oil equivalent per day (boepd) in the fourth quarter, compared with 305,000 boepd in the same period the year before. Average prices slipped to $38.16 per barrel from $38.68 the year before.
It forecast first-quarter production of between 315,000 boepd and 331,500 boepd and said production for the full year would increase between 12 and 17 percent over 2018.
Net income attributable to common stockholders was $324 million in the fourth quarter, compared with $665 million in the same period the year before.
It projected 2019 total capital spending of between $3.1 billion and $3.4 billion.
Reporting by Collin Eaton in Houston; Editing by Marguerita Choy and Matthew Lewis