Pioneer Natural gains in Q4 on higher production
US producer Pioneer Natural Resources said February 16 it had Q4 2021 net income of $763mn, up from $43mn a year earlier, with the earnings gains accompanied by record free cash (FCF) for the year of $3.2bn.
CEO Scott Sheffield attributed the quarterly improvement to production that was in the upper half of its guidance and said the surge in FCF supported the return of $1.9bn to shareholders in 2021, through its variable dividend programme and “opportunistic” share repurchases.
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Net income for all of 2021 reached $2.1bn, reversing a loss of $200mn in 2020.
Fourth-quarter sales volumes averaged 687,143 barrels of oil equivalent (boe)/day, up from 364,482 boe/day in Q4 2020. Natural gas sales nearly doubled, to 792.2mn ft3/day from 445.4mn ft3/day, while oil and natural gas liquids sales increased to 555,118 b/d from 290,233 b/d.
Pioneer's average realised gas price increased to $5.20/’000 ft3 from $2.37/’000 ft3 in Q4 2020, while its average oil price jumped to $76.38/b from $40.94/b.