US Oil Producer Pioneer Posts $268m Net Loss in Q2

US Oil Producer Pioneer Posts $268m Net Loss in Q2

US oil producer Pioneer Natural Resources Co. posted a second-quarter net loss of $268m, wider than $218m a year ago, Reuters reported.

According to Trading Charts, the company’s revenues and other income for the second quarter were $786m, up by 22% for the same quarter a year before. Net loss attributable to common stockholders for the first six months of 2016 was $535m, compared to $296m for the same period in 2015.

Pioneer’s Chairman and CEO, Scott D. Sheffield, said: “We are on a trajectory to deliver compound annual production growth of approximately 15% while maintaining a net debt-to-operating cash flow ratio below 1.0 times through 2020.”

The company is known for its aggressive hedging program and for being one of the most efficient oil producers in the Permian Basin of West Texas.


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