Pioneer Natural Resources Company (PXD) saw its loss narrow to $42 million, or $0.25 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $267 million, or $1.65 a share.

Revenue during the quarter surged 114.31 percent to $1,468 million from $685 million in the previous year period. Gross margin for the quarter expanded 1438 basis points over the previous year period to 56.13 percent. Operating margin for the quarter period stood at positive 0.82 percent as compared to a negative 45.55 percent for the previous year period.

president and chief executive officer Timothy L. Dove stated, "Our continued focus on strong execution and efficiency gains resulted in the Company delivering another great quarter, with solid earnings, production above the top end of our first quarter guidance range, continued impressive horizontal well performance in the Spraberry/Wolfcamp and reduced production costs, excluding taxes."

The company has spent $298 million cash to meet investing activities during the quarter as against cash outgo of $1,463 million in the last year period.

The company has spent $521 million cash to carry out financing activities during the quarter as against cash inflow of $1,574 million in the last year period.

Cash and cash equivalents stood at $663 million as on Mar. 31, 2017, down 58.87 percent or $949 million from $1,612 million on Mar. 31, 2016.