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Pioneer Natural Resources Company (PXD) saw its loss narrow to $44 million, or $0.26 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $623 million, or $4.17 a share. On an adjusted basis, the company has earned $85 million, or $0.49 a share for the quarter. Revenue and Other Income during the quarter grew 8.75 percent to $1,168 million from $1,074 million in the previous year period. Gross margin for the quarter contracted 684 basis points over the previous year period to 46.23 percent. Operating margin for the quarter period stood at positive 2.23 percent as compared to a negative 74.12 percent for the previous year period.
President and chief executive officer Timothy L. Dove stated, "Despite experiencing another year of downward pressure on oil prices, the Company’s focus on execution, improving capital efficiency and maintaining a strong balancesheet allowed us to meet or exceed all of the Company’s financial and operating goals for 2016 and deliver one of the best years in the Company’s 20-year history. The key drivers of this strong performance were the continued success of Pioneer’s horizontal drilling program in the Spraberry/Wolfcamp and the outstanding efforts of our employees. As we enter 2017, we are well positioned to drill high-return wells, grow production and bring forward the inherent net asset value associated with this world-class asset."
Operating cash flow improves
Pioneer Natural Resources Co has generated cash of $1,498 million from operating activities during the year, up 20.03 percent or $250 million, when compared with the last year. The company has spent $3,820 million cash to meet investing activities during the year as against cash outgo of $1,840 million in the last year.
Cash flow from financing activities was $2,049 million for the year, up 113.88 percent or $1,091 million, when compared with the last year.
Cash and cash equivalents stood at $1,118 million as on Dec. 31, 2016, down 19.63 percent or $273 million from $1,391 million on Dec. 31, 2015.
Working capital remains stable
Working capital of Pioneer Natural Resources Co remained stable for the quarter at $1,732 million, when compared with the previous year period. Current ratio was at 2.11 as on Dec. 31, 2016, down from 2.18 on Dec. 31, 2015.
Debt comes down
Pioneer Natural Resources Co has recorded a decline in total debt over the last one year. It stood at $3,213 million as on Dec. 31, 2016, down 12.09 percent or $442 million from $3,655 million on Dec. 31, 2015. Total debt was 19.52 percent of total assets as on Dec. 31, 2016, compared with 24.12 percent on Dec. 31, 2015. Debt to equity ratio was at 0.31 as on Dec. 31, 2016, down from 0.44 as on Dec. 31, 2015.
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