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Pioneer Natural Resources profit beats consensus by 97.0% in Q1

Pioneer Natural Resources Co. said its normalized net income for the first quarter was 11 cents per share, compared with the S&P Capital IQ consensus estimate of 6 cents per share.

EPS declined 86.9% year over year from 83 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $16.3 million, a decrease of 86.3% from $118.8 million in the prior-year period.

The normalized profit margin declined to 2.6% from 11.5% in the year-earlier period.

Total revenue decreased 40.1% year over year to $620.0 million from $1.03 billion, and total operating expenses declined 33.4% year over year to $544.0 million from $817.0 million.

Reported net income came to a loss of $73.5 million, or a loss of 50 cents per share, compared with income of $143.6 million, or $1.00 per share, in the prior-year period.