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Pioneer Natural Resources swings to loss in Q2

Pioneer Natural Resources Co. said its second-quarter normalized net income was a loss of $1.37 per share, compared with the S&P Capital IQ consensus estimate of 2 cents per share.

The per-share result swung to a loss from the prior-year profit of 36 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $204.4 million, compared with income of $51.9 million in the prior-year period.

The normalized profit margin declined to negative 24.6% from 4.6% in the year-earlier period.

Total revenue declined 26.4% on an annual basis to $837.0 million from $1.14 billion, and total operating expenses grew 11.2% year over year to $1.14 billion from $1.02 billion.

Reported net income totaled a loss of $216.5 million, or a loss of $1.46 per share, compared with income of $55.0 million, or 38 cents per share, in the prior-year period.