Pioneer Natural Resources Biggest Loser in S&P Energy Rout
NEW YORK (TheStreet) -- Energy was the worst-performing sector of the S&P 500 in Tuesday's selloff, falling 2.14%.
Pioneer Natural Resources
Shares of Exxon Mobil
Pioneer reported adjusted net income of $195 million, or $1.35 a share, beating analysts' estimates of $1.28 as polled by Thomson Reuters. Revenue fell to $953 million from $1.16 billion in the same period last year, missing the consensus estimate of $964.05 million. However, revenue from oil and gas was higher than the year-ago period.
The company also announced the sale of its Kansas Hugoton field assets to Linn Energy for $340 million, and the sale of its North Texas Barnett Shale assets to an undisclosed company for $155 million. Both deals are expected to close in the third quarter.
"The sale of these assets will allow us to strategically redeploy capital to our core, oil-related Spraberry/Wolfcamp assets in the Permian Basin of West Texas where we are successfully transforming the substantial resource potential we delineated in 2013 into strong production growth," said Chairman and CEO Scott Sheffield in a press release.
-- Written by Carlton Wilkinson in New York