DALLAS--(BUSINESS WIRE)--May 7, 2008--Pioneer Natural Resources Company (NYSE:PXD) today announced financial and operating results for the quarter ended March 31, 2008.
-- Reported first quarter net income of $130 million, or $1.09
per diluted share
-- Increased average daily oil and gas sales to 110,298 barrels
oil equivalent per day (BOEPD); 24% above comparable sales for
the first quarter of 2007
-- Posted 31% combined production growth from Spraberry, Raton
and Edwards fields from the prior year quarter
-- Announced initiatives to capture additional resource potential
of one billion barrels oil equivalent (BOE) in the Spraberry
field
-- Announced a new discovery in the Pierre Shale gas play in the
Raton Basin in southeastern Colorado with net resource
potential of more than two trillion cubic feet
-- Drilled three successful Silurian wells in Tunisia; two wells
included new discoveries in the Ordovician and TAGI formations
Scott Sheffield, Chairman and CEO, stated, "Delivering consistent, repeatable reserve and production growth was a key goal in our decision to refocus the Company's efforts on our onshore assets, particularly those in North America. Our first quarter results further demonstrate that this goal is being achieved. With the new opportunities we've announced in our two largest core areas (Spraberry and Raton), our active onshore drilling program and plans to expand drilling in 2009, we are highly confident that the Company will continue to deliver consistent growth and achieve our recently increased target for 14+% compound average annual growth (CAGR) in production per share and 20+% CAGR in after-tax cash flow through 2011.
"Pioneer has reached an important inflection point. From 2008 to 2009, based on current strip commodity prices and expected production growth, our after-tax cash flow is expected to grow by approximately 50%."
For the complete report go to [Pioneer Wesite]
