Fracker Pioneer's Q2 Loss Widens on Derivatives

U.S. oil producer Pioneer Natural Resources Co (PXD) posted a second-quarter net loss on Wednesday that widened from a year earlier on noncash mark-to-market losses for derivatives it uses to insulate its revenues from volatile oil prices.

 

Pioneer, known as one of the most efficient oil producers in the Permian Basin of West Texas, said its second quarter net loss was $268 million, or $1.63 per diluted share. Excluding derivatives, the adjusted loss was $37 million, or $0.22 a diluted share.


(Reporting by Terry Wade)