Pioneer Natural Posts Quarterly Loss, Cutting Rig Count 50%

Pioneer Natural Resources Co, a U.S. shale oil company, on Wednesday reported a quarterly loss compared with a year-earlier profit and said it would slash by half the number of rigs it operates to 12 in response to the collapse in crude prices.

 

Dallas-based Pioneer posted a fourth-quarter loss of $623 million, or $4.17 per share, compared with a profit of $431 million, or $2.92 per share, in the year earlier period.

 

The Dallas company plans capital expenditures for 2016 of $2 billion, down from its preliminary forecast of $2.4 billion to $2.6 billion and 2015 spending of $2.2 billion.