Pioneer Natural Swings to Profit, but Slashes 2017 Budget

U.S. shale oil producer Pioneer Natural Resources Co (PXD) said on Tuesday it swung to a quarterly profit but would cut $100 million from its 2017 capital budget.

 

The company, one of the largest oil producers in the Permian Basin of West Texas and New Mexico, posted second-quarter net income of $233 million, or $1.36 per share, compared to a net loss of $268 million, or $1.63 per share, in the year-ago period.

 

Production rose 11 percent to 259,087 barrels of oil equivalent per day.


(Reporting by Ernest Scheyder; editing by Diane Craft)