Pioneer Natural Resources has reported net income of $130 million, or $1.09 per diluted share, for the first quarter of 2008, compared to $29.6 million, or $0.24 per diluted share, for the same period of 2007.
Oil sales averaged 28,145 barrels per day (bpd), natural gas liquids sales averaged 19,408bpd and gas sales averaged 376 million cubic feet per day (mmcfpd).
The reported first quarter average price for oil was $77.41 per barrel and included $10.17 per barrel related to deferred revenue from volumetric production payments (VPPs) for which production was not recorded. The price for natural gas liquids was $53.89 per barrel. The reported price for gas was $7.74 per thousand cubic feet (mcf), including $0.40 per mcf related to deferred revenue from VPPs for which production was not recorded.
Scott Sheffield, chairman and CEO of Pioneer Natural Resources, said: 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.