(Reuters) - U.S. shale oil company Pioneer Natural Resources Co (PXD.N) reported a better-than-expected adjusted profit on Wednesday as higher crude prices and increased production offset a rise in costs.
However, Pioneer’s shares fell 4.7 percent in extended trading after the company gave a second-quarter production forecast below Wall Street estimates.
Pioneer said it expected second-quarter production of 254,000-259,000 barrels of oil equivalent per day, lower than analysts’ estimate of 262,000 boepd.
The company, which drills in Texas, produced 248,881 boepd in the first quarter ended March 31, compared with 221,809 boepd a year earlier.
The average price Pioneer received for its oil jumped about 75 percent to $49.05 per barrel of oil equivalent.
The company said on Wednesday it was reducing share of oil in its total production to 60 percent from 62 percent.
The Dallas-based company’s total expenses surged 41 percent in the first quarter to $1.54 billion.
Pioneer’s net loss attributable to shareholders narrowed to $42 million, or 25 cents per share, from $267 million, or $1.65 per share, a year earlier.
Excluding one-time items, Pioneer reported a per-share profit of 25 cents, while Wall Street analysts had expected a profit of 17 cents, according to Thomson Reuters I/B/E/S.
Pioneer’s total revenue more than doubled to $1.47 billion, beating estimates of $1.01 billion.
Reporting by Ahmed Farhatha in Bengaluru; Editing by Maju Samuel