August 7, 2018 / 8:15 PM / 4 months ago

Pioneer Natural Resources profit slumps on higher costs, derivative loss

Aug 7 (Reuters) - U.S. shale oil producer Pioneer Natural Resources Co posted a 72 percent drop in quarterly profit on Tuesday, hurt by higher costs and a derivative loss of $170 million.

Net income fell to $66 million, or 38 cents per share, in the second quarter ended June 30, from $233 million, or $1.36 per share, a year ago.

The year-ago quarter included a gain of $195 million, mainly related to the sale of acreage in Texas.

Production rose to 327,704 barrels of oil equivalent per day (boepd) from 259,087 boepd in the quarter. (Reporting by Karan Nagarkatti in Bengaluru)

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