IRVING, Texas (AP) _ Pioneer Natural Resources Co. (PXD) on Tuesday reported second-quarter net income of $233 million, after reporting a loss in the same period a year earlier.
The Irving, Texas-based company said it had profit of $1.36 per share. Earnings, adjusted for non-recurring gains, were 21 cents per share.
The results exceeded Wall Street expectations. The average estimate of 18 analysts surveyed by Zacks Investment Research was for earnings of 11 cents per share.
The independent oil and gas company posted revenue of $1.63 billion in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $1.3 billion.
Pioneer Natural Resources shares have declined 9 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 11 percent. In the final minutes of trading on Tuesday, shares hit $163.43, an increase of nearly 4 percent in the last 12 months.
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