HOUSTON -Pioneer Natural Resources on Thursday said third quarter profit fell 26% on lower oil and gas prices, but in one of its final chapters as a public company topped analysts' estimates on higher production.) in an all-stock deal valued at about $60 billion. The deal closes next year and the report is likely one of Pioneer's last as a public company.
It also cut its projected 2023 drilling and completions spending for a second time, to $4.38 billion from $4.48 billion, 3.8% lower at its midpoint from its original estimate. The company has discontinued providing quarterly outlooks and does not plan to hold a call with investors to discuss results due to the pending merger with Exxon, officials said.
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