Pioneer reports $122M derivative loss, $5M investment loss in Q1 2024 pre-earnings update

PIONEER NATURAL RESOURCES CO

Noncash derivative loss $98M; cash settled derivative payments $24M for total derivative loss of $122M.
Noncash loss of $5M on 16.6M shares of ProPetro (fair value measurement).
Third-party commodity purchases/sales resulted in a net loss of $32M.
Diluted weighted avg shares outstanding 239M (basic 234M); convertible notes dilutive.
Some convertible note holders exercised conversion; Pioneer elected cash settlement.

item 2.02 item 7.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.85

PIONEER NATURAL RESOURCES CO reported preliminary financial results for three months ended March 31, 2024.

Period: three months ended March 31, 2024
Result: preliminary results

Exact text from the filing

Pioneer Natural Resources Company and its subsidiaries ("Pioneer" or the "Company") presents in this Item 2.02 certain information for the three months ended March 31, 2024 regarding (i) the impact to results of operations related to changes in the fair value of derivative instruments and certain other information regarding its derivative instruments, (ii) the impact to results of operations from the change in fair value of the Company's investment in affiliate, (iii) the net effect of third party purchases and sales of commodities on its results of operations and (iv) the weighted average basic and diluted shares outstanding.

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Source: SEC EDGAR

accession 0001038357-24-000040

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