Pioneer Energy reports quarterly loss

SAN ANTONIO — Contract driller Pioneer Energy Services reported a net loss in the second quarter of $77.3 million, or a loss of $1.20 per share, compared to a net loss of $300,000, or 1 cent per share, for the year-earlier period.

The San Antonio-based company attributed the decline to reduced drilling activity and pricing as a result of lower oil and gas prices.

When certain charges are excluded, Pioneer’s adjusted net loss was $11 million in the quarter, for an adjusted per-share loss of 17 cents.

Analysts, who typically ignore one-time items, had expected Pioneer to report a loss of 2 cents per share.

The San Antonio-based company attributed the decline to reduced drilling activity and pricing as a result of lower oil and gas prices.

Revenue in the second quarter fell 48 percent, to $135 million, compared with $259.8 million for the same period a year ago. That missed analysts’ estimates that Pioneer’s quarterly revenue would total $146.5 million.

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