Wall Street is in the middle of its second-quarter earnings season, and Irving-based Pioneer Natural Resources is one of the latest to step in.
The oil and gas company reported net income of $2.4 billion for the quarter, significantly higher than its net income of $380 million for the same period in 2021. The company bought back $750 million of its shares since the end of the first quarter and has its earnings call scheduled for Wednesday.
“Pioneer’s strong balance sheet provides the financial flexibility to return significant free cash flow to investors while continuing to grow annual oil volumes,” Chief Executive Scott Sheffield said in the statement.
Pioneer beat earnings per share expectations by 6.36% with its valuation of $9.36 per share, according to Benzinga.
Shares of the company took a beating at the start of the pandemic and fell below $80 a share, but have since rebounded and jumped to $227.91 at market close on Tuesday. Pioneer has recently been active in the acquisition business, both as a buyer and a seller. The company acquired Parsley Energy and DoublePoint Energy before announcing the sale of its oil assets in the Delaware Basin for $3.25 billion in November last year.