Pioneer Natural Resources posted a third-quarter net loss attributable to common stockholders of $20 million, compared to net income of $231 million for the same quarter a year ago. The results include the effects of noncash mark-to-market adjustments and certain other unusual items. Excluding these items, the company’s non-GAAP adjusted net income for the quarter was $26 million.
Cash flow from operating activities during the quarter was $391 million, leading to free cash flow of $131 million for the quarter.
Pioneer’s averaged oil production was 201,000 b/d for third-quarter 2020, at the top end of guidance. Total production averaged 355,000 boe/d, near the top end of guidance.
During the quarter, the company’s drilling, completion, and facilities capital expenditures totaled $277 million. Total capital expenditures, including water infrastructure, totaled $291 million.
In the quarter, the company struck a deal to acquire Parsley Energy in an all-stock transaction valued at $4.5 billion.
Pioneer is maintaining its 2020 drilling, completions, and facilities capital budget of $1.3-1.5 billion, with an additional $100 million budgeted for differentiated water infrastructure, resulting in a total 2020 capital budget of $1.4-1.6 billion. Meantime, the company is increasing its guidance for 2020 oil production to 209,000-211,000 b/d and total production of 365,000-369,000 boe/d.