Pioneer Natural sees Q3 oil production 367-377 MBOPD

Third quarter 2023 oil production is forecasted to average between 367 to 377 MBOPD and total production is expected to average between 705 to 725 MBOEPD. Production costs are expected to average $10.50 per BOE to $12.00 per BOE. DD&A expense is expected to average $10.50 per BOE to $12.00 per BOE. Total exploration and abandonment expense is forecasted to be $10 million to $20 million. G&A expense is expected to be $80 million to $90 million. Interest expense is expected to be $40 million to $45 million. Other expense is forecasted to be $20 million to $40 million. The cash flow impact related to purchases and sales of oil and gas, including firm transportation, is expected to be a loss of $20 million to $60 million, based on forward oil price estimates for the quarter. The Company’s effective income tax rate is expected to be between 22% to 27%, with the current income tax provision for the quarter expected to be $175 million to $250 million, representing pro rata estimated federal and state taxes based on forecasted 2023 taxable income. The Company expects its cash tax rate for the full-year 2023 to approximate a mid-to-high teens percentage of book income.