EXHIBIT 99.2
PIONEER NATURAL RESOURCES COMPANY
Unaudited Selected Quarterly Financial Results
|
| | | | | | | | | | | | | | | | |
| | | Quarter |
| | | First | | Second | | Third | | Fourth |
| | | (in thousands, except per share data) |
| Year Ended December 31, 2013: | | | | | | | | |
| Oil and gas revenues: | | | | | | | | |
| As reported | | $ | 787,855 |
| | $ | 845,136 |
| | $ | 908,757 |
| | $ | 809,939 |
|
| Adjustment for discontinued operations | | (59,354 | ) | | (63,938 | ) | | (72,699 | ) | | — |
|
| As Adjusted | | $ | 728,501 |
| | $ | 781,198 |
| | $ | 836,058 |
| | $ | 809,939 |
|
| Total revenues and other income: (a) | | | | | | | | |
| As reported | | $ | 831,587 |
| | $ | 1,181,727 |
| | $ | 826,822 |
| | $ | 970,783 |
|
| Adjustment for derivative losses, net | | (42,243 | ) | | — |
| | — |
| | — |
|
| Adjustment for sales of purchased oil and gas (b) | | 55,905 |
| | 56,076 |
| | 82,238 |
| | — |
|
| Adjustment for discontinued operations | | (78,936 | ) | | (78,589 | ) | | (85,860 | ) | | — |
|
| As Adjusted | | $ | 766,313 |
| | $ | 1,159,214 |
| | $ | 823,200 |
| | $ | 970,783 |
|
| Total costs and expenses: (c) | | | | | | | | |
| As reported | | $ | 663,058 |
| | $ | 638,224 |
| | $ | 670,042 |
| | $ | 2,328,355 |
|
| Adjustment for derivative losses, net | | (42,243 | ) | | — |
| | — |
| | — |
|
| Adjustment for purchased oil and gas (b) | | 55,727 |
| | 54,984 |
| | 85,424 |
| | — |
|
| Adjustment to other expense (b) | | 178 |
| | 1,092 |
| | (3,186 | ) | | — |
|
| Adjustment for discontinued operations | | (53,222 | ) | | (58,621 | ) | | (58,583 | ) | | — |
|
| As Adjusted | | $ | 623,498 |
| | $ | 635,679 |
| | $ | 693,697 |
| | 2,328,355 |
|
| Net income (loss) | | $ | 108,735 |
| | $ | 351,474 |
| | $ | 98,547 |
| | $ | (1,358,305 | ) |
| Net income (loss) attributable to common stockholders | | $ | 100,663 |
| | $ | 337,263 |
| | $ | 91,125 |
| | $ | (1,367,465 | ) |
| Net income (loss) attributable to common stockholders per share: | | | | | | | | |
| Basic | | $ | 0.77 |
| | $ | 2.42 |
| | $ | 0.65 |
| | $ | (9.82 | ) |
| Diluted | | $ | 0.75 |
| | $ | 2.40 |
| | $ | 0.65 |
| | $ | (9.82 | ) |
| Year Ended December 31, 2012: | | | | | | | | |
| Oil and gas revenues: | | | | | | | | |
| As reported | | $ | 718,956 |
| | $ | 641,737 |
| | $ | 716,327 |
| | $ | 734,640 |
|
| Adjustment for discontinued operations | | (54,908 | ) | | (61,719 | ) | | (59,461 | ) | | (60,261 | ) |
| As Adjusted | | $ | 664,048 |
| | $ | 580,018 |
| | $ | 656,866 |
| | $ | 674,379 |
|
| Total revenues and other income: (a) | | | | | | | | |
| As reported | | $ | 784,460 |
| | $ | 917,975 |
| | $ | 615,437 |
| | $ | 818,686 |
|
| Adjustment for derivative gains, net | | 91,750 |
| | — |
| | — |
| | — |
|
| Adjustment for sales of purchased oil and gas (b) | | 20,052 |
| | 20,095 |
| | 29,891 |
| | 52,055 |
|
| Adjustment for discontinued operations | | (66,753 | ) | | (61,719 | ) | | (75,630 | ) | | (73,778 | ) |
| As Adjusted | | $ | 829,509 |
| | $ | 876,351 |
| | $ | 569,698 |
| | $ | 796,963 |
|
| Total costs and expenses: | | | | | | | | |
| As reported | | $ | 456,494 |
| | $ | 1,014,615 |
| | $ | 615,419 |
| | $ | 769,973 |
|
| Adjustment for derivative gains, net | | 91,750 |
| | — |
| | — |
| | — |
|
| Adjustment for purchased oil and gas (b) | | 19,168 |
| | 20,294 |
| | 29,687 |
| | 51,259 |
|
| Adjustment to other expense (b) | | 884 |
| | (199 | ) | | 204 |
| | 796 |
|
| Adjustment for discontinued operations | | (71,473 | ) | | (507,161 | ) | | (44,693 | ) | | (212,016 | ) |
| As Adjusted | | $ | 496,823 |
| | $ | 527,549 |
| | $ | 600,617 |
| | $ | 610,012 |
|
| Net income (loss) | | $ | 220,958 |
| | $ | (39,537 | ) | | $ | 21,699 |
| | $ | 39,702 |
|
| Net income (loss) attributable to common stockholders | | $ | 214,619 |
| | $ | (70,392 | ) | | $ | 19,224 |
| | $ | 28,834 |
|
| Net income (loss) attributable to common stockholders per share: | | | | | | | | |
| Basic | | $ | 1.73 |
| | $ | (0.57 | ) | | $ | 0.15 |
| | $ | 0.23 |
|
| Diluted | | $ | 1.68 |
| | $ | (0.57 | ) | | $ | 0.15 |
| | $ | 0.22 |
|
_______________
| |
(a) | The Company's total revenues and other income include net derivative gains of $144.4 million and $4.3 million during the second and fourth quarters of 2013, respectively, and net derivative losses of $42.2 million and $102.5 million during the first and third quarters of |
2013, respectively. During 2012, the Company's total revenues included net derivative gains of $91.8 million, $275.8 million and $86.7 million during the first, second and fourth quarters, respectively, and net derivative losses of $124.0 million during the third quarter.
| |
(b) | Includes the revision of net margins on purchases and sales of third-party oil and gas from other expense to gross sales of purchased oil and gas and costs of purchased oil and gas. Revenues and costs from the purchase and sale transactions are presented on a gross basis as the Company acts as a principal in the transactions by assuming the risks and rewards of ownership, including credit risk, of the oil and gas purchased and assumes responsibility for the delivery of the oil and gas volumes sold. |
| |
(c) | During the fourth quarter of 2013, the Company's total costs and expenses include (i) charges of $1.5 billion to impair the carrying value of proved gas properties in the Raton field and (ii) charges of $48.7 million to impair the carrying value of excess materials inventory and other property and equipment held for sale. |
