(Reuters) – U.S. shale producer Pioneer Natural Resources Co on Wednesday posted a better-than-expected profit for the first quarter and said its CEO Scott Sheffield will retire by the end of 2023.
The company named Richard Dealy, chief operating officer, as its next CEO.
Global oil futures averaged above $81 a barrel in the first quarter, down about 19% from a year ago.
Markets have been choppy during the first three months of 2023, with oil falling to around $70 a barrel amid concerns of a banking crisis before rebounding on a surprise cut by OPEC+.
Pioneer saw average realized prices of $75.15 per barrel of oil in the quarter, down more than 20% from a year earlier. Its net income also fell 39% to $1.2 billion from $2 billion last year as oil prices cooled.
Excluding items, the company earned $5.21 per share, beating analysts’ estimates of $4.91 per share, according to Refinitiv data.
(Reporting by Arshreet Singh; Editing by Shailesh Kuber)
