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Pioneer Reports First Quarter 2007 Results

DALLAS--(BUSINESS WIRE)--May 3, 2007--Pioneer Natural Resources Company (NYSE:PXD) today announced financial and operating results for the quarter ended March 31, 2007. Net income for the first quarter was $30 million, or $.24 per diluted share, and oil and gas sales averaged 97,852 barrels oil equivalent per day (BOEPD). Severe weather onshore U.S. had the impact of reducing oil and gas sales by approximately 3,500 BOEPD, and the timing of oil liftings in South Africa negatively impacted sales by approximately 1,000 BOEPD.

Unusual items impacting first quarter results included an incremental reclamation charge of $19 million ($12 million or $.10 per diluted share after taxes) offset by insurance recoveries of $5 million ($3 million or $.03 per diluted share after taxes) associated with the Company's East Cameron 322 facility which was destroyed by Hurricane Rita. The incremental reclamation charge resulted from higher than expected weather downtime in the first quarter and additional reclamation activities being necessary once the subsea operations were initiated.

During the first quarter, Pioneer repurchased an additional 650,000 common shares ($38.40 average price) raising total cumulative share repurchases to approximately 31 million shares since the 2004 merger with Evergreen.

Operations Review

Pioneer today separately announced that the success of its low-risk growth strategy has led to a $200 million expansion of its 2007 drilling programs in Tunisia, the Edwards Trend and the Spraberry field and an increase in targeted average compounded annual production per share growth to 12+% for 2007 through 2010. The Company provided an update on operations in each of those areas in that announcement.

In the Raton Basin, development drilling is on track for a 250 to 300 well program that is expected to deliver 7% to 10% production growth during 2007, despite the impact of heavy snowstorms on the Company's drilling and field operations during the first quarter. Pioneer's Cotton Valley development program in Mississippi is progressing with encouraging results to date.

In Canada, first quarter 2007 gas production rose 33% compared to the prior year primarily in response to the successful 2006 drilling program in the Horseshoe Canyon field. In early April, the Company announced that a new gas field discovered in northern Alberta had begun producing at 18 million cubic feet per day (MMCFPD). In late April, the field was shut-in awaiting government approval to dispose of produced water volumes, which were higher than anticipated. The water disposal permit is expected by the end of the second quarter. In the interim, Pioneer is installing production tubing in the wells to enhance their capability to lift the water. Producing through the tubing will lower gas rates when the wells are restarted. Pioneer successfully acquired additional leasehold acreage in the area in a recent lease sale, bringing its total leasehold in the area to approximately 390,000 net acres.

On the North Slope of Alaska, the Oooguruk development project is on schedule. Pioneer has completed the offshore pipe lay, and rig assembly is underway. Development drilling is expected to begin during the second half of 2007 with first oil production anticipated in early 2008. The Company also participated in two non-commercial, winter-access wells drilled in NPR-A. During the second half of 2007, Pioneer plans to drill a well to test an additional zone in the Cosmopolitan field which was discovered in the Cook Inlet by a previous operator.

Offshore South Africa, the South Coast Gas project is progressing on schedule. Development wells have been drilled and the installation of subsea equipment is underway, with first production expected during the second half of 2007. The first of two exploration wells planned in West Africa for 2007 is expected to commence during the second quarter.

Financial Review

First quarter oil sales averaged 25,608 barrels per day (BPD) and natural gas liquids sales averaged 17,193 BPD. Gas sales in the first quarter averaged 330 MMCFPD. The reported price for oil was $54.05 per barrel and included $11.85 per barrel related to deferred revenue from volumetric production payments (VPPs) for which production was not recorded. The price for natural gas liquids was $32.22 per barrel. The reported price for gas was $7.32 per thousand cubic feet (MCF), including $.60 per MCF related to deferred revenue from VPPs for which production was not recorded.

First quarter production costs averaged $11.86 per barrel oil equivalent (BOE), and were impacted by reduced production volumes due to weather-related downtime and associated repairs and workover activity during the Canadian winter-access period.

Exploration and abandonment costs were $76 million for the quarter and included $48 million of acreage and unsuccessful drilling costs and $28 million of geologic and geophysical expenses, including seismic and personnel costs. As discussed above in unusual items, net hurricane activity relates to the abandonment of the East Cameron 322 facility and resulted in a decrease in after-tax earnings of $9 million.

Pioneer invested $508 million during the first quarter 2007, with 90% allocated to development activities and resource plays. Planned capital investments for 2007 are heavily front-end loaded with $237 million of first quarter capital invested in large development projects (South Coast Gas project offshore South Africa and Oooguruk field development on the North Slope of Alaska) and winter-access drilling in Alaska and Canada.

Adjusted to exclude discontinued operations, total sales for the first quarter 2006 averaged 95,250 BOEPD and included oil sales of 24,896 BPD, natural gas liquids sales of 18,595 BPD and gas sales of 311 MMCFPD. Reported prices for first quarter 2006 were $60.01 per barrel for oil, including $12.91 per barrel related to deferred revenue from VPPs for which production was not recorded, $34.20 per barrel for natural gas liquids and $6.72 per MCF for gas, including $.68 per MCF related to deferred revenue from VPPs for which production was not recorded.

Financial Outlook

Second quarter 2007 production is forecasted to average 100,000 to 106,000 BOEPD. Significant growth is expected during the second half of 2007, primarily driven by increasing production from Spraberry, Raton, Edwards, Tunisia, Canada and the South Coast Gas project in South Africa. Pioneer's 2007 production growth target is 10+%, and targeted average compounded annual production growth per share is 12+% for 2007 through 2010.

Second quarter production costs (including production and ad valorem taxes and transportation costs) are expected to average $11.25 to $12.25 per BOE based on current NYMEX strip prices for oil and gas. Depreciation, depletion and amortization expense is expected to average $10.00 to $11.00 per BOE.

Total exploration and abandonment expense during the second quarter is expected to be $50 million to $100 million and could include up to $30 million of costs associated with high-impact drilling offshore Nigeria and carryover drilling costs in the NPR-A on Alaska's North Slope. It could also include up to $40 million associated with lower-risk resource plays in the Edwards Trend in South Texas, Uinta/Piceance basins in the Rockies, Canada and Tunisia and up to $10 million of acreage and other expenses. In addition, exploration expense is expected to include up to $20 million for seismic investments and personnel, primarily related to the onshore resource plays that Pioneer is currently progressing.

General and administrative expense is expected to be $30 million to $34 million. Interest expense is expected to be $32 million to $35 million, reflecting incremental borrowings during the first half of 2007 to fund the Company's front-end loaded capital program. Accretion of discount on asset retirement obligations is expected to be $2 million to $3 million.

The Company's second quarter effective income tax rate is expected to range from 37% to 55% based on current capital spending plans. The high end of this range reflects the potential for an unsuccessful exploration well in Nigeria for which no tax benefit would be currently available. Cash income taxes are expected to range from $5 million to $15 million, principally related to Tunisian income taxes.

Oil and gas price hedge contracts were added during the first quarter and April, bringing the percentage of total production hedged to 39% for the remainder of 2007, 12% in 2008 and 4% in 2009. The Company's financial results and oil and gas hedges are outlined on the attached schedules. Second quarter 2007 amortization of deferred losses on terminated oil and gas hedges is expected to be $39 million.

Earnings Conference Call

On Thursday, May 3 at 10:00 a.m. Eastern Time, Pioneer will discuss its quarterly financial and operating results with an accompanying presentation. The call will be webcast on Pioneer's website, www.pxd.com. At the website, select 'INVESTOR' at the top of the page. For those who cannot listen to the live broadcast, a replay will be available shortly after the call. Or you may choose to dial (800) 481-7713 (confirmation code: 6924425) to listen to the call by telephone and view the accompanying visual presentation at the website above. A telephone replay will be available by dialing (888) 203-1112 (confirmation code: 6924425).

Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, with operations in the United States, Canada, South Africa and Tunisia. For more information, visit Pioneer's website at www.pxd.com.

Except for historical information contained herein, the statements in this News Release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements and the business prospects of Pioneer are subject to a number of risks and uncertainties that may cause Pioneer's actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, volatility of oil and gas prices, product supply and demand, competition, the ability to obtain environmental and other permits and the timing thereof, other government regulation or action, third party approvals, international operations and associated international political and economic instability, litigation, the costs and results of drilling and operations, availability of drilling equipment, Pioneer's ability to replace reserves, implement its business plans (including its plan to repurchase stock) or complete its development projects as scheduled, access to and cost of capital, the assumptions underlying production forecasts, uncertainties about estimates of reserves, quality of technical data, environmental and weather risks, acts of war or terrorism. These and other risks are described in Pioneer's 10-K and 10-Q Reports and other filings with the Securities and Exchange Commission. Pioneer undertakes no duty to publicly update these statements except as required by law.

Cautionary Note to U.S. Investors -- The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. Pioneer uses certain terms in this release, such as "resource potential" or other descriptions of volumes of reserves potentially recoverable through additional drilling or recovery techniques that the SEC's guidelines prohibit Pioneer from including in filings with the SEC. These estimates are by their nature more speculative than estimates of proved reserves and accordingly are subject to substantially greater risk of being recovered by Pioneer.


                  PIONEER NATURAL RESOURCES COMPANY
                CONDENSED CONSOLIDATED BALANCE SHEETS
                            (in thousands)

                                              March 31,   December 31,
                                                2007         2006
                                             ------------ ------------
                                             (Unaudited)
                                ASSETS

Current assets:
  Cash and cash equivalents                  $    13,350  $     7,033
  Accounts receivable, net                       214,384      199,371
  Income taxes receivable                         12,135       24,693
  Inventories                                     95,654       95,131
  Prepaid expenses                                10,353       11,509
  Deferred income taxes                           93,202       82,927
  Other current assets, net                       74,736      115,894
                                             ------------ ------------

    Total current assets                         513,814      536,558
                                             ------------ ------------

Property, plant and equipment, at cost:
  Oil and gas properties, using the
   successful efforts method of accounting     8,637,467    8,178,052
  Accumulated depletion, depreciation and
   amortization                               (1,983,181)  (1,895,408)
                                             ------------ ------------

    Total property, plant and equipment        6,654,286    6,282,644
                                             ------------ ------------

Deferred income taxes                              2,261          345
Goodwill                                         309,869      309,908
Other assets, net                                220,087      225,944
                                             ------------ ------------

                                             $ 7,700,317  $ 7,355,399
                                             ============ ============

                 LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
  Accounts payable                           $   392,409  $   349,820
  Interest payable                                27,538       31,008
  Income taxes payable                            19,679       12,865
  Deferred revenue                               175,676      181,232
  Other current liabilities                      317,067      312,054
                                             ------------ ------------

    Total current liabilities                    932,369      886,979
                                             ------------ ------------

Long-term debt                                 1,859,255    1,497,162
Deferred income taxes                          1,193,070    1,172,507
Deferred revenue                                 443,801      483,279
Other liabilities and minority interests         289,042      330,801
Stockholders' equity                           2,982,780    2,984,671
                                             ------------ ------------

                                             $ 7,700,317  $ 7,355,399
                                             ============ ============

                  PIONEER NATURAL RESOURCES COMPANY
      UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
              (in thousands, except for per share data)

                                                   Three months ended
                                                        March 31,
                                                   -------------------
                                                     2007      2006
                                                   --------- ---------

Revenues and other income:
  Oil and gas                                      $391,918  $379,468
  Interest and other                                 13,916    13,111
  Gain (loss) on disposition of assets, net             260       (73)
                                                   --------- ---------
                                                    406,094   392,506
                                                   --------- ---------
Costs and expenses:
  Oil and gas production                            104,413    94,683
  Depletion, depreciation and amortization           92,138    82,406
  Exploration and abandonments                       76,372    82,642
  General and administrative                         34,444    32,247
  Accretion of discount on asset retirement
   obligations                                        2,058     1,148
  Interest                                           28,494    36,576
  Hurricane activity, net                            13,548    38,000
  Other                                               8,413     5,054
                                                   --------- ---------
                                                    359,880   372,756
                                                   --------- ---------

Income from continuing operations before income
 taxes                                               46,214    19,750
Income tax provision                                (15,919)  (20,717)
                                                   --------- ---------

Income (loss) from continuing operations             30,295      (967)
Income (loss) from discontinued operations, net of
 tax                                                   (702)  544,174
                                                   --------- ---------
Net income                                         $ 29,593  $543,207
                                                   ========= =========

Basic earnings per share:
  Income (loss) from continuing operations         $   0.25  $  (0.01)
  Income (loss) from discontinued operations, net
   of tax                                             (0.01)     4.29
                                                   --------- ---------
  Net income                                       $   0.24  $   4.28
                                                   ========= =========

Diluted earnings per share:
  Income (loss) from continuing operations         $   0.25  $  (0.01)
  Income (loss) from discontinued operations, net
   of tax                                             (0.01)     4.29
                                                   --------- ---------
  Net income                                       $   0.24  $   4.28
                                                   ========= =========

Weighted average shares outstanding:
  Basic                                             121,523   126,944
                                                   ========= =========
  Diluted                                           122,794   126,944
                                                   ========= =========

                  PIONEER NATURAL RESOURCES COMPANY
      UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                            (in thousands)

                                                  Three months ended
                                                       March 31,
                                                 ---------------------
                                                   2007       2006
                                                 ---------- ----------

Cash flows from operating activities:
  Net income                                     $  29,593  $ 543,207
  Adjustments to reconcile net income to net
   cash provided by operating activities:
    Depletion, depreciation and amortization        92,138     82,406
    Exploration expenses, including dry holes       46,965     52,582
    Hurricane activity                              19,000     42,000
    Deferred income taxes                           10,766     16,961
    Loss (gain) on disposition of assets, net         (260)        73
    Accretion of discount on asset retirement
     obligations                                     2,058      1,148
    Discontinued operations                         (2,106)  (539,653)
    Interest expense                                 4,726      3,047
    Commodity hedge related activity                 5,899        508
    Amortization of stock-based compensation         7,738      7,486
    Amortization of deferred revenue               (45,034)   (47,949)
    Other noncash items                             (6,277)     2,699
  Change in operating assets and liabilities,
   net of effects from acquisition and
   disposition:
    Accounts receivable, net                       (15,227)   126,028
    Income taxes receivable                         12,558       (119)
    Inventories                                      1,989    (20,131)
    Prepaid expenses                                 1,155    (12,264)
    Other current assets, net                          212      9,548
    Accounts payable                               (24,590)   (77,655)
    Interest payable                                (3,470)   (19,100)
    Income taxes payable                             6,815    134,051
    Other current liabilities                      (14,651)    13,365
                                                 ---------- ----------
Net cash provided by operating activities          129,997    318,238
Net cash provided by (used in) investing
 activities                                       (447,455)   621,755
Net cash provided by (used in) financing
 activities                                        323,643   (915,474)
                                                 ---------- ----------
Net increase in cash and cash equivalents            6,185     24,519
Effect of exchange rate changes on cash and cash
 equivalents                                           132       (339)
Cash and cash equivalents, beginning of period       7,033     18,802
                                                 ---------- ----------
Cash and cash equivalents, end of period         $  13,350  $  42,982
                                                 ========== ==========

                  PIONEER NATURAL RESOURCES COMPANY
                  SUMMARY PRODUCTION AND PRICE DATA
                             (Unaudited)

                                                   Three months ended
                                                        March 31,
                                                   -------------------
                                                     2007      2006
                                                   --------- ---------

Average Daily Sales Volumes from
 Continuing Operations:
   Oil (Bbls) --                   U.S.              18,808    16,965
                                   Canada               360       277
                                   South Africa       2,347     5,081
                                   Tunisia            4,093     2,573
                                                   --------- ---------
                                   Worldwide         25,608    24,896
                                                   ========= =========

   Natural gas liquids (Bbls) --   U.S.              16,855    18,176
                                   Canada               338       419
                                                   --------- ---------
                                   Worldwide         17,193    18,595
                                                   ========= =========

   Gas (Mcf) --                    U.S.             282,594   274,773
                                   Canada            47,713    35,782
                                                   --------- ---------
                                   Worldwide        330,307   310,555
                                                   ========= =========

Average Daily Sales Volumes from
 Discontinued Operations:
   Oil (Bbls) --                   U.S.                  --     9,732
                                   Argentina             --     7,184
                                                   --------- ---------
                                   Worldwide             --    16,916
                                                   ========= =========

   Natural gas liquids (Bbls) --   Argentina             --     1,296
                                                   ========= =========

   Gas (Mcf) --                    U.S.                  --   145,002
                                   Argentina             --   135,047
                                                   --------- ---------
                                   Worldwide             --   280,049
                                                   ========= =========

Average Reported Prices (a):
   Oil (Bbls) --                   U.S.            $  51.99  $  59.97
                                   Canada          $  44.69  $  67.11
                                   South Africa    $  62.43  $  60.79
                                   Tunisia         $  59.51  $  57.98
                                   Worldwide       $  54.05  $  60.01

   Natural gas liquids (Bbls) --   U.S.            $  31.68  $  33.74
                                   Canada          $  59.18  $  54.23
                                   Worldwide       $  32.22  $  34.20

   Gas (Mcf) --                    U.S.            $   7.17  $   6.60
                                   Canada          $   8.17  $   7.65
                                   Worldwide       $   7.32  $   6.72

(a)  Average prices are attributable to continuing operations and
 include the results of hedging activities and amortization of VPP
 deferred revenue.

                  PIONEER NATURAL RESOURCES COMPANY
               SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES
                            (in thousands)
                             (Unaudited)

EBITDAX and discretionary cash flow ("DCF") (as defined below) are
presented herein, and reconciled to the generally accepted accounting
principle ("GAAP") measures of net income and net cash provided by
operating activities because of their wide acceptance by the
investment community as financial indicators of a company's ability
to internally fund exploration and development activities and to
service or incur debt. The Company also views the non-GAAP measures
of EBITDAX and DCF as useful tools for comparisons of the Company's
financial indicators with those of peer companies that follow the
full cost method of accounting. EBITDAX and DCF should not be
considered as alternatives to net income or net cash provided by
operating activities, as defined by GAAP.

                                                   Three months ended
                                                       March 31,
                                                  --------------------
                                                    2007      2006
                                                  --------- ----------

Net income                                        $ 29,593  $ 543,207
Depletion, depreciation and amortization            92,138     82,406
Exploration and abandonments                        76,372     82,642
Hurricane activity                                  19,000     42,000
Accretion of discount on asset retirement
 obligations                                         2,058      1,148
Interest expense                                    28,494     36,576
Income tax provision                                15,919     20,717
Loss (gain) on disposition of assets, net             (260)        73
Discontinued operations                             (2,106)  (539,653)
Current income taxes on discontinued operations      4,497    144,030
Cash exploration expense on discontinued
 operations                                             --      1,511
Commodity hedge related activity                     5,899        508
Amortization of stock-based compensation             7,738      7,486
Amortization of deferred revenue                   (45,034)   (47,949)
Other noncash items                                 (6,277)     2,699
                                                  --------- ----------

  EBITDAX (a)                                      228,031    377,401

Less:  Cash interest expense                       (23,768)   (33,529)
       Current income taxes                         (9,650)  (147,786)
                                                  --------- ----------

  Discretionary cash flow (b)                      194,613    196,086

Less:  Cash exploration expense                    (29,407)   (31,571)
       Changes in operating assets and
        liabilities                                (35,209)   153,723
                                                  --------- ----------

Net cash provided by operating activities         $129,997  $ 318,238
                                                  ========= ==========

(a) "EBITDAX" represents earnings before depletion, depreciation and
amortization expense; impairment of long-lived assets; exploration
and abandonments; noncash hurricane activity; accretion of discount
on asset retirement obligations; interest expense; income taxes; gain
or loss on the disposition of assets; loss on extinguishment of debt;
noncash effects from discontinued operations; commodity hedge related
activity; stock-based compensation; amortization of deferred revenue;
and other noncash items.

(b) Discretionary cash flow equals cash flows from operating
activities before changes in operating assets and liabilities and
before cash exploration expense.

                  PIONEER NATURAL RESOURCES COMPANY
                       SUPPLEMENTAL INFORMATION
                          As of May 1, 2007
                    Open Commodity Hedge Positions

                                    2007
                        -----------------------------
                         Second     Third    Fourth
                         Quarter   Quarter   Quarter   2008     2009
                        --------- --------- --------- -------- -------

Average Daily Oil
 Production Hedged:
 Swap Contracts:
  Volume (Bbl)                --        --        --   11,500   5,000
  NYMEX price (Bbl) (a) $     --  $     --  $     --  $ 56.91  $70.37
 Collar Contracts:
  Volume (Bbl)             3,352     5,000     5,000       --      --
  NYMEX price (Bbl) (a)
   Ceiling              $  76.04  $  76.04  $  76.04  $    --  $   --
   Floor                $  63.00  $  63.00  $  63.00  $    --  $   --
Average Daily Gas
 Production Hedged:
 Swap Contracts:
  Volume (MMBtu)         225,000   225,000   225,000   22,486      --
  NYMEX price (MMBtu)
   (a)                  $   8.48  $   8.48  $   8.48  $  9.15  $   --

(a) Approximate based on historical differentials to index prices.

   Amortization of Volumetric Production Payment Proceeds and Net
                           Derivative Losses
                            (in thousands)


                                               2007
                               --------------------------------------
                                  Second       Third       Fourth
                                 Quarter      Quarter      Quarter
                               ------------ ----------- -------------

VPP proceeds, net of
 transaction costs             $    43,828  $   44,058  $     43,766
Net hedge obligations assigned       1,495       1,520         1,531
                               ------------ ----------- -------------

Total deferred revenues (a)         45,323      45,578        45,297
Less derivative gains and
 (losses) to be recognized in
 pretax earnings (b)                   148         424          (347)
                               ------------ ----------- -------------

Total VPP impact to pretax
 earnings                      $    45,471  $   46,002  $     44,950
                               ============ =========== =============



                                  2008       Thereafter      Total
                               ------------ ------------- ------------

VPP proceeds, net of
 transaction costs             $   152,304  $    308,018  $   591,974
Net hedge obligations assigned       5,834        17,123       27,503
                               ------------ ------------- ------------

Total deferred revenues (a)        158,138       325,141      619,477
Less derivative gains and
 (losses) to be recognized in
 pretax earnings (b)                (4,373)      (12,744)     (16,892)
                               ------------ ------------- ------------

Total VPP impact to pretax
 earnings                      $   153,765  $    312,397  $   602,585
                               ============ ============= ============


(a) Deferred revenue will be amortized as increases to oil and gas
 revenues during the indicated future periods.

(b) Represents the remaining pretax earnings impact of the derivatives
 assigned in the VPPs.

                  PIONEER NATURAL RESOURCES COMPANY

                       SUPPLEMENTAL INFORMATION
                          As of May 1, 2007
                             (continued)


               Deferred Losses on Terminated Hedges (a)
                            (in thousands)
----------------------------------------------------------------------

                         2007
             -----------------------------
              Second     Third    Fourth
              Quarter   Quarter   Quarter    2008    2009   Thereafter
             --------- --------- --------- --------- ------ ----------

Commodity
 hedge
 losses (b)  $(38,849) $(38,409) $(36,220) $(94,652) $  --    $    --
Debt hedge
 losses (c)      (114)     (117)     (119)     (488)  (541)    (5,203)
             --------- --------- --------- --------- ------ ----------

  Total
   deferred
   losses    $(38,963) $(38,526) $(36,339) $(95,140) $(541)   $(5,203)
             ========= ========= ========= ========= ====== ==========


(a) Excludes deferred hedge gains and losses on terminated VPPs.

(b) Deferred commodity hedge losses will be amortized as decreases to
 oil and gas revenues during the indicated future periods.

(c) Deferred debt hedge losses will be amortized as increases to
 interest expense during the indicated future periods.

CONTACT: Pioneer Natural Resources Company
Investors:
Frank Hopkins, 972-444-9001
or
Scott Rice, 972-444-9001
or
Media and Public Affairs:
Susan Spratlen, 972-444-9001

SOURCE: Pioneer Natural Resources Company

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