Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM 8-K/A
(Amendment NO. 1)
CURRENT REPORT

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  August 7, 2018
 
PIONEER NATURAL RESOURCES COMPANY
(Exact name of registrant as specified in its charter)
  
Delaware
1-13245
75-2702753
(State or other jurisdiction of
incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
 
 
 
5205 N. O'Connor Blvd., Suite 200, Irving, Texas
 
75039
(Address of principal executive offices)
 
(Zip Code)
 
 
 
 
Registrant’s telephone number, including area code:  (972) 444-9001
 
Not applicable
(Former name or former address, if changed since last report)

 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:
 
 
[  ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company        ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.        ¨






Item 2.02. Results of Operations and Financial Condition.
 
On August 7, 2018, the Company issued a news release, with financial statements and schedules that were attached as Exhibit 99.1 to the Form 8-K furnished on that date by the Company. Subsequently, the Company determined that the furnished schedule entitled "Unaudited Summary Production, Price and Margin Data" contained certain clerical errors. Attached hereto as Exhibit 99.1 is the corrected schedule.

Item 9.01. Financial Statements and Exhibits.
 
(d)
Exhibits

Exhibit No.
 
Description
 
 
 
99.1(a)
 
 ___________
(a) Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
PIONEER NATURAL RESOURCES COMPANY
 
 
 
 
By:
/s/ Margaret M. Montemayor
 
Name:
Margaret M. Montemayor
 
Title:
Vice President and Chief Accounting Officer
 
 
 
 
Date:
August 8, 2018
 



Exhibit


PIONEER NATURAL RESOURCES COMPANY
UNAUDITED SUMMARY PRODUCTION, PRICE AND MARGIN DATA

 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2018
 
2017
 
2018
 
2017
Average Daily Sales Volumes (a):
 
 
 
 
 
 
 
Oil (Bbls)
185,495

 
146,884

 
184,015

 
146,255

Natural gas liquids ("NGL") (Bbls)
64,473

 
53,268

 
65,324

 
50,066

Gas (Mcf)
466,414

 
353,612

 
422,880

 
346,149

Total (BOEs)
327,704

 
259,087

 
319,819

 
254,012

 
 
 
 
 
 
 
 
Average Prices (a):
 
 
 
 
 
 
 
Oil (per Bbl)
$
61.20

 
$
45.00

 
$
61.42

 
$
47.01

NGL (per Bbl)
$
28.83

 
$
16.91

 
$
28.28

 
$
18.03

Gas (per Mcf)
$
1.97

 
$
2.62

 
$
2.25

 
$
2.70

Total (per BOE)
$
43.12

 
$
32.56

 
$
44.08

 
$
34.31


 
Three Months Ended June 30, 2018
 
Permian Horizontals
 
Permian Verticals
 
Eagle Ford
 
Other Assets
 
Total
 
($ per BOE)
Margin Data:
 
 
 
 
 
 
 
 
 
Average prices
$
45.73

 
$
44.91

 
$
35.18

 
$
23.78

 
$
43.12

Production costs
(4.68
)
 
(23.83
)
 
(11.83
)
 
(13.43
)
 
(8.15
)
Production and ad valorem taxes
(2.52
)
 
(2.55
)
 
(1.58
)
 
(1.14
)
 
(2.35
)
 
$
38.53

 
$
18.53

 
$
21.77

 
$
9.21

 
$
32.62

Percent Oil
63
%
 
61
%
 
34
%
 
14
%
 
57
%
_______________
(a)
On January 1, 2018, the Company adopted ASC 606, "Revenue from Contracts with Customers." Changes in oil and gas revenue, gas production volumes and oil and gas production costs are due to the conclusion under the control model in the new revenue rule that the third-party processor or transporter is only providing gas processing or transportation services, and that the Company remains the principal owner of the commodity until sold to the ultimate purchaser. Results for the three and six months ended June 30, 2018 are presented in accordance with the new rule, while results for the three and six months ended June 30, 2017 continue to be reported in accordance with historical accounting rules.



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