Pioneer Natural Resources reported weaker financial results for the first quarter of the year on lower natural gas prices as the company prepares to merge with Exxon . Higher costs also contributed to the weaker net result, Reuters said in a report on the news before the company released the numbers on its website. Net profit came in at $1.1 billion for the period, which compared with $1.
The condition was based on allegations by the FTC that Sheffield was involved in an attempt to co-ordinate production cuts to lift oil prices, according to unnamed sources quoted by the Wall Street Journal. Sheffield, according to the allegations, contacted other shale oil producers as well as companies from OPEC to try and coordinate a production policy that would have raised oil prices, thus benefiting Pioneer.
Source: News Formal (newsformal.com)
Profit Exxon Merge Earnings Costs Revenue
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