UPDATE 1-Pioneer Natural Resources profit more than doubles as oil prices improve
(Updates with background details on the results)
May 4 (Reuters) - U.S. oil and gas producer Pioneer Natural Resources on Tuesday reported a 124% rise in first-quarter adjusted profit from the previous three months as COVID-19 vaccine rollouts and easing travel restrictions lifted crude prices.
U.S. oil and gas companies have delivered strong first-quarter profits on a rebound in oil prices and deep cost cuts implemented last year at the peak of a downturn in demand due to the COVID-19 pandemic.
Gas producers have benefited from a deep freeze in Texas that lifted demand for the fuel used in heating and power generation.
The company's total output was 474,000 barrels of oil equivalent per day (boepd) in the first quarter, compared with 364,000 boepd in the fourth quarter.
Pioneer said total average realized price in the first quarter was $42.75 per barrel of oil equivalent (boe), much higher than the $30.22 boe it earned in the last three months of 2020.
The company said adjusted net income rose to $396 million, or $1.77 per share, from $177 million, or $1.07 per share, in the prior quarter. (Reporting by Arunima Kumar in Bengaluru; Editing by Sriraj Kalluvila)
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