Apache Corporation, Pioneer Natural Resources: Your Daily Energy News

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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

EARNINGS REPORTS
Apache Corporation Reports Quarterly Net Loss - Apache Corporation (NYSE:APA) reported a first-quarter 2020 net loss of $4.5 billion. Adjusted earnings represented a loss of $51 million. (Apache)

NATURAL GAS
U.S. Natural Gas Futures Fall Nearly 9% - U.S. natural gas futures fell almost 9% on Wednesday on forecasts for lower demand next week than previously expected and longer-term projections that businesses will use less of the fuel and exports will drop in coming months due to government lockdowns to stop the coronavirus spread. That price decline comes after gas prices jumped 13% to a 16-week high earlier this week on a sharp decline in output as shale drillers shut oil wells that produce associated gas. (Reuters)

FINANCIAL
Pioneer Natural Resources Cuts Spending Again - Shale driller Pioneer Natural Resources (NYSE:PXD) increased its spending cuts and lowered its annual output target on Wednesday, as oil prices slumped owing to excess supply and a plunge in demand due to the COVID-19 pandemic. The company now expects 2020 capital expenditure between $1.4 billion to $1.6 billion, down from its prior estimates of $1.7 billion and $1.9 billion. The company's production for the year is now expected to be between 341,000 to 359,000 barrels of oil equivalent per day, about 11% lower from the midpoint of its previous estimates. (Reuters)

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About Industrial Info
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle™, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn. For more information on our coverage, send inquiries to info@industrialinfo.com or visit us online at https://www.industrialinfo.com.