ERHC Energy Inc (ERHE)

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OT: Pioneer sees $42 mln first-qtr abandonment charge
Mon Apr 10, 2006 7:41 AM ET

NEW YORK, April 10 (Reuters) - Oil and gas explorer Pioneer Natural Resources Co. (PXD.N: Quote, Profile, Research) on Monday said it would take a first-quarter pretax charge of about $42 million for abandonment of a field lost during Hurricane Rita last year.

The company said insurance would cover most of the abandonment costs, and it would recognize recoveries in future quarters.
Pioneer also said exploration and abandonment charges for the quarter would run $80 million to $90 million.
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