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PXD Earnings

(PXD) posted 22% revenue growth in the second quarter as production was well above its guidance.

The oil and gas company, which previously boosted its 2016 production growth guidance to 12% from 10%, now expects a 13% increase due to improved results in the Spraberry/Wolfcamp area in Texas and New Mexico.

The company placed 69 horizontal wells on production in the Spraberry/Wolfcamp area during the quarter, nine more than the forecasted level.

Pioneer shares rose 2.5% to $154.40 in after-hours trading.

The company reported a loss of $268 million, or $1.63 a share, compared with a loss of $218 million, or $1.46 a share, a year earlier. Excluding noncash mark-to-market derivative losses, the loss was 22 cents a share.

Revenue rose to $786 million from $644 million.

Analysts polled by Thomson Reuters expected a loss of 34 cents a share