Pioneer Reports Q1 Profit Decline Ahead of Exxon Takeover

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 $1.2 billion a year earlier, as the average price for the oil it produced rose but the price of gas fell substantially. The average price per barrel of Pioneer…