Barnett Shale

Pioneer Natural Resources shares jump on strong outlook

Shares in Irving-based Pioneer Natural Resources rose 6 percent in active trading Thursday following the producer's announcement Wednesday of better-than-expected earnings. In a call with financial analysts Thursday morning, company executives said Pioneer will accelerate its drilling schedule in the Midland Basin. Pioneer said it expects to produce 174,000 to 179,000 barrels of oil equivalent in the second quarter.

-- Jim Fuquay

Approach Resources updates 2012 production, offers 2013 outlook

Fort Worth-based Approach Resources, which is active in the Permian Basin, says its production last year rose 24 percent to 7,900 barrels of oil equivalent a day, including 8,500 barrels equivalent in the year's fourth quarter. Crude oil production doubled during the year to 2,655 barrels a day. Production was nearly evenly spread between oil, natural gas liquids and natural gas. Approach said it expects first-quarter 2013 production to range from 8,900 to 9,100 barrels equivalent a day, 70 percent of it liquids. It plans to report 2012 earnings on Feb. 21 after the close of trading. Approach's shares (ticker: AREX) trade on the Nasdaq.

-- Jim Fuquay