Pioneer Natural Resources (NYSE:PXD) Earnings Skyrocket on Increased Production

Increased production in the fourth quarter by Pioneer Natural Resources (NYSE:PXD) helped the company's earnings improve over 40 percent against last year's results.

The company said they boosted production at Eagle Ford and Spraberry at a fast pace than expected, driving revenue and earnings far beyond expectations.

Pioneer added they're going to increase production in 2011 from 15 percent to 19 percent.

To pay for that production boost, Pioneer said it'll come from the sale of subsidiaries based in Tunisia and operating cash flow. Assets in Tunisia will bring about $866 million for Pioneer.

Net income in the latest quarter rose to $80.3 million, or 67 cents a share, up from the $56.7 million, or 48 percent a share the company generated in the same quarter last year.

Excluding items, the company earned $59 million, or 51 cents a share, still much higher than the 39 cents a share analysts were looking for.

Revenue in the quarter soared from $310.1 million last year to $486.7 million this fourth quarter.

Annual revenue came to $2.47 billion, up from $1.35 billion in revenue the company generated in 2009.

Pioneer has set aside $1.8 for their capital budget, with $1.6 billion of that going to drilling.

Pioneer closed Monday at $95.00, losing $0.75, or 0.78 percent.