Pioneer Natural Resources Co. (NYSE: PXD) detailed its second-quarter 2014 financial results, the company said Aug. 4. The quarter ended June 30, the company added.

The adjusted net income, excluding derivatives and other items, was $195 million after tax, the company said.

During the quarter, 183 thousand barrels of oil equivalent per day (Mboe/d) was produced, and this was a 6% increase over first-quarter 2014’s production. This was due to the Spraberry/Wolfcamp and Eagle Ford drilling programs, which added about 3 Mbbl/d, the company said.

The drilling capital for the rest of the year is estimated to be $3 billion, Pioneer said, noting that production for 2014 to 2016 is estimated to be between 16% and 21%.

At the quarter’s end, there was $445 million in cash on hand, Pioneer said. Regarding drilling, the average cost of drilling and completion for the 2014 program in Pioneer’s northern acreage is estimated to be between $8.5 million and $9 million per well, the company said.

About 100 wells will be put on production in a joint venture in the Wolfcamp, and the per-well cost is expected to be about $8 million, the company said.

Per-well drilling costs in the Eagle Ford are decreasing by $750,000 to $1 million due to the use of a different casing design, Pioneer said.

Regarding spending, the company’s capital program for this year has $3.3 billion. This amount excludes acquisitions and Alaska/Barnett Shale asset costs, but includes $3 billion for drilling and $0.3 billion for field and office building construction, the company added.

Drilling capital is divided by asset: in the Northern Spraberry/Wolfcamp area, about $2.2 million is allocated; in the Southern Wolfcamp joint venture area, $205 million is allocated; in the Eagle Ford, $545 million is allocated, while other assets were allocated $100 million, the company said.

A total of $2.5 billion in operating cash flow, cash on the balance sheet and proceeds from divestitures will fund the year’s budget, Pioneer said.

Regarding liquidity, its end-of-quarter debt was $2.2 billion, the company noted.

Regarding commodity prices, oil averaged $95.87/bbl, while NGL averaged $30.65/bbl and natural gas averaged $4.38 per million cubic feet, Pioneer said. Operations’ production costs averaged 13.96/boe, while exploration and abandonment costs averaged $29 million, the company said.

Looking ahead to the third quarter, production costs should average between $13.50/boe and $15.50/boe, and exploration and abandonment costs should average between $25 million and $35 million, the company added.

Dallas-based Pioneer Natural Resources Co. explores and develops domestic natural gas and oil.