Pioneer Natural Resources Reports Strong Q2 Earnings

Pioneer Natural Resources Reports Strong Q2 Earnings
Scott Sheffield, CEO of Pioneer Natural Resources at the Pioneer building on N. Big Spring in Midland. | Image by James Durbin/Reporter-Telegram

Irving-based Pioneer Natural Resources (PDX) reported $2.4 billion in net income for its second quarter of 2022.

Boosted by high oil prices amid global tension, Pioneer exceeded Wall Street expectations, reporting a net income of $9.30 per share compared to Wall Street’s $8.81 per share prediction. Earnings, adjusted for non-recurring costs, came to $9.36 per share.

Pioneer attributed strong second quarter growth to oil per barrel trading above $100.

Company CEO Scott Sheffield said the company is focused on developing its top-tier assets, driving best-in-class margins, and delivering the highest free cash flow per barrel produced.

“Our differentiated investment framework strategy generated $2.7 billion of free cash flow during the second quarter, with greater than 95% of the free cash flow being returned to shareholders through our base-plus-variable dividend and opportunistic share repurchases,” said Sheffield in a release.

Pioneer also announced it had repurchased $750 million or 3.3 million shares since the end of the first quarter. “Of this, $250 million was purchased in July at an average price of $213 per share,” the release stated.

On Thursday, Pioneer closed at $212.86 per share, down more than 8.3% from its opening.


  • Generated second quarter solid free cash flow of $2.7 billion
  • Declared quarterly base-plus-variable dividend of $8.57 per share to be paid during the third quarter; includes increasing the quarterly base dividend by greater than 40%
  • Repurchased $750 million of shares since the end of the first quarter (3.3 million shares), including $250 million of shares repurchased during July.
  • Returned greater than 95% of second quarter free cash flow to shareholders

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