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Thursday, September 29, 2022
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Pioneer Natural Resources Reports Strong Q2 Earnings

Business

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

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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.

Highlights

  • 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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