Pioneer reverses Q1 loss, hikes Q2 dividend 95%
US shale producer Pioneer Natural Resources reported Q1 2022 net income of $2bn on May 4, reversing a year-ago net loss of $70mn, and announced a quarterly dividend for Q2 of $7.38/share, 95% higher than the quarterly dividend it paid out for Q1 2022.
“Pioneer continued driving value for shareholders during the first quarter, generating over $2.3bn in free cash flow, with nearly 90% of the free cash flow being returned to shareholders through our differentiated return of capital program,” CEO Scott Sheffield said. “Consistent with our robust investment framework, the board declared a second quarter base-plus-variable dividend of $7.38/share, equating to an annualised yield of 13%, which is the highest yield in the S&P 500, combined with repurchasing $250mn of stock during the first quarter.”
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Net cash provided by operating activities increased to $2.58bn from $377mn in Q1 2021.
Operating in the liquids-rich Midland region of the Permian basin, Pioneer saw Q1 production average 637,756 barrels of oil equivalent (boe)/day, up from 473,937 boe/day in Q1 2021. Natural gas production rose to 777.3mn ft3/day from 523.5mn ft3/day a year earlier.