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Pioneer Natural Resources Co PXD

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Pioneer Announces Early Initiation of Variable Dividend Along With Second-Quarter Earnings Beat

Analyst Note

| Dave Meats, CFA |

We have lifted our fair value estimate for Pioneer to $197 from $176, after incorporating the firm’s second-quarter operating and financial results. Though higher near-term commodity prices were supportive, the increase was primarily driven by improved projections for production costs, including lease operating expenses, and was partially offset by raising our U.S. corporate tax rate assumption to 26% from 21% (Pioneer is expected to pay cash taxes starting 2023). We have also assumed 5% well cost inflation starting 2022, consistent with commentary from Pioneer and peers.

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Company Profile

Business Description

Headquartered in Irving, Texas, Pioneer Natural Resources is an independent oil and gas exploration and production company focusing on the Permian Basin in Texas. At year-end 2020, Pioneer's proven reserves were 1.3 billion barrels of oil equivalent with net production for the year of 367 mboe per day. Oil and natural gas liquids represented 81% of production.

Contact
777 Hidden Ridge
Irving, TX, 75038
T +1 972 444-9001
Sector Energy
Industry Oil & Gas E&P
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type Hard Assets
Employees 1,853

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