Pioneer Natural Resources (PXD) Tops Q4 EPS by 38c, Revenues Beat

Pioneer Natural Resources (NYSE: PXD) reported Q4 EPS of $1.07, $0.38 better than the analyst estimate of $0.69. Revenue for the quarter came in at $1.86 billion versus the consensus estimate of $953.55 million.

Highlights

• Delivered strong fourth quarter and full year 2020 free cash flow1 of $294 million and $689 million, respectively
• Achieved a reinvestment rate of 69% in 2020, while maintaining full year Permian oil production at 211 thousand barrels of oil per day (MBOPD)
• Returned $521 million of capital to shareholders during 2020, or 76% of full year free cash flow
• Averaged fourth quarter oil production of 204 MBOPD, in the upper half of guidance
• Averaged fourth quarter production of 364 thousand barrels of oil equivalent per day (MBOEPD), in the upper half of guidance
• Initiating a long-term variable dividend2 policy that allows for the distribution of up to 75% of free cash flow, after the base dividend is paid, while maintaining a strong balance sheet

CEO Scott D. Sheffield stated, “Pioneer delivered an excellent fourth quarter, generating $294 million in free cash flow and continuing our strong track record of execution. While 2020 was a challenging year, our immediate actions kept our employees safe, protected the balance sheet, generated significant free cash flow and ensure that Pioneer is well positioned for the future.

Pioneer's 2021 plan builds on this success, with a program that is capital efficient and is underpinned by our premier acreage position and scale in the Permian Basin. The highly accretive Parsley transaction further strengthens our investment framework, leading to a plan that is expected to generate $2 billion of free cash flow in 2021. As part of our commitment to return capital to shareholders, we are excited to formalize a new variable dividend policy, augmenting our stable and growing base dividend.

Our compelling investment proposition, coupled with our strong focus on environmental, social and governance initiatives, ensures Pioneer will continue to provide low-cost, environmentally friendly energy to the world, while enhancing value for shareholders."

For earnings history and earnings-related data on Pioneer Natural Resources (PXD) click here.

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