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Pioneer Natural Resources Company (NYSE:PXD) reported strong financial results for the first quarter of 2023, posting a net income of $1.2 billion, or $5.00 per diluted share, with a non-GAAP adjusted income of $1.3 billion, or $5.21 per diluted share. The firm generated $2.3 billion in cash flow from operating activities and reported oil production of 361 MBOPD, near guidance limits. The company declared a quarterly base-plus-variable dividend of $3.34 per share, marking a 14% increase and announced a refreshed $4 billion share repurchase program. Financial highlights include unrestricted cash of $1.2 billion and net debt of $4.7 billion. The company aims to return 75% of free cash flow to shareholders. Positive operational initiatives in the Midland Basin are expected to drive sustained growth in production and returns.
Pioneer Natural Resources Company (NYSE:PXD) announced a quarterly cash dividend of $3.34 per common share, payable on June 21, 2023 to stockholders of record by the close of business on June 1, 2023. This dividend comprises a base plus a variable component, reflecting the company's financial performance and free cash flow, which is influenced by commodity prices and operational results.
The decision on future dividends will be solely at the discretion of the Board of Directors, considering factors such as the company's liquidity, capital resources, and cash reserves. There is no assurance that future dividends will be declared or the amount of any such dividends, as they may fluctuate based on operational cash flow.