Topic: How To Invest

Spinoffs & Takeovers Hotline – Friday, July 29, 2022

Article Excerpt

PIONEER NATURAL RESOURCES CO., $236.95, symbol PXD on New York, is a Texas-based independent oil and gas exploration and production company. It has extensive acreage in the Midland Basin in West Texas. This should support more than 20 years of future production. In the quarter ended March 31, 2022, the company’s revenue increased 152.9%, to $6.2 billion from $2.4 billion a year earlier. Revenue was higher due to elevated oil and natural gas prices, along with the higher production. Pioneer produced 637,756 barrels of oil equivalent per day in the quarter, up 34.6% from 473,937 a year earlier. The company earned $2 billion, or $7.95 a share, in the quarter. That’s compared to a loss of $70 million, or $0.33. Pioneer has made a commitment to return capital to shareholders. As a result, it pays out both a base quarterly dividend and a variable dividend based on 75% of its free cash flow after its base dividend has been accounted for. In addition,…

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