The energy company returned $3.9bn to shareholders in 2023 through dividends and share repurchases. Credit: rafapress/Shutterstock.

Pioneer Natural Resources has reported net income attributable to common shareholders of $4.89bn for the year 2023, a decrease of 37.6% from $7.84bn in 2022.  

The company’s full-year oil production averaged 372,000bopd, hitting the upper range of its initial 2023 guidance. 

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The company’s total production for the year averaged 715,000 barrels of oil equivalent per day (boepd).  

Pioneer has continued to excel operationally in the Midland Basin, placing 482 horizontal wells into production in 2023, with 135 of those in the fourth quarter (Q4) alone.  

The introduction of more than 125 wells with lateral lengths exceeding 15,000ft has significantly contributed to the company’s robust performance. 

Throughout 2023, Pioneer added proved reserves of 397 million barrels of oil equivalent (mboe), not accounting for acquisitions and price revisions.  

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The company has net debt of $4.59bn as of 31 December 2023.  

Pioneer also reported $2.2bn in liquidity, including $240m in cash and a $2bn undrawn unsecured credit facility. 

The energy company returned $3.9bn to shareholders in 2023 through dividends and share repurchases.  

Its board of directors has declared a quarterly base-plus-variable dividend of $2.56 per share for Q1 2024.  

The company’s capital expenditure for 2024 is projected to be between $4.2bn and $4.6bn, which is expected to be fully covered by cash flow from operating activities.  

For 2024, Pioneer anticipates an oil production range of 384,000–392,000bopd and total production of 750,000–766,000boepd. 

In October 2023, ExxonMobil announced an agreement to acquire Pioneer Natural Resources in an all-stock transaction valued at $59.5bn.  

The deal’s completion, subject to regulatory and shareholder approvals, is anticipated in Q2 2024.