PXD - Pioneer Q4 results -- production down dividends through the roof

Pioneer (NYSE:PXD) reported Q4 results after the close, showing adjusted earnings of $4.58 in Q4, versus Street expectations for $3.87. Pioneer joins Devon (NYSE:DVN) and Continental (NYSE:CLR) in prioritizing shareholders over production growth: Shareholder returns - declared a "base plus variable" dividend  $3.78/s, providing shareholders with a ~6.8% forward yield, and announced a $4.0b repurchase plan, ~7.5% of current market cap. Production - total production for 2022 was guided to 634kboe/d at the midpoint, versus Q4 results at 687kboe/d, down 7.5%. Capex - Management guided to ~$3.5b of capital spending in 2022, ~flat with 2021 levels. Pioneer CEO Sheffield provided encouragement to oil-market bulls in Q4 of last year, when the industry leader appeared on CNBC to say Pioneer would not grow production more than 5% (NYSEARCA:USO). The plan was, and appears to still be, to distribute cash flow to shareholders. With Pioneer planning for flat capex and lower production

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Pioneer Q4 results -- production down, dividends through the roof