PXD - Why Has Pioneer Natural Resources' Dividend Declined 78% in 16 months?
2023-09-01 17:02:00 ET
One of the most important things to understand about oil and natural gas producers is that energy prices play a huge role in financial performance. That's the big picture backstory behind Pioneer Natural Resources ' (NYSE: PXD) string of dividend cuts over the past 16 months. But, still, there's a bit more to know about why the company's dividend cuts were perfectly predictable.
In the second quarter of 2023, Pioneer Natural Resources produced 711 million barrels of oil equivalents per day, a metric that basically compresses oil and natural gas into one measure. That was toward the high side of the company's guidance, so it was a good quarter production-wise. A year ago the company produced roughly 642 million barrels, so this was also a nice year-over-year jump in production.
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Why Has Pioneer Natural Resources' Dividend Declined 78% in 16 months?