Pioneer sees $1.98bn in Q3 net income
US producer Pioneer Natural Resources said October 27 it had Q3 2022 net income of $1.98bn, up from $1.04bn in the comparable period last year.
Cash provided by operating activities increased to $2.9bn from $1.99bn, with free cash flow of $1.73bn.
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“Pioneer continues to execute on our investment framework that provides best-in-class capital returns to shareholders,” CEO Scott Sheffield said. “This framework is expected to result in $7.5bn of cash flow being returned to shareholders during 2022, including $26/share in dividends and continued opportunistic share repurchases.”
During the third quarter, Pioneer repurchased $500mn of its shares.
Total oil and gas sales volumes slipped to 656,582 barrels of oil equivalent (boe)/day in Q3 from 675,793 boe/day in the same period a year ago, but natural gas sales averaged 841mn ft3/day, up from 780.5mn ft3/day in Q3 2021.