With operations throughout the Southwest, Dallas-based Pioneer Natural Resources Company has announced a $2 billion buyback of its common stock.
The move approved by the Board of Directors represents nearly 8% of the company’s market capitalization. Ten months ago, Pioneer announced a $100 million repurchase program for 2018 but it’s now been canceled.
President and CEO Timothy L. Dove stated, “The announced share repurchase program demonstrates our commitment to returning capital to shareholders, consistent with the priorities of our ten-year plan.”
The stock repurchase program has no time limit and may be modified, suspended or terminated at any time by Pioneer’s Board of Directors. The Company intends to fund repurchases under the program from existing cash and cash equivalents and future cash flow.
This share repurchase program replaces and terminates Pioneer’s prior $100 million share repurchase program announced in February 2018.