Pioneer Natural Resources Co at Barclays CEO Energy-Power Conference (Virtual) Transcript
Hi. Good morning, everyone. Thanks so much for joining us today. It is our pleasure to have Mr. Scott Sheffield with us, President and CEO of Pioneer Natural Resources.
For those of you who aren't familiar, Pioneer is the largest Permian producer with 363,000 BO per day of production, over 900,000 net acres in the Midland and 100,000 net acres in the Delaware. And the company not only has a premier asset base, but it also has a free cash flow to back it up. Pioneer was a leading adopter of a very shareholder-friendly cash return strategy last year.
And alongside 2Q earnings, Scott announced that they were accelerating the first variable dividend payment to 3Q of this year as well as they're increasing the 2021 payout to 75% of free cash flow versus 50% was the prior plan. In addition, we forecast that Pioneer has one of the best balance sheets in the space, top-tier balance sheet go into less to -- less than 1x leverage this year. And next year on strip pricing, it goes to about only half a turn. And from there, we see
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