PXD

PXD:

• market cap: $45 billion
• dividend: regular, $2.30
  
• P/E: 30
• current share price, November 5, 2021: $185
• target, November 5, 2022: $223

3Q21: earnings:

• EPS: beats by 6.855
• revenue: misses by -0.30%
• website / releases;
• 3Q21 press release;
• declares variable dividend, November 3, 2021;
• declares base dividend on common shares, November 3, 2021;
• "the CLR deal": announces entry into definitive agreement with CLR to sell all of its Delaware Basin for cash, $3.25 billion;

The deal:

The divested assets include approximately 92,000 net acres, with net production of approximately 50 thousand barrels oil equivalent per day and approximately 35 thousand barrels oil per day. The Company expects to recognize a pretax loss of $900 million to $1.1 billion associated with the divestiture. 

CEO on the deal:

“This transaction returns Pioneer to being 100% focused on its high-margin, high-return Midland Basin assets, where we have the largest acreage position and drilling inventory. Proceeds from this divestment will be used to further strengthen Pioneer’s balance sheet, improving our already strong leverage metrics. Supplementing our industry leading base and variable dividend program, the Company has $1.1 billion of remaining capacity under a $2 billion share repurchase program that was authorized during the fourth quarter of 2018, providing flexibility to return additional capital opportunistically during market dislocations.”

From Dallas:  

In addition to the operated acreage - the deal includes 55,000 net mineral acres that were acquired by Jagged peak (then sold to Parsley, then sold to Pioneer), then acquired by CLR.