Pioneer Natural Resources has declared a cash dividend of $0.04 per share on Pioneer's outstanding common stock. The dividend is payable April 14, 2009 to stockholders of record at the close of business on March 31, 2009.
Scott Sheffield, Chairman and CEO, stated, "Pioneer remains committed to returning cash to our shareholders and has therefore declared a dividend of $0.04 per share, providing an annual yield of approximately 0.5% which is competitive with peer companies of a similar size. This represents a reduction of $0.12 per share from the amount paid in October 2008, or approximately $14 million. Rather than paying a higher dividend, we applied these funds to the repurchase of one million shares of common stock which we believe will create more long-term value for our shareholders considering the current low market valuation1 of our shares."
Mr. Sheffield continued, "We have cut our 2009 capital spending to $250 million to $300 million to ensure free cash flow in the current low commodity-price environment. This free cash flow will be used to repurchase shares and reduce debt, supporting our commitment to increase net asset value per share while maintaining or enhancing financial flexibility."
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