Pioneer Natural Resources Company (NYSE:PXD) ("Pioneer" or "the Company") announced today that its Board of Directors approved an increase in the Company's quarterly cash base dividend from $0.56 per share to $0.62 per share on Pioneer's outstanding common stock (equivalent to $2.48 per share on an annualized basis), representing a greater than 10% increase. The quarterly base dividend of $0.62 per share is payable January 14, 2022, to stockholders of record at the close of business on December 31, 2021.

Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States. For more information, visit www.pxd.com.

Note: Future dividends, whether variable or base, are authorized and determined by the Company's Board of Directors in its sole discretion. Decisions regarding the payment of dividends are subject to a number of considerations at the time, including without limitation the Company's liquidity and capital resources, the Company's results of operations and anticipated future results of operations, the level of cash reserves the Company may establish to fund future capital expenditures or other needs, and other factors the Board of Directors deems relevant. The Company can provide no assurance that dividends will be authorized or declared in the future or the amount of any future dividends.

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Pioneer Natural Resources Increases Base Dividend on Common Shares