Pioneer Natural Resources Company (PXD) will raise its quarterly dividend by 1.8 percent to $0.56 per share in 2021. This follows a 25 percent dividend hike last year and marks 4 consecutive years of dividend increases.

The next quarterly dividend of $0.56 per share is payable April 14, 2021, to stockholders of record at the close of business on March 31, 2021. A new annual dividend rate of $2.24 per share on an annualized basis will yield 1.7% at a stock price of $128.24.

Pioneer Natural Resources Company is an oil and gas exploration and production company. Pioneer explores for, develops and produces oil, natural gas liquids (NGLs) and gas within the United States, with operations primarily in the Permian Basin in West Texas. Operations include well stimulation and completion activities, such as hydraulic fracturing, and water distribution and disposal activities. Pioneer has been paying a dividend to shareholders every year since at least 2004.