...Pioneer Natural Resources Co.'s ratings reflect its growing, oil-oriented onshore production and proved reserve base, competitive full-cycle break-even oil price, improving FCF profile, strong liquidity position, favorable hedge coverage, and credit-conscious financial policy. Offsetting factors include the company's limited geographic diversity, particularly following expected noncore asset sales, and growth- and returns-oriented equity base that may encourage some combination of accelerated drilling activity and equity-friendly actions over the medium term. Fitch Ratings believes that the company's shift to a pure-play Permian basin producer will help reduce corporate full-cycle break-even costs and focus capital development, as well as alleviate the operational and financial commitment of its Eagle Ford shale midstream volume deficiency....
