...Pioneer Natural Resources Co.'s ratings reflect its growing, oil-oriented Permian production and proved reserve base, competitive full-cycle breakeven oil price, projected positive FCF profile, strong liquidity position, favorable hedge coverage and `BBB' E&P peer-leading leverage profile. Credit concerns are limited and include the company's limited geographic, operational and hydrocarbon diversification and growth- and returns-oriented equity base that may encourage some combination of accelerated drilling activity and equity-friendly actions over the medium term....