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  "documentTitle": "PR Barclays Presentation 9.06.22 FINAL Update",
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      "text": "50% variable payout implies annualized Total Return Yield of ~14% at current strip pricing in 2023",
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      "text": "Opportunistic Share Repurchases: Used when value dislocations exist; increasing authorization to $500mm through 2024.",
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      "text": "Variable Dividend: Additional dividend subject to Board approval; excess return used to crystallize return to investors.",
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      "text": "Quarterly Base Dividend of $0.05 per Share: Equates to ~2.5% annualized dividend yield; ~10% of 2023E FCF; supported below $40/bbl WTI; committed to growth; hedging support.",
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      "text": "1) Base quarterly dividend of $0.05 per share (~$116mm annually) to be paid on an ongoing basis effective immediately (paid in Q4 2022 following Q3 earnings)\n2) Variable return of capital program to begin in Q2 2023 (based on Q1 earnings)\n3) Two-prong approach to return of capital that includes a variable return of at least 50% of quarterly FCF after the base dividend",
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      "text": "Total Return Yield: ~14%",
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      "text": "Note: References to yield and market capitalization assume PR closing price as of 9/2/2022. (1) Assumes current strip pricing and initiation of variable return program in May 2023",
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      "text": "Definition: Quarterly FCF - Base Dividend = Excess Free Cash Flow x Payout Ratio (50%) = Total Variable Return",
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