Pioneer began reviewing compensation incentives added two rigs and hedged most of its 2018 production during Q3. Otherwise the company is largely staying the course. When asked about long term potential for cash distributions a popular topic in the sector this earnings season Pioneer responded with colour on its well inventory and hitting its production targets. Little detail was disclosed about plans for 2018 other than an estimate for US$58/bbl WTI to be required for Pioneer to be cash flow neutral. That price happens to be the ceiling price on its collar hedge derivatives. I.e. it has limited exposure to upside associated with oil prices above that level. The company's guidance is largely aligned with our pre existing base case.