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.