Pioneer Natural Resources Co. on Feb. 19 beat analysts' estimates for quarterly profit on the back of higher output, and became the latest shale producer to raise its quarterly dividend.

Pioneer joins rivals Concho Resources Inc., Diamondback Energy Inc. and Devon Energy Corp. in boosting dividends to please investors who have been pushing for higher shareholder returns amid volatile oil and gas prices.

Pioneer, like other U.S. shale players, has been drilling more in the prolific Permian Basin that has helped the country become the top producer.

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Burgeoning Permian production had also helped Concho, Diamondback and Devon beat Wall Street's profit estimates on Feb. 19.

Pioneer's total production rose 13.7% to 363,364 barrels of oil equivalent per day in the fourth quarter ended Dec. 31.

Net income rose to $344 million, or $2.06 per share, in the fourth quarter, from $324 million, or $1.89 per share, a year earlier.

Excluding items, Pioneer earned $2.36 per share, beating analysts' average estimate of $2.09 per share, according to Refinitiv IBES.

The company raised its quarterly cash dividend by 25% to 55 cents per share.

Shares of Pioneer were up 2.3% in the extended trade. 

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