U.S. shale producer Pioneer Natural Resources Co. (NYSE: PXD) said Dec. 13 it would buy back $2 billion worth of its shares.

The new plan replaces Pioneer's prior $100 million share buyback program announced in February 2018.

CEO Timothy Dove said the plan was consistent with the priorities of the company's 10-year plan.

"Pioneer’s deep Permian Basin inventory generates best in class well returns and is expected to provide increasing levels of free cash flow to support the company’s plan to return capital to shareholders," Dove said in a statement.

Shares of the Irving, Texas-based company were nearly flat in aftermarket trading. Pioneer's stock has fallen more than 18% this year.