Pioneer Natural Resources Co. will accelerate disbursing a variable dividend for shareholders amid a bullish commodity cycle and improved efficiencies across its one million acre-plus footprint in the Permian Basin, management said this week.

“We are witnessing strong oil demand growth as the global macroeconomic environment continues to improve, with a corresponding improvement in commodity prices,” said CEO Scott Sheffield upon announcing the second quarter results. “As a result of the improved commodity price outlook, which is expected to further strengthen our balance sheet, we have accelerated and increased our variable dividend framework with the declaration of our inaugural variable dividend.”

The revised quarterly variable dividend would equal up to 75% of...