Pioneer Natural Resources Co., balance sheet: debt

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Current portion of debt	28)	779)	244)	140)	450)
Finance lease liability, current	21)	20)	18)	17)	16)
Long-term debt, excluding current portion	4,807)	4,125)	6,688)	3,160)	1,839)
Finance lease liability, noncurrent	481)	501)	521)	539)	556)
Total long-term debt and finance lease liability, including current portion (carrying amount)	5,337)	5,425)	7,471)	3,856)	2,861)

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Debt item	Description	The company
Total long-term debt and finance lease liability, including current portion (carrying amount)	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	Pioneer Natural Resources Co. total debt decreased from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023
Selected Financial Data (US$ in millions)
Convertible senior notes	68)
Senior notes	—)
Total current portion of long-term debt (fair value)	68)
Convertible senior notes	1,239)
Senior notes	3,981)
Total long-term debt (fair value)	5,220)
Finance lease liability	502)
Total long-term debt and finance lease liability, including current portion (fair value)	5,790)
Financial Ratio
Debt, fair value to carrying amount ratio	1.08

Weighted-average interest rate on debt and finance leases: 2.76%

Interest rate	Debt amount¹	Interest rate × Debt amount
0.60%	537)	3)
5.10%	1,100)	56)
1.13%	750)	8)
7.20%	241)	17)
4.13%	138)	6)
1.90%	1,100)	21)
2.15%	1,000)	22)
3.00%	502)	15)
Total	5,368)	148)
2.76%

¹ US$ in millions

² Weighted-average interest rate = 100 × 148 ÷ 5,368 = 2.76%

Pioneer Natural Resources Co., interest costs incurred

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Interest expense	153)	128)	161)	129)	121)
Capitalized interest	—)	—)	2)	5)	5)
Interest incurred	153)	128)	163)	134)	126)

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Debt item	Description	The company
Interest expense	Amount of the cost of borrowed funds accounted for as interest expense for debt.	Pioneer Natural Resources Co. interest expense decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.
Capitalized interest	Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred.
Interest incurred	Total interest costs incurred during the period and either capitalized or charged against earnings.	Pioneer Natural Resources Co. interest incurred decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Net income (loss) attributable to common stockholders	4,894)	7,845)	2,118)	(200)	756)
Add: Income tax expense	1,353)	2,106)	628)	(61)	231)
Add: Interest expense	153)	128)	161)	129)	121)
Earnings before interest and tax (EBIT)	6,400)	10,079)	2,907)	(132)	1,108)

Interest incurred	153)	128)	163)	134)	126)
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)¹	41.83	78.74	18.06	-1.02	9.16
Adjusted interest coverage ratio (with capitalized interest)²	41.83	78.74	17.83	-0.99	8.79

2023 Calculations

¹ Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense
= 6,400 ÷ 153 = 41.83

² Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest incurred
= 6,400 ÷ 153 = 41.83

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Solvency ratio	Description	The company
Adjusted interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest).	Pioneer Natural Resources Co. adjusted interest coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Pioneer Natural Resources Co. (NYSE:PXD)

Analysis of Debt