Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Deferred Tax Assets and Liabilities, Classification
Adjustments to Financial Statements: Removal of Deferred Taxes
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Adjusted Net Profit Margin
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Pioneer Natural Resources Co., income tax expense (benefit), continuing operations

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
U.S. federal	807)	260)	1)	(12)	(8)
U.S. state	40)	39)	44)	3)	3)
Current income tax provision (benefit)	847)	299)	45)	(9)	(5)
U.S. federal	493)	1,788)	585)	(55)	224)
U.S. state	13)	19)	(2)	3)	12)
Deferred income tax provision (benefit)	506)	1,807)	583)	(52)	236)
Income tax provision (benefit)	1,353)	2,106)	628)	(61)	231)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
Current income tax provision (benefit)	Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.	Pioneer Natural Resources Co. current income tax provision (benefit) increased from 2021 to 2022 and from 2022 to 2023.
Deferred income tax provision (benefit)	Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.	Pioneer Natural Resources Co. deferred income tax provision (benefit) increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Income tax provision (benefit)	Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Pioneer Natural Resources Co. income tax provision (benefit) increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.

Pioneer Natural Resources Co., effective income tax rate (EITR) reconciliation

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
	Federal statutory income tax rate	21.00%	21.00%	21.00%	21.00%	21.00%
	Effective tax rate	22.00%	21.00%	23.00%	23.00%	23.00%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
Effective tax rate	Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Pioneer Natural Resources Co., components of deferred tax assets and liabilities

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Lease deferred tax assets	201)	190)	196)	167)	191)
Net operating loss carryforward	164)	225)	1,263)	1,111)	1,039)
Asset retirement obligations	100)	104)	77)	61)	41)
Net deferred hedge losses	30)	33)	167)	68)	—)
Incentive plans	24)	25)	27)	29)	40)
Credit carryforwards	4)	—)	110)	110)	101)
Convertible debt	—)	2)	17)	—)	—)
South Texas Divestiture	—)	—)	41)	62)	75)
Other	52)	54)	60)	47)	47)
Deferred tax assets	575)	633)	1,958)	1,655)	1,534)
Oil and gas properties, principally due to differences in basis, depletion and the deduction of intangible drilling costs for tax purposes	(4,627)	(4,186)	(3,664)	(2,741)	(2,628)
Other property and equipment, principally due to the deduction of bonus depreciation for tax purposes	(246)	(233)	(235)	(196)	(189)
Lease deferred tax liabilities	(87)	(72)	(76)	(43)	(61)
Convertible debt	(6)	—)	—)	(23)	—)
South Texas Divestiture	—)	—)	(18)	(16)	(35)
Net deferred hedge gains	—)	—)	—)	—)	(4)
Other	(11)	(9)	(3)	(2)	(6)
Deferred tax liabilities	(4,977)	(4,500)	(3,996)	(3,021)	(2,923)
Net deferred tax asset (liability)	(4,402)	(3,867)	(2,038)	(1,366)	(1,389)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
Deferred tax assets	Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Pioneer Natural Resources Co. deferred tax assets decreased from 2021 to 2022 and from 2022 to 2023.
Net deferred tax asset (liability)	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.	Pioneer Natural Resources Co. net deferred tax asset (liability) decreased from 2021 to 2022 and from 2022 to 2023.

Pioneer Natural Resources Co., deferred tax assets and liabilities, classification

US$ in millions

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
	Deferred tax liabilities	4,402)	3,867)	2,038)	1,366)	1,389)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
Deferred tax liabilities	Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent.	Pioneer Natural Resources Co. deferred tax liabilities increased from 2021 to 2022 and from 2022 to 2023.

Pioneer Natural Resources Co., adjustments to financial statements

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Adjustment to Total Liabilities
Total liabilities (as reported)	13,442)	13,199)	13,974)	7,660)	6,948)
Less: Noncurrent deferred tax liabilities, net	4,402)	3,867)	2,038)	1,366)	1,389)
Total liabilities (adjusted)	9,040)	9,332)	11,936)	6,294)	5,559)
Adjustment to Equity
Equity (as reported)	23,171)	22,541)	22,837)	11,569)	12,119)
Less: Net deferred tax assets (liabilities)	(4,402)	(3,867)	(2,038)	(1,366)	(1,389)
Equity (adjusted)	27,573)	26,408)	24,875)	12,935)	13,508)
Adjustment to Net Income (loss) Attributable To Common Stockholders
Net income (loss) attributable to common stockholders (as reported)	4,894)	7,845)	2,118)	(200)	756)
Add: Deferred income tax expense (benefit)	506)	1,807)	583)	(52)	236)
Net income (loss) attributable to common stockholders (adjusted)	5,400)	9,652)	2,701)	(252)	992)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Pioneer Natural Resources Co., Financial Data: Reported vs. Adjusted

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Pioneer Natural Resources Co., adjusted financial ratios

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net Profit Margin
Reported net profit margin	25.26%	32.17%	11.85%	-2.85%	7.82%
Adjusted net profit margin	27.87%	39.58%	15.11%	-3.59%	10.26%
Financial Leverage
Reported financial leverage	1.58	1.59	1.61	1.66	1.57
Adjusted financial leverage	1.33	1.35	1.48	1.49	1.41
Return on Equity (ROE)
Reported ROE	21.12%	34.80%	9.27%	-1.73%	6.24%
Adjusted ROE	19.58%	36.55%	10.86%	-1.95%	7.34%
Return on Assets (ROA)
Reported ROA	13.37%	21.95%	5.75%	-1.04%	3.96%
Adjusted ROA	14.75%	27.01%	7.34%	-1.31%	5.20%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Pioneer Natural Resources Co. adjusted net profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Pioneer Natural Resources Co. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Pioneer Natural Resources Co. adjusted ROE improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Pioneer Natural Resources Co. adjusted ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Pioneer Natural Resources Co., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to common stockholders	4,894)	7,845)	2,118)	(200)	756)
Revenue from contracts with purchasers	19,374)	24,384)	17,870)	7,024)	9,671)
Profitability Ratio
Net profit margin¹	25.26%	32.17%	11.85%	-2.85%	7.82%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to common stockholders	5,400)	9,652)	2,701)	(252)	992)
Revenue from contracts with purchasers	19,374)	24,384)	17,870)	7,024)	9,671)
Profitability Ratio
Adjusted net profit margin²	27.87%	39.58%	15.11%	-3.59%	10.26%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Net profit margin = 100 × Net income (loss) attributable to common stockholders ÷ Revenue from contracts with purchasers
= 100 × 4,894 ÷ 19,374 = 25.26%

² Adjusted net profit margin = 100 × Adjusted net income (loss) attributable to common stockholders ÷ Revenue from contracts with purchasers
= 100 × 5,400 ÷ 19,374 = 27.87%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Pioneer Natural Resources Co. adjusted net profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Total assets	36,613)	35,740)	36,811)	19,229)	19,067)
Equity	23,171)	22,541)	22,837)	11,569)	12,119)
Solvency Ratio
Financial leverage¹	1.58	1.59	1.61	1.66	1.57
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Total assets	36,613)	35,740)	36,811)	19,229)	19,067)
Adjusted equity	27,573)	26,408)	24,875)	12,935)	13,508)
Solvency Ratio
Adjusted financial leverage²	1.33	1.35	1.48	1.49	1.41

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Financial leverage = Total assets ÷ Equity
= 36,613 ÷ 23,171 = 1.58

² Adjusted financial leverage = Total assets ÷ Adjusted equity
= 36,613 ÷ 27,573 = 1.33

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Pioneer Natural Resources Co. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to common stockholders	4,894)	7,845)	2,118)	(200)	756)
Equity	23,171)	22,541)	22,837)	11,569)	12,119)
Profitability Ratio
ROE¹	21.12%	34.80%	9.27%	-1.73%	6.24%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to common stockholders	5,400)	9,652)	2,701)	(252)	992)
Adjusted equity	27,573)	26,408)	24,875)	12,935)	13,508)
Profitability Ratio
Adjusted ROE²	19.58%	36.55%	10.86%	-1.95%	7.34%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ ROE = 100 × Net income (loss) attributable to common stockholders ÷ Equity
= 100 × 4,894 ÷ 23,171 = 21.12%

² Adjusted ROE = 100 × Adjusted net income (loss) attributable to common stockholders ÷ Adjusted equity
= 100 × 5,400 ÷ 27,573 = 19.58%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Pioneer Natural Resources Co. adjusted ROE improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to common stockholders	4,894)	7,845)	2,118)	(200)	756)
Total assets	36,613)	35,740)	36,811)	19,229)	19,067)
Profitability Ratio
ROA¹	13.37%	21.95%	5.75%	-1.04%	3.96%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to common stockholders	5,400)	9,652)	2,701)	(252)	992)
Total assets	36,613)	35,740)	36,811)	19,229)	19,067)
Profitability Ratio
Adjusted ROA²	14.75%	27.01%	7.34%	-1.31%	5.20%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ ROA = 100 × Net income (loss) attributable to common stockholders ÷ Total assets
= 100 × 4,894 ÷ 36,613 = 13.37%

² Adjusted ROA = 100 × Adjusted net income (loss) attributable to common stockholders ÷ Total assets
= 100 × 5,400 ÷ 36,613 = 14.75%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Pioneer Natural Resources Co. adjusted ROA 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 Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Deferred Tax Assets and Liabilities, Classification

Adjustments to Financial Statements: Removal of Deferred Taxes

Pioneer Natural Resources Co., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Pioneer Natural Resources Co., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)