Analysis of Inventory
Inventory Disclosure
Pioneer Natural Resources Co., balance sheet: inventory
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Materials and supplies | 207) | 146) | 99) | 75) | 75) | ||||||
| Commodities | 269) | 278) | 270) | 149) | 130) | ||||||
| Inventories | 476) | 424) | 369) | 224) | 205) |
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).
Total inventories exhibit a consistent upward trajectory over the five-year period, increasing from 205 million USD in 2019 to 476 million USD in 2023. This represents an overall growth of approximately 132%, with the most significant expansion occurring after 2020.
- Materials and Supplies
- A sustained increase is observed in this category, which remained stagnant at 75 million USD between 2019 and 2020 before rising sharply to 207 million USD by 2023. This growth reflects a nearly threefold increase over the period, indicating a significant scaling of operational inputs or a rise in the procurement costs of essential supplies.
- Commodities
- Commodity inventory experienced a rapid surge between 2020 and 2021, increasing from 149 million USD to 270 million USD. Following this spike, the values reached a plateau, peaking at 278 million USD in 2022 and slightly moderating to 269 million USD by the end of 2023.
- Inventory Composition
- The relative weight of inventory components has shifted over the analyzed timeframe. While commodities remained the larger component of total inventory, the proportional contribution of materials and supplies increased from approximately 36.6% of total inventories in 2019 to 43.5% in 2023, suggesting a shift in the asset distribution within current assets.
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