Name: Pioneer Natural Resources Co. (NYSE:PXD) | Analysis of Revenues
Creator: Stock Analysis on Net

Analysis of Revenues

Revenues as Reported

Revenues as Reported

Download chart

Pioneer Natural Resources Co., income statement, revenues

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Oil sales	10,462)	12,289)	8,808)	2,871)	4,168)
NGL sales	1,617)	2,204)	1,707)	490)	510)
Gas sales	910)	1,817)	988)	269)	238)
Oil and gas revenues	12,989)	16,310)	11,503)	3,630)	4,916)
Sales of purchased oil	6,367)	7,992)	6,247)	3,359)	4,726)
Sales of purchased gas	18)	80)	62)	24)	29)
Sales of purchased diesel	—)	—)	58)	11)	—)
Sales of purchased sand	—)	2)	—)	—)	—)
Sales of purchased commodities	6,385)	8,074)	6,367)	3,394)	4,755)
Revenue from contracts with purchasers	19,374)	24,384)	17,870)	7,024)	9,671)

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 revenue from contracts with purchasers demonstrated significant volatility between 2019 and 2023, characterized by a sharp contraction in 2020 followed by a period of rapid expansion that peaked in 2022. Aggregate revenue increased from US$ 7,024 million in 2020 to a peak of US$ 24,384 million in 2022, before moderating to US$ 19,374 million in 2023.

Production-Based Revenue Trends: Oil and gas revenues experienced a dramatic upward trajectory following 2020. Oil sales, the primary revenue driver, rose from US$ 2,871 million in 2020 to US$ 12,289 million in 2022. Natural Gas Liquids (NGL) and Gas sales followed a similar pattern; notably, gas sales grew from US$ 269 million in 2020 to a peak of US$ 1,817 million in 2022, followed by a significant decline to US$ 910 million in 2023.
Purchased Commodity Revenue: Revenue derived from the sales of purchased commodities mirrored the volatility and growth patterns of direct production revenues. This segment grew from US$ 3,394 million in 2020 to US$ 8,074 million in 2022. Sales of purchased oil constitute the vast majority of this category, while contributions from purchased gas, diesel, and sand remained minimal and inconsistent over the five-year period.
Revenue Composition and Scale: A substantial shift in the scale of operations is evident when comparing the 2019-2020 period to the 2021-2023 period. Total oil and gas revenues increased from a 2019 value of US$ 4,916 million to US$ 12,989 million by 2023. The correlation between the growth in direct production sales and the growth in purchased commodity sales suggests that the overall revenue increases were driven by broader market commodity price increases or scaled trading activities rather than a shift in business model.

AI Ask an analyst for more

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.

How can I help you?