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Pioneer Natural Resources Co. (NYSE:PXD)

This company has been moved to the archive! The financial data has not been updated since February 22, 2024.

Common-Size Balance Sheet: Assets

Pioneer Natural Resources Co., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Cash and cash equivalents 0.66 2.89 10.45 7.50 3.31
Restricted cash 0.00 0.00 0.10 0.31 0.39
Accounts receivable, net 4.34 5.18 4.58 3.61 5.43
Inventories 1.30 1.19 1.00 1.16 1.08
Investment in affiliate 0.38 0.48 0.37 0.64 0.98
Short-term investments, net 0.00 0.00 0.16 0.00 0.00
Other 0.44 0.69 0.11 0.27 0.31
Current assets 7.11% 10.43% 16.77% 13.50% 11.49%
Oil and gas properties, net 86.13 82.90 76.56 75.09 75.76
Other property and equipment, net 4.52 4.64 4.60 8.24 8.56
Property and equipment, net 90.65% 87.54% 81.16% 83.33% 84.32%
Operating lease right-of-use assets 1.09 0.95 0.95 1.02 1.47
Goodwill 0.66 0.68 0.66 1.36 1.37
Other assets 0.49 0.40 0.46 0.80 1.35
Noncurrent assets 92.89% 89.57% 83.23% 86.50% 88.51%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

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).

The asset composition of the balance sheet indicates a significant strategic shift toward capital-intensive operational assets, characterized by a marked increase in noncurrent assets and a corresponding decrease in liquidity over the five-year period ending December 31, 2023.

Liquidity and Current Asset Trends
Total current assets experienced a period of growth, peaking at 16.77% of total assets in 2021, before declining sharply to 7.11% by 2023. This trajectory was primarily driven by cash and cash equivalents, which rose from 3.31% in 2019 to a high of 10.45% in 2021, only to drop precipitously to 0.66% by the end of 2023. Accounts receivable remained relatively stable, fluctuating between 3.61% and 5.43% of total assets, while inventories maintained a consistent presence around 1% of total assets throughout the period.
Fixed Asset Concentration
There is a clear upward trend in the concentration of long-term productive assets. Oil and gas properties, net, grew steadily from 75.76% of total assets in 2019 to 86.13% in 2023. Consequently, the total property and equipment, net, increased from 84.32% to 90.65% over the same interval. This suggests a heightened allocation of capital toward core exploration and production assets.
Noncurrent Asset Evolution
Total noncurrent assets rose from 88.51% in 2019 to 92.89% in 2023. While the growth was dominated by oil and gas properties, other components showed a downward trend; for example, goodwill decreased from 1.37% in 2019 to 0.66% in 2023. Operating lease right-of-use assets remained marginal, hovering around 1% of total assets.
Overall Asset Structure Analysis
The balance sheet has transitioned from a more balanced distribution of liquidity and fixed assets toward an extreme concentration in noncurrent operational assets. The dramatic reduction in cash positions coinciding with the expansion of oil and gas properties indicates a reallocation of liquid resources into long-term capital investments or a significant utilization of cash for operational or corporate purposes.

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