Stock Analysis on Net

Pioneer Natural Resources Co. (NYSE:PXD)

$22.49

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

Common-Size Balance Sheet: Assets
Quarterly Data

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Pioneer Natural Resources Co., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Cash and cash equivalents
Restricted cash
Accounts receivable, net
Inventories
Investment in affiliate
Short-term investments, net
Prepaids and other
Current assets
Proved properties
Unproved properties
Oil and gas properties, using the successful efforts method of accounting
Accumulated depletion, depreciation and amortization
Oil and gas properties, net
Other property and equipment, net
Property and equipment, net
Operating lease right-of-use assets
Long-term investments
Goodwill
Other assets
Noncurrent assets
Total assets

Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).


Cash and Cash Equivalents
The proportion of cash and cash equivalents to total assets fluctuated over the observed periods. Starting at 2.78% in March 2019, it reached notable highs in late 2020 with peaks of 6.98% and 7.5% in the third and fourth quarters, respectively. However, subsequent quarters saw declines, with a significant dip below 1% in mid-2023, indicating varying liquidity positions throughout the timeline.
Restricted Cash
Restricted cash remained a minor component of total assets, generally below 0.5%, with a gradual decline over time, nearly disappearing after mid-2022. Its decreasing trend suggests less capital being held under restrictions.
Accounts Receivable, Net
The accounts receivable as a percentage of total assets exhibited variability, ranging roughly between 2.9% to above 6%. After a low in early 2020 (~2.9%), the figure rebounded notably in early 2022, peaking at 6.5%, before decreasing again in 2023. This reflects fluctuating credit extended to customers relative to asset size.
Inventories
Inventory levels as a percentage of total assets showed minor fluctuations, generally maintaining a narrow band between 0.9% and 1.6%. A slight increase was noticeable in mid-2022, suggesting a temporary buildup of inventories.
Investment in Affiliate
This item stayed consistently low, mostly under 1%, with minor fluctuations. No strong upward or downward trend is evident, indicating stable investment levels in affiliates relative to total assets.
Short-term Investments, Net
Data for short-term investments is sparse, but shows a spike around early 2022 ranging from approximately 0.16% to 1.74%, followed by declines. This indicates some intermittent use of short-term investment instruments during the period.
Prepaids and Other
This component saw an irregular trend, spiking in early 2020 to over 2% before dropping below 1%. It then remained relatively low but exhibited a gradual increase again towards 2023, indicating fluctuating prepaid asset levels.
Current Assets
Current assets as a percentage of total assets declined sharply in mid-2020, falling from over 10% to about 6.7%, followed by a recovery peaking at approximately 16.8% in late 2021 and early 2022. However, the trend reversed again, reducing to around 7% by late 2023. This indicates volatility in working capital components over the years.
Proved Properties
Proved properties consistently represented the largest asset category, ranging mostly between 90% and 130% of total assets, which suggests it is a principal asset class. Notably, percentages decreased during 2021 but rebounded steadily afterward, reaching about 118.5% by the end of 2023, indicating asset growth and capital expenditure in property holdings.
Unproved Properties
There was a sharp increase in unproved properties at the beginning of 2021 to over 20%, peaking around 23%, then declining to approximately 16% by the end of 2023. This suggests periods of increased exploration or development activity followed by some divestment or write-downs.
Oil and Gas Properties Using Successful Efforts Method
This aggregated line closely mirrored the trends of proved and unproved properties combined, peaking around the start of 2021, followed by a slight decline, and a rising trajectory towards the end of 2023, indicating steady investment in core oil and gas assets.
Accumulated Depletion, Depreciation, and Amortization
This negative asset component increased in magnitude over time, reflecting growing recognition of depletion and depreciation expenses. From around -46.85% in early 2019, it deepened to over -48% by late 2023, indicating ongoing asset usage and aging.
Oil and Gas Properties, Net
The net oil and gas properties' percentage showed variability, with a dip in 2020 followed by a substantial rise in 2021, then a gradual increase through 2023 to about 86%. This reflects both capital investments and the impact of accumulated depletion.
Other Property and Equipment, Net
This asset category remained relatively stable, generally fluctuating between 4.5% and 9%. A peak occurred around mid-2020, followed by a return to lower levels thereafter, indicating controlled investment in non-core property and equipment.
Property and Equipment, Net
The combined net property and equipment figures echoed the trends in oil and gas properties, with percentages ranging around 80% to 90%. After a dip in 2020, a consistent upward trend resumed from 2021 through 2023, indicating asset growth.
Operating Lease Right-of-Use Assets
This relatively minor category gradually decreased from approximately 1.9% in 2019 to around 1% in 2020, showing some volatility but generally stabilizing near 1% through 2023, reflecting lease recognition consistent with accounting standards.
Long-term Investments
Few data points exist, but where present, long-term investments are negligible relative to total assets.
Goodwill
Goodwill as a percentage exhibited a slow declining trend from approximately 1.44% in early 2019 to around 0.66% in late 2023, indicating either impairment or disposal of acquired assets over time.
Other Assets
Other assets remained minimal, fluctuating mostly under 1%, without a clear upward or downward trend, implying stable insignificant contributions to total assets.
Noncurrent Assets
Noncurrent assets represented the dominant portion of total assets, consistently exceeding 80%, peaking near 93% in late 2023. This underscores the capital-intensive nature of the asset base with predominance of long-term holdings.
Total Assets
As expected, total assets are normalized at 100% throughout the periods, serving as the base for relative comparisons across asset categories.