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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
Quarterly Data

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 0.66 0.27 0.26 3.30 2.89 3.68 6.91 6.47 10.45 1.55 0.25 2.20 7.50 6.98 1.01 4.12 3.31 2.42 3.55 2.78
Restricted cash 0.00 0.00 0.00 0.00 0.00 0.02 0.02 0.02 0.10 0.12 0.13 0.18 0.31 0.35 0.39 0.39 0.39 0.42 0.41 0.00
Accounts receivable, net 4.34 5.09 4.26 3.85 5.18 5.42 6.28 6.50 4.58 4.47 4.54 4.19 3.61 3.49 3.16 2.91 5.43 4.72 4.36 4.78
Inventories 1.30 1.36 1.26 1.35 1.19 1.17 1.62 1.34 1.00 0.91 0.95 1.08 1.16 1.01 0.95 0.99 1.08 1.36 1.38 1.38
Investment in affiliate 0.38 0.48 0.39 0.33 0.48 0.37 0.45 0.63 0.37 0.38 0.41 0.58 0.64 0.35 0.47 0.22 0.98 0.84 1.90 1.89
Short-term investments, net 0.00 0.00 0.00 0.00 0.00 1.04 1.36 1.74 0.16 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2.42
Prepaids and other 0.44 0.45 0.43 0.78 0.69 0.27 0.30 0.26 0.11 0.13 0.12 0.17 0.27 0.57 0.70 2.24 0.31 0.89 0.41 0.39
Current assets 7.11% 7.66% 6.60% 9.61% 10.43% 11.98% 16.95% 16.95% 16.77% 7.57% 6.41% 8.41% 13.50% 12.75% 6.67% 10.86% 11.49% 10.64% 12.01% 13.65%
Proved properties 118.50 115.96 115.63 110.36 107.62 104.12 96.97 95.69 93.60 94.76 93.99 97.71 124.47 123.82 129.66 120.88 117.71 121.41 117.48 120.07
Unproved properties 15.80 16.12 16.57 16.23 16.81 16.63 15.95 16.07 16.47 22.63 23.14 20.42 3.00 3.01 3.22 3.06 3.06 3.34 3.35 3.31
Oil and gas properties, using the successful efforts method of accounting 134.30% 132.08% 132.20% 126.59% 124.43% 120.74% 112.92% 111.76% 110.07% 117.39% 117.12% 118.12% 127.46% 126.84% 132.88% 123.94% 120.77% 124.75% 120.83% 123.37%
Accumulated depletion, depreciation and amortization -48.18 -46.41 -45.57 -42.90 -41.53 -39.72 -36.38 -35.19 -33.51 -31.52 -30.32 -34.66 -52.37 -51.21 -52.21 -47.17 -45.01 -45.81 -43.49 -46.85
Oil and gas properties, net 86.13% 85.67% 86.63% 83.69% 82.90% 81.02% 76.53% 76.57% 76.56% 85.87% 86.80% 83.46% 75.09% 75.62% 80.67% 76.77% 75.76% 78.94% 77.33% 76.52%
Other property and equipment, net 4.52 4.51 4.58 4.54 4.64 4.67 4.50 4.59 4.60 4.60 4.71 5.54 8.24 8.45 9.06 8.55 8.56 5.84 5.72 5.84
Property and equipment, net 90.65% 90.17% 91.21% 88.23% 87.54% 85.69% 81.04% 81.16% 81.16% 90.47% 91.51% 89.00% 83.33% 84.07% 89.73% 85.32% 84.32% 84.78% 83.05% 82.36%
Operating lease right-of-use assets 1.09 1.03 1.03 1.02 0.95 1.01 0.88 0.87 0.95 0.85 0.94 1.22 1.02 1.04 1.21 1.31 1.47 1.77 1.83 1.94
Long-term investments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.06
Goodwill 0.66 0.67 0.68 0.67 0.68 0.68 0.65 0.66 0.66 0.70 0.71 0.86 1.36 1.38 1.46 1.37 1.37 1.44 1.45 1.44
Other assets 0.49 0.47 0.48 0.47 0.40 0.65 0.48 0.36 0.46 0.42 0.43 0.52 0.80 0.76 0.93 1.14 1.35 1.37 1.66 0.56
Noncurrent assets 92.89% 92.34% 93.40% 90.39% 89.57% 88.02% 83.05% 83.05% 83.23% 92.43% 93.59% 91.59% 86.50% 87.25% 93.33% 89.14% 88.51% 89.36% 87.99% 86.35%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

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).

The asset structure of the organization is characterized by a heavy concentration in noncurrent assets, which consistently represent the vast majority of the total asset base. Over the analyzed period, noncurrent assets fluctuated between 83.05% and 93.59%, ending at 92.89% as of December 31, 2023. This indicates a capital-intensive operational model where the bulk of value is tied to long-term productive assets.

Liquidity and Current Asset Trends
Current assets exhibited significant volatility, peaking at 16.95% in early 2022 before declining to 7.11% by the end of 2023. A primary driver of this volatility was the cash and cash equivalents position, which reached a high of 10.45% in December 2021 but plummeted to 0.66% by December 2023. This suggests a strategic shift in cash utilization or a significant increase in capital expenditures during the latter part of the period. Accounts receivable remained relatively stable, generally oscillating between 3% and 6% of total assets.
Oil and Gas Property Dynamics
A substantial shift in the composition of oil and gas properties occurred in early 2021. Proved properties, which previously accounted for over 120% of total assets (gross), dropped to approximately 97.71% in March 2021, while unproved properties spiked from 3.06% to 20.42% during the same period. This pattern suggests a major acquisition of undeveloped acreage or a significant reclassification of assets. By December 31, 2023, proved properties had climbed back to 118.50%, while unproved properties settled at 15.80%.
Depletion and Net Asset Value
Accumulated depletion, depreciation, and amortization showed a notable correction in the first quarter of 2021, moving from -52.37% to -34.66%. This reduction in the contra-asset account, coinciding with the increase in unproved properties, further supports the conclusion that new, less-depleted assets were integrated into the balance sheet. Consequently, net oil and gas properties trended upward from 76.52% in March 2019 to 86.13% in December 2023.
Fixed Asset Concentration
The overall weight of net property and equipment increased over the long term, rising from 82.36% to 90.65%. This growth was primarily driven by the net increase in oil and gas properties, while other property and equipment, net, saw a general decline from 5.84% to 4.52%. Other noncurrent items, such as goodwill and operating lease right-of-use assets, remained marginal, with goodwill gradually decreasing from 1.44% to 0.66%.

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