Common-Size Balance Sheet: Assets
Quarterly Data
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- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2005
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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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.