Common-Size Balance Sheet: Assets
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Pioneer Natural Resources Co., common-size consolidated balance sheet: assets
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 financial data shows a clear shift in asset composition over the period analyzed. There is a notable decline in the proportion of liquid assets relative to total assets. Specifically, the percentage of cash and cash equivalents dropped consistently from a peak of 10.45% in 2021 to a low of 0.66% in 2023. Restricted cash also diminished, disappearing from the record after 2021. This trend suggests a decreased emphasis on liquidity or possibly increased investment activity.
Accounts receivable, net, demonstrate moderate fluctuations but overall remain within a narrow band, with a slight increase from 3.61% in 2020 to 5.18% in 2022, before declining to 4.34% in 2023. Inventories showed a small but steady increase over the same period, from 1.08% in 2019 to 1.30% in 2023, indicating slightly higher stock levels relative to total assets.
Investments in affiliates consistently decreased, moving from 0.98% in 2019 to 0.38% in 2023, signaling a potential divestiture or reduced reliance on affiliated entities. Short-term investments, net, appear sporadically in 2021 at a minimal level, with no other reporting years, indicating limited use in the portfolio.
Other current assets have generally declined, apart from a brief uptick to 0.69% in 2022, before falling back to 0.44% in 2023. Overall, current assets as a percentage of total assets decreased markedly after peaking at 16.77% in 2021 down to 7.11% in 2023, reinforcing a less liquid or more capital-invested asset base.
The dominant shift is observed in long-term assets, especially oil and gas properties, net. This category increased steadily from 75.76% in 2019 to 86.13% in 2023, reflecting significant investment or capital allocation to core operational assets. Other property and equipment, net, decreased notably from 8.56% in 2019 to about 4.52% in 2023, implying potential disposals, depreciation, or lesser investment in non-core equipment.
Property and equipment, net, as a whole, rose from 84.32% to 90.65%, underlining increased focus on physical and operational asset capacity. Operating lease right-of-use assets remained relatively stable between 0.95% and 1.09%, showing consistent leasing activity.
Goodwill showed a decline in proportion from 1.37% in 2019 to around 0.66% in 2023, suggesting impairments or adjustments to acquisitions. Other noncurrent assets decreased over time, moving from 1.35% to 0.49%, a minor component but indicating some asset reclassification or sales.
Noncurrent assets increased their share of total assets from 88.51% in 2019 to 92.89% in 2023, showing a growing concentration in long-term investment. Overall, the data reflects a strategic trend toward consolidating asset holdings in core production properties and reducing liquidity and short-term asset exposure over the years analyzed.