Stock Analysis on Net
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 Income Statement

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Pioneer Natural Resources Co., common-size consolidated income statement

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Oil and gas
Sales of purchased commodities
Revenue from contracts with purchasers
Interest and other income (loss), net
Derivative gain (loss), net
Gain (loss) on disposition of assets, net
Revenues and other income
Oil and gas production
Production and ad valorem taxes
Depletion, depreciation and amortization
Purchased commodities
Exploration and abandonments
General and administrative
Accretion of discount on asset retirement obligations
Operating income
Interest expense
Unoccupied facility expense
Impairment of long-lived assets
Legal and environmental contingencies
ExxonMobil merger-related costs
Transportation commitment charges
Idle equipment charges
Loss on early extinguishment of debt, net
Parsley Acquisition transaction costs
DoublePoint Acquisition transaction costs
Winter Storm Uri gas commitments
Sand mine decommissioning-related charges
Other
Other expense
Income (loss) before income taxes
Income tax (provision) benefit
Net income (loss) attributable to common stockholders

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).

Revenue Composition
The proportion of revenue derived from oil and gas showed a consistent increase over the period, rising from 50.83% in 2019 to 67.04% in 2023. Conversely, the revenue share from sales of purchased commodities decreased steadily from 49.17% in 2019 to 32.96% in 2023. This indicates a strategic shift or increased reliance on internally produced oil and gas revenue streams.
Other Income and Gains/Losses
Interest and other income exhibited minor fluctuations, with a negative value recorded in 2020 (-0.95%) but returning to positive, albeit small, percentages by 2023. Derivative gains/losses showed significant volatility, with a notable loss in 2021 (-12.22%) followed by smaller losses in subsequent years, suggesting exposure to market risks linked to derivatives that have somewhat stabilized.
Gains/losses on asset disposition fluctuated without a clear trend, with negative impacts in 2019 and 2021 and slight positive values in later years. Overall, revenues and other income remained close to total revenue, suggesting that income aside from contractual sales maintains a minimal but relatively stable proportion.
Cost and Expense Trends
Costs related to oil and gas production as a percentage of revenue remained relatively stable but generally negative, indicating persistent expense burdens associated with production activities, reaching -10.54% in 2023. Production and ad valorem taxes increased slightly over the years, indicating growing tax liabilities.
Depletion, depreciation, and amortization saw a decline between 2019 and 2022 but rose again in 2023, suggesting variations in asset base usage or valuation. Purchased commodities cost trends mirrored the revenue shift, decreasing significantly from 2019 to 2023, consistent with less reliance on purchased commodities.
Exploration and abandonment costs were low and decreased in 2022 before slightly increasing in 2023, indicating ongoing but controlled exploration commitments. General and administrative expenses reduced notably in 2021 and 2022 but increased again in 2023, implying some cost management efforts followed by a resurgence in administrative spending.
Operating Income and Profitability
Operating income displayed significant improvement from 2.69% in 2020 to a peak of 42.04% in 2022 before declining to 33.71% in 2023. This trajectory suggests substantial improvements in operational efficiency or favorable commodity prices followed by some margin compression in the most recent year.
Interest expenses decreased from 2019 to 2022, indicating possible debt reduction or refinancing at better rates, but rose slightly in 2023.
Other expenses generally declined over the period, with significant reductions seen after 2019, contributing positively to profitability. Various one-time costs related to acquisitions and impairments appeared sporadically but did not dominate expense patterns.
Income Before Taxes and Net Income
Income before income taxes showed a sharp recovery after a negative percentage in 2020 (-3.72%) to strong positive values in the following years, peaking at 40.81% in 2022 before dropping to 32.24% in 2023. The income tax provision followed the increase in pre-tax income, with some fluctuations including a tax benefit in 2020.
Net income attributable to common stockholders mirrored these patterns, recovering from a loss in 2020 (-2.85%) to a high of 32.17% in 2022, then decreasing moderately to 25.26% in 2023.
Other Operational Charges
Charges such as unoccupied facility expenses, impairment of long-lived assets, legal and environmental contingencies, transportation commitment charges, and idle equipment charges were generally minor and stable, with occasional small increases or decreases indicative of non-recurring or operational adjustments.