Stock Analysis on Net
Stock Analysis on Net

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 Income Statement

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 67.04 66.89 64.37 51.68 50.83
Sales of purchased commodities 32.96 33.11 35.63 48.32 49.17
Revenue from contracts with purchasers 100.00% 100.00% 100.00% 100.00% 100.00%
Interest and other income (loss), net 0.20 0.49 0.13 -0.95 0.79
Derivative gain (loss), net -0.39 -1.29 -12.22 -4.00 0.35
Gain (loss) on disposition of assets, net 0.12 0.43 -5.97 0.13 -4.93
Revenues and other income 99.94% 99.63% 81.94% 95.17% 96.21%
Oil and gas production -10.54 -7.88 -7.09 -9.71 -9.04
Production and ad valorem taxes -4.05 -3.96 -3.64 -3.45 -3.09
Depletion, depreciation and amortization -14.77 -10.38 -13.98 -23.33 -17.69
Purchased commodities -33.99 -33.77 -36.71 -51.72 -46.24
Exploration and abandonments -0.41 -0.17 -0.29 -0.67 -0.60
General and administrative -2.38 -1.37 -1.63 -3.47 -3.35
Accretion of discount on asset retirement obligations -0.08 -0.06 -0.04 -0.13 -0.10
Operating income 33.71% 42.04% 18.56% 2.69% 16.09%
Interest expense -0.79 -0.52 -0.90 -1.84 -1.25
Unoccupied facility expense -0.17 -0.14 -0.21 0.01 0.00
Impairment of long-lived assets -0.11 -0.09 0.00 0.00 0.00
Legal and environmental contingencies -0.09 -0.09 -0.10 -0.17 -0.20
ExxonMobil merger-related costs -0.07 0.00 0.00 0.00 0.00
Transportation commitment charges -0.06 -0.04 -0.12 -0.23 -0.77
Idle equipment charges -0.03 -0.10 -0.06 -1.14 -0.26
Loss on early extinguishment of debt, net 0.00 -0.16 -0.01 -0.38 0.00
Parsley Acquisition transaction costs 0.00 0.00 -1.18 -0.14 0.00
DoublePoint Acquisition transaction costs 0.00 0.00 -0.18 0.00 0.00
Winter Storm Uri gas commitments 0.00 0.00 -0.45 0.00 0.00
Sand mine decommissioning-related charges 0.00 0.00 0.00 0.00 -0.24
Other -0.15 -0.07 0.02 -2.52 -3.17
Other expense -0.68% -0.71% -2.29% -4.57% -4.63%
Income (loss) before income taxes 32.24% 40.81% 15.37% -3.72% 10.21%
Income tax (provision) benefit -6.98 -8.64 -3.51 0.87 -2.39
Net income (loss) attributable to common stockholders 25.26% 32.17% 11.85% -2.85% 7.82%

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 performance from 2019 to 2023 is characterized by a significant expansion in profitability margins and a strategic shift in the composition of revenue streams. A period of volatility in 2020, which resulted in a net loss, was followed by a substantial recovery and a peak in margin efficiency in 2022.

Revenue Composition
There is a distinct trend toward a higher proportion of revenue derived from direct oil and gas production. Revenue from oil and gas increased from 50.83% of total contracts in 2019 to 67.04% by 2023. Conversely, the reliance on sales of purchased commodities declined from 49.17% in 2019 to 32.96% in 2023, indicating a shift toward organic production over third-party commodity trading.
Operational Cost Efficiency
General and administrative expenses have demonstrated a downward trend as a percentage of revenue, decreasing from 3.35% in 2019 to 2.38% in 2023, suggesting improved operational leverage. Depletion, depreciation, and amortization (DD&A) showed significant volatility, peaking at 23.33% of revenue in 2020 before declining to a low of 10.38% in 2022 and settling at 14.77% in 2023. Production and ad valorem taxes have remained relatively stable but showed a slight upward trajectory, moving from 3.09% to 4.05% over the period.
Profitability and Margin Analysis
Operating income experienced substantial growth, rising from 16.09% in 2019 to a peak of 42.04% in 2022, before moderating to 33.71% in 2023. This surge in operating efficiency translated to net income attributable to common stockholders, which moved from a deficit of -2.85% in 2020 to a peak of 32.17% in 2022 and 25.26% in 2023. The increase in profitability coincides with a higher tax provision, which rose from 0.87% in 2020 to 6.98% in 2023.
Non-Operating and Extraordinary Items
Derivative gains and losses exhibited extreme volatility, particularly in 2021 when losses reached 12.22% of revenue, significantly impacting the total revenues and other income for that year. Interest expense as a percentage of revenue has generally trended downward, falling from 1.25% in 2019 to 0.79% in 2023, indicating a reduction in the relative burden of debt service. Other expense items, including merger-related costs and acquisition transaction fees, remained minimal in the final two years of the analyzed period.

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