Common-Size Income Statement
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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Pioneer Natural Resources Co., common-size consolidated income statement (quarterly data)
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).
- Revenue Structure
- The composition of revenue from contracts with purchasers shows an increasing contribution from oil and gas sales over the analyzed period. Starting around 50% in early 2019, the share rises steadily to peak near 69% by late 2022, before slightly stabilizing around the mid-60% range in 2023. Conversely, sales of purchased commodities decrease from just under 50% in 2019 to roughly 30-35% in recent quarters, indicating a strategic shift towards more direct oil and gas revenue generation.
- Income and Other Income Components
- Interest and other income exhibit volatility, with values oscillating between slight positive and negative percentages relative to revenue, implying inconsistent returns from non-core activities or investments. Derivative gains or losses show significant fluctuations, including large negative spikes, especially in 2020 and 2021, which may reflect hedging adjunctions or market volatility exposure. Gains or losses on disposition of assets remain mostly minor, with a few notable negative deviations, particularly in late 2021.
- Cost Structure and Production
- Oil and gas production costs, expressed as a negative percentage of revenue, generally improve slightly from around -9% in 2019 to more favorable levels near -6% to -7% during 2021 and 2022, before increasing again towards the end of 2022 and 2023. Production and ad valorem taxes remain relatively stable at approximately -3% to -4.5% of revenue over the timeframe. Depletion, depreciation, and amortization as a cost category display a marked reduction from peaks near -36% in mid-2020 to a low of about -8.85% in mid-2022, suggesting improved asset efficiency or accounting changes, but rise again moderately toward 2023.
- Operational Expenses
- Purchased commodities costs closely mirror the revenue trend from commodities sales, declining from around -50% to about -30% of revenue in recent periods, aligning with the reduced revenue share from purchased commodities. Exploration and abandonment costs remain consistently low, generally below -0.5%, indicating limited capital expenditure or a conservative exploration approach. General and administrative expenses decrease steadily from over -4% in early 2019 to approximately -1.5% or lower during 2021 and 2022, though there is a slight increase again late in 2023. Accretion expenses stay minimal and stable throughout the period.
- Profitability
- Operating income as a percentage of revenue exhibits significant variability, plunging into negative territory in mid-2020 due to adverse market conditions, then recovering sharply to reach highs exceeding 40% in early 2022. Since then, it remains robust but slightly moderates to around 33% by the end of 2023. Interest expense shows a declining trend in relative terms, suggesting debt reduction or lower borrowing costs. Other expenses, though fluctuating, generally remain small compared to revenues.
- Tax and Net Income Trends
- Income before taxes follows a similar pattern as operating income, with steep declines during 2020, followed by a recovery and sustained strength through 2022 and 2023. Income tax provisions vary, occasionally turning into benefits during periods of losses or lower profitability, but generally constitute a negative impact around 6-9% of revenue in recent years. Net income attributable to common stockholders trends positively with strong recovery after 2020 losses, reaching around 25-33% of revenue in the latest quarters, indicating improved company profitability and financial health.
- General Observations
- The data reveal resilience and marked recovery from the 2020 downturn, likely associated with market disruptions. The strategic emphasis on increasing oil and gas sales relative to purchased commodities reflects a shift in business focus or operational adjustments. Cost management appears effective, with several expense items trending favorably post-2020. Profitability metrics return to strong levels, supporting solid financial performance in recent periods.