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 Balance Sheet: Liabilities and Stockholders’ Equity 

Pioneer Natural Resources Co., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Accounts payable, trade 6.59 6.96 6.47 4.83 6.40
Accounts payable, due to affiliates 0.10 0.42 0.49 0.53 1.00
Interest payable 0.13 0.09 0.14 0.18 0.28
Income taxes payable 0.11 0.18 0.12 0.02 0.02
Current portion of debt 0.08 2.18 0.66 0.73 2.36
Derivatives 0.14 0.12 1.46 1.22 0.06
Operating lease liability, current 0.48 0.35 0.33 0.52 0.71
Finance lease liability, current 0.06 0.06 0.05 0.09 0.08
Other 0.44 0.52 1.34 1.80 2.18
Current liabilities 8.12% 10.88% 11.06% 9.91% 13.09%
Long-term debt, excluding current portion 13.13 11.54 18.17 16.43 9.64
Derivatives 0.21 0.27 0.07 0.34 0.04
Deferred income taxes 12.02 10.82 5.54 7.10 7.28
Operating lease liability, noncurrent 0.68 0.66 0.66 0.57 0.89
Finance lease liability, noncurrent 1.31 1.40 1.42 2.80 2.92
Other liabilities 1.24 1.36 1.05 2.67 2.57
Noncurrent liabilities 28.59% 26.05% 26.90% 29.92% 23.35%
Total liabilities 36.71% 36.93% 37.96% 39.84% 36.44%
Common stock, $.01 par value 0.01 0.01 0.01 0.01 0.01
Additional paid-in capital 50.54 52.54 51.95 48.48 48.05
Treasury stock, at cost -7.15 -5.39 -0.67 -6.42 -5.61
Retained earnings 19.88 15.91 10.76 18.09 21.11
Accumulated other comprehensive income (loss), net of tax 0.00 0.00 0.00 0.00 0.00
Equity 63.29% 63.07% 62.04% 60.16% 63.56%
Total liabilities and equity 100.00% 100.00% 100.00% 100.00% 100.00%

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 annual financial data reveal several notable trends in the composition of liabilities and equity over the five-year period.

Current Liabilities
Accounts payable to trade as a percentage of total liabilities and equity fluctuated, declining from 6.4% in 2019 to a low of 4.83% in 2020, then increasing to peak at 6.96% in 2022 before slightly decreasing to 6.59% in 2023. Accounts payable due to affiliates steadily decreased from 1% in 2019 to a minimal 0.1% in 2023. Interest payable consistently declined from 0.28% in 2019 to 0.09% in 2022, with a slight recovery to 0.13% in 2023. Income taxes payable showed an increasing trend from near zero in 2019 and 2020 to a peak of 0.18% in 2022, followed by a decrease to 0.11% in 2023.
Debt Components of Current Liabilities
The current portion of debt exhibited volatility, falling sharply from 2.36% in 2019 to 0.73% in 2020, remaining low in 2021, then surging to 2.18% in 2022 before declining to 0.08% in 2023. Derivatives as a current liability rose significantly from 0.06% in 2019 to 1.46% in 2021, then sharply decreased to 0.12% in 2022 and steadied slightly at 0.14% in 2023. Operating lease liability, current, decreased from 0.71% in 2019 to 0.33% in 2021 and rose moderately to 0.48% by 2023. Finance lease liability, current, was relatively stable around 0.05-0.09% over the period. Other current liabilities steadily decreased from 2.18% in 2019 to 0.44% in 2023.
Total Current Liabilities
Current liabilities as a proportion of total liabilities and equity declined from 13.09% in 2019 to 8.12% in 2023, with minor fluctuations in between, indicating a gradual reduction in short-term obligations relative to the overall capital structure.
Long-term Liabilities
Long-term debt excluding the current portion increased markedly from 9.64% in 2019 to a peak of 18.17% in 2021, then decreased to 11.54% in 2022 before rising again to 13.13% in 2023. Noncurrent derivatives fluctuated, rising from 0.04% in 2019 to 0.34% in 2020, dropping to 0.07% in 2021, then increasing to 0.27% in 2022 and slightly easing to 0.21% in 2023. Deferred income taxes decreased from 7.28% in 2019 to 5.54% in 2021, then increased considerably to 12.02% in 2023. Operating lease liabilities noncurrent declined from 0.89% in 2019 to around 0.57-0.68% in subsequent years. Finance lease liabilities noncurrent dropped substantially from 2.92% in 2019 to 1.31% in 2023. Other noncurrent liabilities decreased from 2.57% to 1.24% during the period.
Total Noncurrent Liabilities
Noncurrent liabilities as a whole rose from 23.35% in 2019 to a high of 29.92% in 2020, then decreased to about 26% in 2022 before increasing to 28.59% in 2023. This variability reflects changes in long-term debt composition and deferred tax obligations.
Total Liabilities
Total liabilities as a proportion of total liabilities and equity increased from 36.44% in 2019 to a peak of 39.84% in 2020, then progressively declined reaching 36.71% in 2023, indicating a moderate stabilization of total obligations relative to the company’s capital base.
Equity Components
Common stock remained stable at 0.01% throughout the period. Additional paid-in capital increased steadily to peak at 52.54% in 2022 before decreasing to 50.54% in 2023. Treasury stock at cost showed significant fluctuation; it was lowest in 2021 at -0.67% but otherwise ranged between approximately -5.39% and -7.15%, indicating varying buyback activity. Retained earnings decreased from 21.11% in 2019 to 10.76% in 2021, then rebounded to 19.88% in 2023, suggesting periods of profit retention variability or dividend payouts. Accumulated other comprehensive income/loss data was not available.
Total Equity
Equity as a proportion of total liabilities and equity declined from 63.56% in 2019 to 60.16% in 2020, then increased to 63.29% in 2023, reflecting an overall strengthening of the equity base after a slight dip.
Capital Structure Overview
The capital structure exhibited moderate shifts between liabilities and equity components. After a peak in liabilities in 2020, the proportion of debt decreased, while equity increased, indicative of deleveraging or equity financing actions. The fluctuations in retained earnings and treasury stock suggest active management of earnings and share repurchases. Deferred income taxes and long-term debt played significant roles in the variations within noncurrent liabilities.