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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 overall capital structure exhibits a high degree of stability over the analyzed five-year period. Total liabilities have remained relatively constant, fluctuating between 36.44% and 39.84% of total liabilities and equity. Correspondingly, total equity has maintained a consistent presence, ranging from 60.16% to 63.56%, indicating a disciplined approach to the company's leverage and financing mix.

Current Liability Trends
A general contraction in current liabilities is observed, decreasing from 13.09% in 2019 to 8.12% in 2023. This decline is primarily driven by a reduction in the current portion of debt, which dropped from 2.36% in 2019 to nearly negligible levels at 0.08% by 2023. Accounts payable, trade, remains the most significant component of current liabilities, stabilizing around 6.5% toward the end of the period.
Long-Term Obligation Dynamics
Long-term debt, excluding the current portion, showed a notable increase during the mid-period, rising from 9.64% in 2019 to a peak of 18.17% in 2021, before moderating to 13.13% by 2023. Simultaneously, deferred income taxes have grown steadily as a percentage of the total balance sheet, increasing from 7.28% in 2019 to 12.02% in 2023, now representing a more substantial portion of noncurrent liabilities.
Equity Composition and Shareholder Returns
Additional paid-in capital has remained the largest component of equity, fluctuating slightly between 48.05% and 52.54%. Retained earnings experienced significant volatility, dipping from 21.11% in 2019 to a low of 10.76% in 2021, followed by a recovery to 19.88% by 2023. Furthermore, a trend of increasing treasury stock is evident, with the contra-equity account moving from -5.61% in 2019 to -7.15% in 2023, suggesting a consistent program of share repurchases.
Lease and Other Liabilities
Lease liabilities have seen a gradual decline in their relative weight. Finance lease liabilities, both current and noncurrent, decreased from a combined 3.00% in 2019 to approximately 1.37% in 2023. Operating lease liabilities remained relatively flat, consistently representing less than 1.2% of the total balance sheet.

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