Adjustments to Financial Statements
Paying user area
Try for free
Pioneer Natural Resources Co. pages available for free this week:
- 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
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Pioneer Natural Resources Co. for $22.49.
This is a one-time payment. There is no automatic renewal.
We accept:
Adjustments to Total Liabilities
Pioneer Natural Resources Co., adjusted total liabilities
US$ in millions
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).
1 Operating lease liability (before adoption of FASB Topic 842). See details »
2 Deferred tax liabilities. See details »
- Total liabilities
- The total liabilities exhibit a general upward trend over the five-year period. Starting at 6,948 million US dollars at the end of 2019, the liabilities increased moderately to 7,660 million in 2020. A significant surge is observed in 2021 when liabilities rose sharply to 13,974 million. Subsequently, the total liabilities experienced a slight decline to 13,199 million in 2022, followed by a modest increase to 13,442 million in 2023. This pattern suggests a substantial expansion in liabilities starting in 2021, stabilizing somewhat in the last two years.
- Adjusted total liabilities
- Adjusted total liabilities follow a similar trajectory but show a distinctive pattern. The adjusted liabilities rose from 5,553 million in 2019 to 6,291 million in 2020, indicating moderate growth. A pronounced increase occurred in 2021, with adjusted liabilities reaching 11,935 million, mirroring the spike seen in total liabilities. However, unlike total liabilities, a notable decrease is observed in the following years, dropping to 9,332 million in 2022 and further to 9,040 million in 2023. This decline in adjusted liabilities after 2021 suggests effective management or revaluation efforts that reduced liabilities when adjustments were considered.
- Comparative observations
- The divergence between total liabilities and adjusted total liabilities from 2021 onwards is significant. While total liabilities remain elevated with minor fluctuations, adjusted liabilities show a clear downward trend after the peak in 2021. This difference indicates that the adjustments applied to total liabilities have a material impact, potentially reflecting changes in accounting policies, asset reclassifications, or liability remeasurements during these years.
Adjustments to Stockholders’ Equity
Pioneer Natural Resources Co., adjusted equity
US$ in millions
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).
1 Net deferred tax asset (liability). See details »
- Equity
- The equity demonstrates a notable increase over the five-year period, rising from approximately $12.1 billion at the end of 2019 to around $23.2 billion by the end of 2023. There is a slight decrease from 2019 to 2020, followed by a significant surge between 2020 and 2021, with equity nearly doubling. Afterward, the equity levels off with minor fluctuations, showing stability in the most recent years.
- Adjusted Equity
- Adjusted equity follows a similar upward trajectory, moving from about $13.5 billion in 2019 to approximately $27.6 billion in 2023. The trend reveals continuous growth each year, with the most substantial increases occurring between 2020 and 2023. Unlike the reported equity, adjusted equity does not experience a decrease in 2020, indicating that adjustments may smooth out some volatility present in the reported figures.
Adjustments to Capitalization Table
Pioneer Natural Resources Co., adjusted capitalization table
US$ in millions
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).
1 Operating lease liability (before adoption of FASB Topic 842). See details »
2 Operating lease liability, current. See details »
3 Operating lease liability, noncurrent. See details »
4 Net deferred tax asset (liability). See details »
- Total reported debt
- The total reported debt exhibited significant fluctuations over the analyzed period. It increased from $2,861 million in 2019 to a peak of $7,471 million in 2021, reflecting a substantial rise in debt levels. Subsequently, there was a notable decrease to $5,425 million in 2022, followed by a slight reduction to $5,337 million in 2023. This reflects a trend of initial debt accumulation, then a phase of deleveraging or repayment in the most recent years.
- Equity
- Equity values showed moderate variation across the years. Starting at $12,119 million in 2019, equity slightly declined to $11,569 million in 2020. Thereafter, it experienced a strong increase, reaching $22,837 million in 2021, and then stabilized with minor decreases to $22,541 million in 2022 and a rise to $23,171 million in 2023. The sharp increase in 2021 suggests a significant equity infusion or retained earnings growth in that year, contributing to a stronger equity base afterward.
- Total reported capital
- Total reported capital, the sum of debt and equity, mirrored the trends observed in both components. It grew from $14,980 million in 2019 to $30,308 million in 2021, more than doubling. This was followed by a slight decline and subsequent modest growth, ending at $28,508 million in 2023. The peak in 2021 aligns with the elevated debt and equity levels, while the later dip and recovery indicate shifting capital structure dynamics.
- Adjusted total debt
- Adjusted total debt followed a pattern similar to the reported total debt. It increased substantially from $3,167 million in 2019 to $7,835 million in 2021, then decreased to $5,786 million in 2022 and slightly further to $5,760 million in 2023. The higher adjusted debt figures suggest additional liabilities considered beyond reported debt, emphasizing the extent of financial obligations during peak years.
- Adjusted equity
- Adjusted equity also reflected growth trends consistent with reported equity but with higher absolute values. It rose from $13,514 million in 2019 to nearly double at $24,876 million in 2021, and continued growing to $26,408 million in 2022 and $27,573 million in 2023. This steady increase post-2021 indicates strengthening financial resilience when adjustments are made.
- Adjusted total capital
- The adjusted total capital displayed a trajectory consistent with the adjusted components. From $16,681 million in 2019, it increased to $32,711 million in 2021, then slightly declined to $32,194 million in 2022 and rebounded to $33,333 million in 2023. This overall upward trend suggests an expansion in the company's adjusted capital base, reflecting both increased leverage and equity adjustments.
- Summary of trends
- Over the five-year period, the company experienced a pronounced increase in both debt and equity, peaking around 2021. Subsequently, debt levels declined moderately while equity remained robust, resulting in a more balanced capital structure in the last two years. Adjusted figures, which account for additional liabilities and equity considerations, showed consistent expansion, underscoring underlying financial strength. The temporary spike in debt in 2021 indicates strategic financing decisions, followed by deleveraging and sustained growth in equity and total capital.
Adjustments to Reported Income
Pioneer Natural Resources Co., adjusted net income (loss) attributable to common stockholders
US$ in millions
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).
1 Deferred income tax expense (benefit). See details »
- Net Income (Loss) Attributable to Common Stockholders
-
There was a significant fluctuation in net income over the periods analyzed. The company reported a positive net income of $756 million at the end of 2019, followed by a substantial loss of $200 million in 2020. This loss was reversed in 2021, with net income increasing to $2,118 million.
The upward trend continued strongly into 2022, with net income reaching $7,845 million, marking the highest value in the data set. However, in 2023, net income declined notably to $4,894 million, though it remained well above pre-pandemic levels.
- Adjusted Net Income (Loss) Attributable to Common Stockholders
-
The adjusted net income follows a pattern similar to the net income, reflecting efforts to present results excluding certain non-recurring items. In 2019, adjusted net income was $971 million, which dipped to a loss of $255 million in 2020.
Thereafter, adjusted net income rose markedly to $2,699 million in 2021 and surged to $9,651 million in 2022. The figure then decreased to $5,400 million in 2023, which, while lower than the previous year, remains significantly higher than the years prior to 2021.
- Overall Trends and Insights
-
The data reveals volatility in profitability around the 2020 period, likely influenced by external factors affecting that year. Both net income and adjusted net income experienced sharp recoveries beginning in 2021, peaking in 2022 before moderating in 2023.
The adjusted net income values are consistently higher than the reported net income figures, suggesting the company’s adjustments positively impact the reported earnings and may exclude volatile or one-time costs.
The pronounced increase in earnings starting in 2021 indicates improved operational performance or favorable market conditions that contributed to substantial profit growth, although the partial decline in 2023 suggests some volatility or challenges returning.