Balance Sheet: Assets
Quarterly Data
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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Pioneer Natural Resources Co. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Total Asset Turnover since 2005
- Analysis of Debt
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Pioneer Natural Resources Co., consolidated balance sheet: assets (quarterly data)
US$ in millions
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).
Over the analyzed periods, several noteworthy trends and fluctuations can be observed in the financial data.
- Liquidity indicators:
- Cash and cash equivalents exhibit significant volatility, initially rising from 511 million to a peak exceeding 1.4 billion in late 2020, then decreasing sharply in early 2021 before surging to almost 3.8 billion by year-end 2021. However, a decline resumed throughout 2022 and 2023, with levels dropping below 100 million in mid-2023 but showing slight recovery by the end of 2023. Restricted cash generally declines steadily from 75 million in mid-2019 to negligible amounts after mid-2022. Accounts receivable demonstrate a general upward trajectory, peaking around early 2022 at approximately 2.4 billion before decreasing in subsequent quarters. Inventories trend upwards from 2019 into 2022, with peaks around 606 million, followed by moderate fluctuations in 2023.
- Investment and other current assets:
- Investment in affiliates decreased markedly from 347 million in early 2019 to lows under 50 million during 2020 but recovered somewhat later, stabilizing below 200 million in 2023. Short-term investments show sporadic values, with significant entries around 2021 and 2022 but absent for many periods. Prepaids and other current assets show uneven patterns, with a marked spike to above 400 million in early 2020, followed by general fluctuations, including another rise above 280 million in early 2023. Overall current assets mirror these variations, with a notable peak in late 2021 exceeding 6 billion, then a steady decline through 2022 and 2023.
- Property and equipment:
- Proved properties steadily increase from 22 billion in early 2019 to nearly 43.4 billion by the end of 2023, indicating ongoing asset additions or revaluation. Unproved properties show volatility, with a sharp surge to over 8.5 billion by mid-2021 then a substantial decline afterwards, stabilizing around 5.7 billion in 2023. Oil and gas properties measured by the successful efforts accounting method follow a parallel trend to proved properties, rising considerably from about 22.6 billion in 2019 to nearly 49.2 billion by the end of 2023. Accumulated depletion, depreciation, and amortization steadily increase in magnitude, reflecting ongoing asset usage and consumption. Consequently, net oil and gas properties rose significantly during the period, peaking at over 32 billion in 2021 before declining before rebounding towards 31.5 billion at the end of 2023. Other property and equipment, net, show a gradual decline over the period, decreasing from 1.07 billion in 2019 to around 1.65 billion by the end of 2023. The total net property and equipment reflect these trends, with notable growth until 2021 followed by a contraction and then stabilization through 2023.
- Leases and other assets:
- Operating lease right-of-use assets decrease from 356 million in early 2019 to below 200 million by late 2020, before rising again to nearly 400 million at the end of 2023. Goodwill remains relatively stable, slightly decreasing from 264 million to 242 million over the time frame. Other assets fluctuate irregularly, generally remaining under 300 million.
- Total assets:
- Total assets exhibit significant growth, particularly between 2019 and 2021, rising from approximately 18.4 billion to nearly 37.8 billion. This peak is followed by a period of relative stability with minor fluctuations around 36 billion through 2022 and 2023, indicating a plateau after substantial asset increases.
In summary, the data reveals a pattern of substantial asset growth, especially in proved oil and gas properties, through early 2021, underpinned by strong capital investment. The period also shows volatile liquidity levels, with large swings in cash and current assets that suggest active cash management possibly aligned with operational or investment cycles. Recent quarters indicate some reduction or stabilization of asset growth and a decline in certain liquidity metrics, which may warrant closer monitoring for liquidity and capital allocation strategies going forward.