Name: Pioneer Natural Resources Co. (NYSE:PXD) | Income Statement
Creator: Stock Analysis on Net

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Pioneer Natural Resources Co., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Oil and gas	12,989)	16,310)	11,503)	3,630)	4,916)
Sales of purchased commodities	6,385)	8,074)	6,367)	3,394)	4,755)
Revenue from contracts with purchasers	19,374)	24,384)	17,870)	7,024)	9,671)
Interest and other income (loss), net	39)	119)	23)	(67)	76)
Derivative gain (loss), net	(75)	(315)	(2,183)	(281)	34)
Gain (loss) on disposition of assets, net	24)	106)	(1,067)	9)	(477)
Revenues and other income	19,362)	24,294)	14,643)	6,685)	9,304)
Oil and gas production	(2,042)	(1,922)	(1,267)	(682)	(874)
Production and ad valorem taxes	(785)	(965)	(651)	(242)	(299)
Depletion, depreciation and amortization	(2,862)	(2,530)	(2,498)	(1,639)	(1,711)
Purchased commodities	(6,585)	(8,235)	(6,560)	(3,633)	(4,472)
Exploration and abandonments	(80)	(41)	(51)	(47)	(58)
General and administrative	(461)	(334)	(292)	(244)	(324)
Accretion of discount on asset retirement obligations	(16)	(15)	(7)	(9)	(10)
Operating income	6,531)	10,252)	3,317)	189)	1,556)
Interest expense	(153)	(128)	(161)	(129)	(121)
Unoccupied facility expense	(32)	(35)	(38)	1)	—)
Impairment of long-lived assets	(22)	(23)	—)	—)	—)
Legal and environmental contingencies	(18)	(23)	(17)	(12)	(19)
ExxonMobil merger-related costs	(13)	—)	—)	—)	—)
Transportation commitment charges	(11)	(10)	(22)	(16)	(74)
Idle equipment charges	(5)	(25)	(10)	(80)	(25)
Loss on early extinguishment of debt, net	—)	(39)	(2)	(27)	—)
Parsley Acquisition transaction costs	—)	—)	(211)	(10)	—)
DoublePoint Acquisition transaction costs	—)	—)	(33)	—)	—)
Winter Storm Uri gas commitments	—)	—)	(80)	—)	—)
Sand mine decommissioning-related charges	—)	—)	—)	—)	(23)
Other	(30)	(18)	3)	(177)	(307)
Other expense	(131)	(173)	(410)	(321)	(448)
Income (loss) before income taxes	6,247)	9,951)	2,746)	(261)	987)
Income tax (provision) benefit	(1,353)	(2,106)	(628)	61)	(231)
Net income (loss) attributable to common stockholders	4,894)	7,845)	2,118)	(200)	756)

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).

Financial performance over the five-year period from 2019 to 2023 is characterized by significant volatility in revenue and net income, closely mirroring the fluctuations of energy commodity prices. A sharp decline occurred in 2020, followed by a period of substantial growth peaking in 2022, before a moderate contraction in 2023.

Revenue Dynamics: Revenue from contracts with purchasers exhibited extreme variance, falling from 9,671 million US$ in 2019 to 7,024 million US$ in 2020, before surging to a peak of 24,384 million US$ in 2022. This peak was driven primarily by Oil and gas sales, which reached 16,310 million US$ in 2022. By 2023, total revenue decreased to 19,374 million US$, indicating a correction from the 2022 highs.
Operating Expense Trends: Operating costs showed a general upward trajectory despite the volatility of top-line revenue. Oil and gas production expenses increased steadily from 874 million US$ in 2019 to 2,042 million US$ in 2023. Depletion, depreciation, and amortization followed a similar upward trend, rising from 1,711 million US$ in 2019 to 2,862 million US$ in 2023, suggesting an increase in the company's asset base or higher extraction intensity over time.
Profitability and Operating Margins: Operating income mirrored the revenue cycle, dropping to a low of 189 million US$ in 2020 before climbing to a high of 10,252 million US$ in 2022. Operating income for 2023 settled at 6,531 million US$. The substantial expansion between 2020 and 2022 suggests that revenue growth significantly outpaced the growth of operating expenses during that period.
Non-Operating Volatility and Extraordinary Items: The financial results were heavily influenced by non-operating items. Derivative losses were particularly acute in 2021, totaling 2,183 million US$, and significant losses on the disposition of assets occurred in 2019 (477 million US$) and 2021 (1,067 million US$). Interest expenses remained relatively stable, fluctuating between 121 million US$ and 161 million US$ throughout the period.
Net Income and Tax Impact: Net income attributable to common stockholders experienced a deep trough in 2020 with a loss of 200 million US$, followed by a rapid recovery to a peak of 7,845 million US$ in 2022. This growth was accompanied by a corresponding increase in income tax provisions, which rose from a benefit of 61 million US$ in 2020 to a provision of 2,106 million US$ in 2022. Net income for 2023 was 4,894 million US$, maintaining a level substantially higher than pre-2021 figures.

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