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

Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

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Pioneer Natural Resources Co., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income (loss)	4,894)	7,845)	2,118)	(200)	756)
Depletion, depreciation and amortization	2,862)	2,530)	2,498)	1,639)	1,711)
Exploration expenses	2)	7)	4)	11)	8)
Deferred income taxes	506)	1,807)	583)	(52)	236)
(Gain) loss on disposition of assets, net	(24)	(106)	1,067)	(9)	477)
Loss on early extinguishment of debt, net	—)	39)	2)	27)	—)
Accretion of discount on asset retirement obligations	16)	15)	7)	9)	10)
Interest expense	11)	10)	10)	51)	9)
Derivative-related activity	(12)	(96)	(451)	325)	13)
Amortization of share-based compensation	193)	78)	106)	72)	100)
Investment valuation adjustments	33)	(54)	(1)	64)	(15)
South Texas contingent consideration valuation adjustment	—)	—)	—)	42)	45)
Other	136)	126)	153)	208)	143)
Accounts receivable	259)	(171)	(607)	309)	(227)
Inventories	(57)	(59)	(125)	(20)	(20)
Other assets	(50)	(277)	(21)	24)	(33)
Accounts payable	(250)	(274)	1,059)	(179)	(7)
Interest payable	15)	(20)	(53)	(19)	—)
Income taxes payable	(23)	18)	41)	1)	(1)
Other liabilities	(63)	(70)	(331)	(220)	(90)
Changes in operating assets and liabilities, net of effects of acquisitions	(169)	(853)	(37)	(104)	(378)
Adjustments to reconcile net income (loss) to net cash provided by operating activities	3,554)	3,503)	3,941)	2,283)	2,359)
Net cash provided by operating activities	8,448)	11,348)	6,059)	2,083)	3,115)
Proceeds from disposition of assets	35)	367)	3,244)	60)	149)
Proceeds from short-term investments	—)	1,100)	—)	—)	624)
Purchases of short-term investments, net	—)	(1,020)	—)	(1)	—)
Cash used in acquisitions, net of cash acquired	—)	—)	(826)	—)	—)
Additions to oil and gas properties	(4,571)	(3,920)	(3,169)	(1,602)	(2,988)
Additions to other assets and other property and equipment	(177)	(113)	(118)	(125)	(232)
Net cash used in investing activities	(4,713)	(3,586)	(869)	(1,668)	(2,447)
Proceeds from issuance of debt, net of discount	2,649)	—)	3,897)	1,891)	—)
Proceeds from issuance of convertible senior notes	—)	—)	—)	1,323)	—)
Purchase of derivatives related to issuance of convertible senior notes	—)	—)	—)	(113)	—)
Repayment of debt	(3,290)	(2,576)	(4,658)	(1,998)	—)
Proceeds from capped call on convertible notes	132)	103)	—)	—)	—)
Payments of other liabilities	(19)	(192)	(164)	(173)	(14)
Payments of financing fees	(7)	—)	(32)	(36)	—)
Purchases of treasury stock	(701)	(1,687)	(269)	(176)	(653)
Exercise of stock options and employee stock purchases	8)	7)	13)	9)	6)
Dividends paid	(3,299)	(6,269)	(1,594)	(346)	(127)
Net cash provided by (used in) financing activities	(4,527)	(10,614)	(2,807)	381)	(788)
Net increase (decrease) in cash, cash equivalents and restricted cash	(792)	(2,852)	2,383)	796)	(120)
Cash, cash equivalents and restricted cash, beginning of period	1,032)	3,884)	1,501)	705)	825)
Cash, cash equivalents and restricted cash, end of period	240)	1,032)	3,884)	1,501)	705)

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 financial trajectory from 2019 to 2023 is characterized by a significant expansion in operating cash flows, coupled with an aggressive increase in capital expenditures and shareholder distributions. While net income exhibited substantial volatility, peaking in 2022, the company maintained a strong ability to generate cash from its core operations, which supported both growth investments and capital return programs.

Operating Cash Flow Trends: Net cash provided by operating activities grew from 3,115 million USD in 2019 to a peak of 11,348 million USD in 2022, before moderating to 8,448 million USD in 2023. This growth was driven by a recovery from a net loss in 2020 to substantial net income gains in subsequent years. Non-cash adjustments remained a primary driver of cash flow, with depletion, depreciation, and amortization consistently increasing from 1,711 million USD in 2019 to 2,862 million USD in 2023.
Investing Activities and Capital Deployment: Investment in oil and gas properties showed a consistent upward trend, increasing from 2,988 million USD in 2019 to 4,571 million USD in 2023, indicating a sustained commitment to capacity expansion and resource development. Net cash used in investing activities reached its highest outflow in 2023 at 4,713 million USD. Periodical gains were noted from the disposition of assets, most notably in 2021 with proceeds of 3,244 million USD.
Financing Strategy and Shareholder Returns: The company transitioned toward a more aggressive capital return strategy. Dividends paid rose sharply from 127 million USD in 2019 to a peak of 6,269 million USD in 2022, before settling at 3,299 million USD in 2023. Treasury stock purchases also peaked in 2022 at 1,687 million USD. Financing activities were heavily influenced by debt management, with significant repayments of debt occurring annually from 2020 through 2023, partially offset by new debt issuances.
Liquidity and Cash Position: The net increase or decrease in cash fluctuated significantly due to the timing of large dividend payments and debt repayments. The cash, cash equivalents, and restricted cash balance ended 2019 at 705 million USD, peaked at 3,884 million USD in 2021, and declined to 240 million USD by the end of 2023. This decline reflects a period where cash outflows for investing and financing activities exceeded the cash generated from operations.

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