Cash Flow Statement
Quarterly Data

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.

Pioneer Natural Resources Co., consolidated cash flow statement (quarterly data)

US$ in millions

3 months ended:	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Net income (loss)	1,269)	1,301)	1,102)	1,222)	1,481)	1,984)	2,371)	2,009)	763)	1,045)	380)	(70)	43)	(85)	(449)	291)	344)	231)	(169)	350)
Depletion, depreciation and amortization	775)	728)	695)	664)	656)	640)	620)	614)	673)	704)	647)	474)	396)	393)	416)	434)	440)	438)	412)	421)
Exploration expenses	1)	—)	1)	—)	1)	—)	1)	5)	1)	—)	—)	3)	3)	5)	1)	2)	2)	2)	3)	1)
Deferred income taxes	165)	118)	113)	110)	559)	203)	513)	532)	212)	280)	109)	(18)	(16)	(16)	(97)	77)	109)	71)	(47)	103)
(Gain) loss on disposition of assets, net	(1)	(1)	3)	(25)	(1)	(35)	(36)	(34)	1,081)	(1)	(2)	(11)	(2)	(1)	(6)	—)	—)	(21)	489)	9)
Loss on early extinguishment of debt	—)	—)	—)	—)	(8)	—)	—)	47)	—)	—)	(3)	5)	—)	—)	27)	—)	—)	—)	—)	—)
Accretion of discount on asset retirement obligations	4)	4)	4)	4)	3)	4)	4)	4)	2)	2)	2)	1)	2)	2)	3)	2)	3)	2)	2)	3)
Interest expense	3)	2)	3)	3)	3)	2)	2)	3)	4)	3)	2)	1)	17)	16)	13)	5)	5)	1)	2)	1)
Derivative-related activity	(181)	151)	(18)	36)	(1)	(135)	(27)	67)	(1,087)	4)	262)	370)	196)	60)	484)	(415)	129)	(96)	(37)	17)
Amortization of stock-based compensation	123)	20)	27)	23)	19)	20)	20)	19)	19)	18)	17)	52)	18)	21)	17)	16)	19)	19)	38)	24)
Investment valuation adjustments	37)	(39)	(18)	53)	(37)	32)	65)	(114)	20)	8)	25)	(54)	(55)	18)	(44)	145)	(37)	193)	3)	(174)
South Texas contingent consideration valuation adjustment	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(22)	1)	63)	(16)	48)	13)	—)
Other	24)	28)	33)	51)	57)	22)	17)	30)	37)	35)	36)	45)	45)	29)	34)	100)	13)	23)	13)	94)
Accounts receivable	258)	(337)	(123)	461)	82)	406)	38)	(697)	(6)	(8)	(263)	(330)	(62)	(97)	(11)	479)	(180)	(64)	86)	(69)
Inventories	16)	(49)	39)	(63)	(4)	186)	(115)	(126)	(32)	9)	(12)	(90)	(33)	(21)	18)	16)	35)	3)	(22)	(36)
Other assets	(55)	(46)	114)	(63)	(181)	(52)	(44)	—)	(45)	1)	7)	16)	—)	(2)	5)	21)	(18)	1)	(1)	(15)
Accounts payable	(124)	216)	38)	(380)	(14)	(348)	(90)	178)	544)	(45)	295)	265)	(15)	149)	(29)	(284)	(8)	70)	5)	(74)
Interest payable	32)	(31)	30)	(16)	12)	(19)	17)	(30)	23)	(22)	3)	(57)	18)	(10)	8)	(35)	29)	(29)	29)	(29)
Income taxes payable	(3)	18)	(263)	225)	18)	8)	(25)	17)	16)	11)	7)	7)	—)	—)	—)	—)	—)	—)	—)	—)
Other liabilities	6)	(11)	(67)	9)	(47)	27)	(110)	60)	(1)	(52)	(46)	(232)	(18)	(47)	(62)	(92)	(41)	2)	(30)	(22)
Changes in operating assets and liabilities	130)	(240)	(232)	173)	(134)	208)	(329)	(598)	499)	(106)	(9)	(421)	(110)	(28)	(71)	105)	(183)	(17)	67)	(245)
Adjustments to reconcile net income (loss) to net cash provided by operating activities	1,080)	771)	611)	1,092)	1,117)	961)	850)	575)	1,461)	947)	1,086)	447)	494)	477)	778)	534)	484)	663)	958)	254)
Net cash provided by operating activities	2,349)	2,072)	1,713)	2,314)	2,598)	2,945)	3,221)	2,584)	2,224)	1,992)	1,466)	377)	537)	392)	329)	825)	828)	894)	789)	604)
Proceeds from disposition of assets	11)	1)	19)	4)	74)	40)	43)	210)	3,185)	27)	9)	23)	2)	51)	6)	1)	67)	25)	51)	6)
Proceeds from short-term investments	—)	—)	—)	—)	373)	506)	146)	75)	—)	—)	—)	—)	—)	—)	—)	—)	56)	—)	456)	112)
Purchase of short-term investments, net	—)	—)	—)	—)	—)	(370)	(10)	(640)	—)	—)	—)	—)	—)	—)	(1)	—)	—)	—)	—)	—)
Cash used in acquisitions, net of cash acquired	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(943)	117)	—)	—)	—)	—)	—)	—)	—)	—)
Additions to oil and gas properties	(1,135)	(1,016)	(1,240)	(1,180)	(1,114)	(972)	(917)	(917)	(978)	(998)	(729)	(464)	(305)	(263)	(395)	(639)	(608)	(870)	(769)	(741)
Additions to other assets and other property and equipment	(56)	(52)	(41)	(28)	(8)	(44)	(20)	(41)	(41)	(22)	(31)	(24)	(23)	(24)	(35)	(43)	(48)	(49)	(63)	(72)
Net cash used in investing activities	(1,180)	(1,067)	(1,262)	(1,204)	(675)	(840)	(758)	(1,313)	2,166)	(993)	(1,694)	(348)	(326)	(236)	(425)	(681)	(533)	(894)	(325)	(695)
Proceeds from issuance of debt, net of discount	60)	900)	240)	1,449)	—)	—)	—)	—)	—)	—)	1,400)	2,497)	—)	1,091)	—)	800)	—)	—)	—)	—)
Proceeds from issuance of convertible senior notes	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	1,323)	—)	—)	—)	—)	—)
Purchase of derivatives related to issuance of convertible senior notes	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(113)	—)	—)	—)	—)	—)
Repayment of debt	(296)	(1,506)	(908)	(580)	(479)	(802)	(3)	(1,292)	—)	—)	(1,621)	(3,037)	—)	—)	(1,548)	(450)	—)	—)	—)	—)
Proceeds from capped call on convertible notes	28)	46)	27)	31)	32)	45)	26)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Payments of other liabilities	(6)	(5)	(4)	(4)	(9)	(54)	(8)	(121)	(11)	(6)	(7)	(140)	(11)	(8)	(8)	(146)	(4)	(8)	(1)	(1)
Payments of financing fees	—)	—)	—)	(7)	—)	—)	—)	—)	—)	(1)	(3)	(28)	—)	(10)	(26)	—)	—)	—)	—)	—)
Purchases of treasury stock	(45)	(10)	(126)	(520)	(401)	(511)	(499)	(276)	(250)	(5)	(1)	(13)	(2)	(2)	(50)	(122)	(26)	(203)	(202)	(222)
Exercise of long-term incentive plan stock options and employee stock purchases	—)	8)	—)	—)	—)	6)	—)	1)	2)	5)	—)	6)	3)	6)	—)	—)	—)	6)	—)	—)
Dividends paid	(768)	(431)	(781)	(1,319)	(1,356)	(2,052)	(1,788)	(1,073)	(874)	(507)	(122)	(91)	(91)	(91)	(91)	(73)	(73)	—)	(54)	—)
Net cash provided by (used in) financing activities	(1,027)	(998)	(1,552)	(950)	(2,213)	(3,368)	(2,272)	(2,761)	(1,133)	(514)	(354)	(806)	(101)	986)	(513)	9)	(103)	(205)	(257)	(223)
Net increase (decrease) in cash, cash equivalents and restricted cash	142)	7)	(1,101)	160)	(290)	(1,263)	191)	(1,490)	3,257)	485)	(582)	(777)	110)	1,142)	(609)	153)	192)	(205)	207)	(314)

Net Income (Loss): The net income exhibits significant volatility, particularly in the period from 2019 through 2020, with sizeable losses in mid-2019 and mid-2020. Beginning in 2021, the company achieved more consistent and substantial profits, reaching a peak in early 2022 before showing a gradual decline in the latter part of 2022 and throughout 2023, though remaining positive.
Depletion, Depreciation and Amortization: This expense category remained relatively stable around the 400 million USD mark through 2019 and 2020, but displayed a noticeable upward trend starting in 2021, increasing steadily each quarter and reaching near 775 million USD by the end of 2023, reflecting likely increased asset base or accelerated amortization schedules.
Exploration Expenses: Exploration expenses were generally low and stable, fluctuating in a narrow range without any clear upward or downward trend, suggesting consistent spending on exploration activities.
Deferred Income Taxes: Deferred income taxes showed pronounced fluctuations, including some significant negative values in 2019 and 2020, and strong positive values throughout much of 2021 and 2022. Such volatility might reflect changes in tax positions or timing differences in tax recognition relative to earnings.
Gain/Loss on Disposition of Assets, Net: The item shows sporadic variability with large positive spikes in late 2021, likely due to significant asset sales, contrasted by generally smaller and more variable losses or gains at other times.
Loss on Early Extinguishment of Debt: Recorded intermittently with notable amounts in mid-2020, mid-2021, and mid-2022, indicating occasional refinancing or debt restructuring activities resulting in charges.
Accretion of Discount on Asset Retirement Obligations: Relatively steady low single-digit amounts, indicating consistent recognition of retirement obligation costs over time.
Interest Expense: Interest expense was generally low but showed a noticeable spike in mid to late 2020, possibly linked to increased borrowings or higher interest rates, followed by a return to more muted levels through 2023.
Derivative-Related Activity: The derivative activity is highly volatile with large positive and negative swings, peaking with a significant negative effect at the end of 2021. This reflects notable fluctuations in the valuation or settlement of derivatives, suggesting exposure to commodity price or interest rate risks.
Amortization of Stock-Based Compensation: Generally stable but with spike in late 2023, particularly a sharp increase in the last quarter, possibly reflecting a one-time or periodic adjustment in stock compensation expenses.
Investment Valuation Adjustments: Variable with no clear trend, indicating periodic gains and losses on investment valuations, likely related to market conditions or asset performance.
Operating Assets and Liabilities Changes: There is significant fluctuation, with some quarters showing large negative changes and others large positive changes, notably a very large positive shift at the end of 2021, impacting cash flow from operating activities.
Net Cash Provided by Operating Activities: This category saw a general upward trajectory from 2019 into 2022, reaching a peak in early 2022, reflecting improving operational cash generation. Although the figure declined somewhat in 2023, it remained strong compared to earlier years.
Proceeds from Disposition of Assets: Volatile with an extremely large inflow in Q4 2021, indicative of a substantial asset sale. Other periods show normal low-level cash inflows from disposals.
Cash Used in Additions to Oil and Gas Properties: Capital expenditures on oil and gas properties exhibit an increasing trend over time, particularly rising from 2021 through 2023, underscoring ongoing investment and development activities.
Net Cash Used in Investing Activities: Generally negative, with marked outflows consistent with investment in assets. A notable positive figure in Q4 2021 is attributable to proceeds from asset dispositions. The trend suggests continued resource deployment into property and equipment.
Net Cash Provided by (Used in) Financing Activities: This category fluctuates between positive and negative amounts, with significant cash inflows in late 2020 and early 2021 likely from debt and equity issuances, followed by sizeable outflows in 2022 and 2023, reflecting repurchases, debt repayments, and dividends.
Dividends Paid: Dividends paid increased substantially starting in late 2020 and peaked throughout 2021 and 2022, then decreased in 2023. This indicates an expanding return of capital to shareholders coinciding with improved profitability before a more cautious approach in recent quarters.
Purchases of Treasury Stock: Recurring stock repurchases are evident, with peaks in 2021 and 2022, followed by a sharp decrease in activity towards 2023. This suggests active capital management through share buybacks during the period of strong earnings.
Net Increase (Decrease) in Cash: Cash balances saw substantial variability, including a significant surge at the end of 2021 due to large asset sale proceeds, and periods of cash reduction particularly in 2020 and 2022. The level fluctuated but generally stayed within manageable ranges given overall cash flow generation.

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Pioneer Natural Resources Co. (NYSE:PXD)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data