Stock Analysis on Net
Stock Analysis on Net

Pioneer Natural Resources Co. (NYSE:PXD)

$22.49

This company has been moved to the archive! The financial data has not been updated since February 22, 2024.

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

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net income (loss)
Depletion, depreciation and amortization
Exploration expenses
Deferred income taxes
(Gain) loss on disposition of assets, net
Loss on early extinguishment of debt, net
Accretion of discount on asset retirement obligations
Interest expense
Derivative-related activity
Amortization of share-based compensation
Investment valuation adjustments
South Texas contingent consideration valuation adjustment
Other
Accounts receivable
Inventories
Other assets
Accounts payable
Interest payable
Income taxes payable
Other liabilities
Changes in operating assets and liabilities, net of effects of acquisitions
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Net cash provided by operating activities
Proceeds from disposition of assets
Proceeds from short-term investments
Purchases of short-term investments, net
Cash used in acquisitions, net of cash acquired
Additions to oil and gas properties
Additions to other assets and other property and equipment
Net cash used in investing activities
Proceeds from issuance of debt, net of discount
Proceeds from issuance of convertible senior notes
Purchase of derivatives related to issuance of convertible senior notes
Repayment of debt
Proceeds from capped call on convertible notes
Payments of other liabilities
Payments of financing fees
Purchases of treasury stock
Exercise of stock options and employee stock purchases
Dividends paid
Net cash provided by (used in) financing activities
Net increase (decrease) in cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash, beginning of period
Cash, cash equivalents and restricted cash, end of period

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).

Net Income and Profitability Trends
Net income exhibited significant volatility over the period. After a loss of 200 million USD in 2020, there was a sharp recovery with a substantial increase to 2,118 million USD in 2021, peaking remarkably at 7,845 million USD in 2022 before declining to 4,894 million USD in 2023. This indicates a generally positive profitability trend following a notable downturn in 2020.
Depletion, Depreciation, and Amortization
Depletion, depreciation, and amortization expenses increased consistently from 1,711 million USD in 2019 to 2,862 million USD in 2023, reflecting rising charges possibly due to increased asset base or operational activities over time.
Exploration and Asset-Related Expenses
Exploration expenses remained relatively low and variable, peaking at 11 million USD in 2020 and declining to just 2 million USD by 2023. Gains and losses on asset dispositions were irregular, with notable gains in 2019 and 2021, but a loss in 2022. This suggests fluctuating asset management activities with occasional disposals impacting income.
Taxation and Deferred Tax Assets
Deferred income taxes showed significant fluctuations, moving from a positive 236 million USD in 2019 to a negative amount in 2020, before increasing sharply to a high of 1,807 million USD in 2022 and then dropping to 506 million USD in 2023. This indicates changing tax positions likely influenced by earnings variability and timing differences.
Interest and Finance Costs
Interest expense varied moderately with a peak of 51 million USD in 2020 but generally stabilized around 10 to 11 million USD thereafter. Losses on early debt extinguishment occurred sporadically, mostly minor in scale.
Derivative and Investment Activities
Derivative-related activity exhibited significant swings from a gain of 325 million USD in 2020 to losses in subsequent years, indicating exposure to market risks or hedging outcomes. Investment valuation adjustments fluctuated without a clear trend.
Working Capital Changes
Changes in operating assets and liabilities net of acquisitions were mostly negative, with a substantial decrease of 853 million USD in 2022, suggesting operational cash flow pressures or significant working capital demands in that year. Accounts receivable and payable showed erratic patterns, implying inconsistent collection and payment cycles.
Cash Flow from Operations
Net cash from operating activities showed a strong upward trend, rising from 3,115 million USD in 2019 to a peak of 11,348 million USD in 2022 before declining to 8,448 million USD in 2023. This aligns with the net income pattern and indicates overall robust operating cash generation despite fluctuations.
Investing Activities
Cash used in investing activities increased over the years, driven largely by adding to oil and gas properties, which consistently rose from -2,988 million USD in 2019 to -4,571 million USD in 2023. Proceeds from asset dispositions were notably high in 2021 but much lower in other years, indicating selective asset sales.
Financing Activities
Net cash used in financing activities shifted from a modest inflow in 2020 to significant outflows in 2021 and 2022, partially recovering in 2023. This reflects substantial debt repayments and dividend payments, especially notable was the large dividend payout in 2022 of -6,269 million USD. Issuance of debt was uneven, with peaks in 2020 and 2021.
Liquidity Position
Cash and equivalents experienced considerable volatility, increasing sharply to 3,884 million USD in 2021 but declining steeply thereafter to 240 million USD by the end of 2023. This decline suggests increased cash utilization or lower liquidity reserves despite positive operating cash flows.
Share-Based Compensation and Treasury Stock
Amortization of share-based compensation rose to 193 million USD in 2023, more than doubling from 2022, indicating increased non-cash employee expenses. Treasury stock purchases were substantial in 2022, peaking at -1,687 million USD, reflecting an aggressive buyback program during that year.
Summary of Trends
The financial data reflect a company recovering strongly post-2020 loss, with profitability and operating cash flow surging, albeit coupled with increased capital expenditures and fluctuating asset disposals. The liquidity position weakened notably toward 2023 despite healthy operating returns, driven by heavy investing spending and sizable dividend distributions. Financing activities indicate active debt management with large repayments and issuance activity interspersed with significant treasury stock repurchases. The mix of income volatility, cash flow strength, and capital investment underscores a dynamic financial environment requiring continued focus on cash management and capital allocation.