Debt to Equity
since 2005
Calculation
Pioneer Natural Resources Co., debt to equity, long-term trends, calculation
| Debt to equity | = | Long-term debt, including current portion1 | ÷ | Equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2023 | 0.21 | = | 4,835) | ÷ | 23,171) |
| Dec 31, 2022 | 0.22 | = | 4,904) | ÷ | 22,541) |
| Dec 31, 2021 | 0.30 | = | 6,932) | ÷ | 22,837) |
| Dec 31, 2020 | 0.29 | = | 3,300) | ÷ | 11,569) |
| Dec 31, 2019 | 0.19 | = | 2,289) | ÷ | 12,119) |
| Dec 31, 2018 | 0.19 | = | 2,284) | ÷ | 12,111) |
| Dec 31, 2017 | 0.24 | = | 2,732) | ÷ | 11,274) |
| Dec 31, 2016 | 0.31 | = | 3,213) | ÷ | 10,404) |
| Dec 31, 2015 | 0.44 | = | 3,655) | ÷ | 8,368) |
| Dec 31, 2014 | 0.31 | = | 2,665) | ÷ | 8,581) |
| Dec 31, 2013 | 0.40 | = | 2,653) | ÷ | 6,602) |
| Dec 31, 2012 | 0.65 | = | 3,721) | ÷ | 5,689) |
| Dec 31, 2011 | 0.46 | = | 2,529) | ÷ | 5,489) |
| Dec 31, 2010 | 0.63 | = | 2,602) | ÷ | 4,121) |
| Dec 31, 2009 | 0.78 | = | 2,761) | ÷ | 3,536) |
| Dec 31, 2008 | 0.83 | = | 2,964) | ÷ | 3,582) |
| Dec 31, 2007 | 0.91 | = | 2,755) | ÷ | 3,043) |
| Dec 31, 2006 | 0.50 | = | 1,497) | ÷ | 2,985) |
| Dec 31, 2005 | 0.93 | = | 2,058) | ÷ | 2,217) |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in millions
The long-term capital structure reveals a strategic transition from a highly leveraged position in the mid-2000s to a significantly more conservative financial profile by 2023. The debt-to-equity ratio experienced a substantial overall decline, moving from a high of 0.93 in 2005 to 0.21 by the end of the analyzed period.
- Initial Volatility and Leverage (2005–2010)
- The early period was characterized by fluctuating leverage levels. The debt-to-equity ratio started at 0.93 in 2005, dropped sharply to 0.50 in 2006, and then spiked again to 0.91 in 2007. This volatility reflects a period of unstable capital balancing before a gradual downward trend began after 2008, ending the decade at 0.63 in 2010.
- Sustained Deleveraging Trend (2011–2019)
- A consistent and systematic reduction in financial leverage is observed between 2011 and 2019. During this timeframe, equity grew aggressively from 5,489 million in 2011 to 12,119 million in 2019. Simultaneously, long-term debt was managed more conservatively, resulting in the debt-to-equity ratio falling from 0.46 in 2011 to a low of 0.19 in 2018 and 2019.
- Recent Capital Expansion and Stability (2020–2023)
- The period from 2020 to 2023 saw a significant increase in the absolute values of both debt and equity. Total debt reached a historical peak of 6,932 million in 2021, representing a sharp increase from the preceding decade. However, this was offset by a proportional surge in equity, which climbed to 22,837 million in the same year. Consequently, the debt-to-equity ratio remained stable and low, fluctuating between 0.21 and 0.30, indicating that the company maintained a strong equity cushion despite increased borrowing.
Overall, the analysis indicates a fundamental shift in the company's approach to financing. The reliance on debt as a proportion of total capital has diminished significantly, with equity becoming the primary driver of the balance sheet, thereby reducing the company's financial risk profile over the eighteen-year span.
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Comparison to Competitors
Pioneer Natural Resources Co., debt to equity, long-term trends, comparison to competitors
| Pioneer Natural Resources Co. | Chevron Corp. | ConocoPhillips | ExxonMobil Holdings Corp. | |
|---|---|---|---|---|
| Dec 31, 2023 | 0.21 | 0.13 | 0.38 | 0.20 |
| Dec 31, 2022 | 0.22 | 0.15 | 0.35 | 0.21 |
| Dec 31, 2021 | 0.30 | 0.23 | 0.44 | 0.28 |
| Dec 31, 2020 | 0.29 | 0.34 | 0.51 | 0.43 |
| Dec 31, 2019 | 0.19 | 0.19 | 0.43 | 0.24 |
| Dec 31, 2018 | 0.19 | 0.22 | 0.47 | 0.20 |
| Dec 31, 2017 | 0.24 | 0.26 | 0.64 | 0.23 |
| Dec 31, 2016 | 0.31 | 0.32 | 0.78 | 0.26 |
| Dec 31, 2015 | 0.44 | 0.25 | 0.63 | 0.23 |
| Dec 31, 2014 | 0.31 | 0.18 | 0.43 | 0.17 |
| Dec 31, 2013 | 0.40 | 0.14 | 0.42 | 0.13 |
| Dec 31, 2012 | 0.65 | 0.09 | 0.45 | 0.07 |
| Dec 31, 2011 | 0.46 | 0.08 | 0.35 | 0.11 |
| Dec 31, 2010 | 0.63 | 0.11 | 0.34 | 0.10 |
| Dec 31, 2009 | 0.78 | 0.11 | 0.46 | 0.09 |
| Dec 31, 2008 | 0.83 | 0.10 | 0.50 | 0.08 |
| Dec 31, 2007 | 0.91 | 0.09 | 0.24 | 0.08 |
| Dec 31, 2006 | 0.50 | 0.14 | 0.33 | 0.07 |
| Dec 31, 2005 | 0.93 | 0.21 | 0.24 | 0.07 |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Oil, Gas & Consumable Fuels)
Pioneer Natural Resources Co., debt to equity, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Pioneer Natural Resources Co. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Dec 31, 2023 | 0.21 | 0.20 |
| Dec 31, 2022 | 0.22 | 0.20 |
| Dec 31, 2021 | 0.30 | 0.28 |
| Dec 31, 2020 | 0.29 | 0.40 |
| Dec 31, 2019 | 0.19 | 0.24 |
| Dec 31, 2018 | 0.19 | 0.23 |
| Dec 31, 2017 | 0.24 | 0.28 |
| Dec 31, 2016 | 0.31 | 0.33 |
| Dec 31, 2015 | 0.44 | 0.28 |
| Dec 31, 2014 | 0.31 | 0.21 |
| Dec 31, 2013 | 0.40 | 0.17 |
| Dec 31, 2012 | 0.65 | 0.13 |
| Dec 31, 2011 | 0.46 | 0.15 |
| Dec 31, 2010 | 0.63 | 0.16 |
| Dec 31, 2009 | 0.78 | 0.18 |
| Dec 31, 2008 | 0.83 | 0.18 |
| Dec 31, 2007 | 0.91 | 0.13 |
| Dec 31, 2006 | 0.50 | 0.17 |
| Dec 31, 2005 | 0.93 | 0.15 |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Energy)
Pioneer Natural Resources Co., debt to equity, long-term trends, comparison to industry (energy)
| Pioneer Natural Resources Co. | Energy | |
|---|---|---|
| Dec 31, 2023 | 0.21 | 0.21 |
| Dec 31, 2022 | 0.22 | 0.22 |
| Dec 31, 2021 | 0.30 | 0.31 |
| Dec 31, 2020 | 0.29 | 0.44 |
| Dec 31, 2019 | 0.19 | 0.26 |
| Dec 31, 2018 | 0.19 | 0.25 |
| Dec 31, 2017 | 0.24 | 0.30 |
| Dec 31, 2016 | 0.31 | 0.35 |
| Dec 31, 2015 | 0.44 | 0.30 |
| Dec 31, 2014 | 0.31 | 0.22 |
| Dec 31, 2013 | 0.40 | 0.19 |
| Dec 31, 2012 | 0.65 | 0.15 |
| Dec 31, 2011 | 0.46 | 0.16 |
| Dec 31, 2010 | 0.63 | 0.17 |
| Dec 31, 2009 | 0.78 | 0.19 |
| Dec 31, 2008 | 0.83 | 0.19 |
| Dec 31, 2007 | 0.91 | 0.15 |
| Dec 31, 2006 | 0.50 | 0.19 |
| Dec 31, 2005 | 0.93 | 0.16 |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).