Stock Analysis on Net
Stock Analysis on Net

Pioneer Natural Resources Co. (NYSE:PXD)

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

Debt to Equity 
since 2005

Microsoft Excel

Calculation

Pioneer Natural Resources Co., debt to equity, long-term trends, calculation

Microsoft Excel
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 debt, including the current portion, exhibits significant fluctuations over the observed period. Initially, it decreased from 2,058 million USD in 2005 to 1,497 million USD in 2006, followed by a sharp increase reaching a peak of 3,721 million USD in 2012. Subsequent years saw a decline until 2014, after which the debt rose again, culminating in a substantial increase to 6,932 million USD in 2021. The last two years recorded a reduction, ending at 4,835 million USD in 2023.

Equity has generally demonstrated an upward trend throughout the years. It rose steadily from 2,217 million USD in 2005 to 12,119 million USD in 2019, with intermittent periods of more accelerated growth, particularly between 2010 and 2014. After a slight downturn in 2020, equity surged dramatically in 2021 to 22,837 million USD and remained relatively stable thereafter, closing at 23,171 million USD in 2023.

The debt to equity ratio shows a declining trend over the period, indicating an overall reduction in leverage relative to equity. Starting at 0.93 in 2005, the ratio fell considerably to below 0.5 by 2006 and maintained a general downward trajectory, reaching as low as 0.19 in 2018 and 2019. Despite some minor fluctuations, the ratio remained below 0.3 in recent years, suggesting a more conservative capital structure.

Key observations:
The company’s debt levels experienced notable volatility, with peaks around 2012 and 2021, likely reflecting strategic financing or investment activities during those periods.
Equity growth has been robust overall, especially with a significant increase from 2020 to 2021, which may be attributed to capital raising or improved retained earnings.
The declining debt to equity ratio over time signifies strengthening financial stability and reduced reliance on debt financing relative to equity, contributing to a stronger balance sheet position.

Comparison to Competitors

Pioneer Natural Resources Co., debt to equity, long-term trends, comparison to competitors

Microsoft Excel
Pioneer Natural Resources Co. Chevron Corp. ConocoPhillips Exxon Mobil Corp. Occidental Petroleum Corp.
Dec 31, 2023 0.21 0.13 0.38 0.20 0.65
Dec 31, 2022 0.22 0.15 0.35 0.21 0.66
Dec 31, 2021 0.30 0.23 0.44 0.28 1.46
Dec 31, 2020 0.29 0.34 0.51 0.43 1.95
Dec 31, 2019 0.19 0.19 0.43 0.24 1.13
Dec 31, 2018 0.19 0.22 0.47 0.20 0.48
Dec 31, 2017 0.24 0.26 0.64 0.23 0.48
Dec 31, 2016 0.31 0.32 0.78 0.26 0.46
Dec 31, 2015 0.44 0.25 0.63 0.23 0.34
Dec 31, 2014 0.31 0.18 0.43 0.17 0.20
Dec 31, 2013 0.40 0.14 0.42 0.13 0.16
Dec 31, 2012 0.65 0.09 0.45 0.07 0.19
Dec 31, 2011 0.46 0.08 0.35 0.11 0.16
Dec 31, 2010 0.63 0.11 0.34 0.10 0.16
Dec 31, 2009 0.78 0.11 0.46 0.09 0.10
Dec 31, 2008 0.83 0.10 0.50 0.08 0.10
Dec 31, 2007 0.91 0.09 0.24 0.08 0.08
Dec 31, 2006 0.50 0.14 0.33 0.07 0.15
Dec 31, 2005 0.93 0.21 0.24 0.07 0.19

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)

Microsoft Excel
Pioneer Natural Resources Co. Oil, Gas & Consumable Fuels
Dec 31, 2023 0.21 0.23
Dec 31, 2022 0.22 0.23
Dec 31, 2021 0.30 0.34
Dec 31, 2020 0.29 0.48
Dec 31, 2019 0.19 0.31
Dec 31, 2018 0.19 0.24
Dec 31, 2017 0.24 0.29
Dec 31, 2016 0.31 0.34
Dec 31, 2015 0.44 0.29
Dec 31, 2014 0.31 0.21
Dec 31, 2013 0.40 0.17
Dec 31, 2012 0.65 0.14
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 0.17
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)

Microsoft Excel
Pioneer Natural Resources Co. Energy
Dec 31, 2023 0.21 0.24
Dec 31, 2022 0.22 0.25
Dec 31, 2021 0.30 0.37
Dec 31, 2020 0.29 0.52
Dec 31, 2019 0.19 0.33
Dec 31, 2018 0.19 0.26
Dec 31, 2017 0.24 0.30
Dec 31, 2016 0.31 0.35
Dec 31, 2015 0.44 0.31
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 0.16
Dec 31, 2009 0.78 0.18
Dec 31, 2008 0.83 0.18
Dec 31, 2007 0.91 0.14
Dec 31, 2006 0.50 0.18
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).