Return on Equity (ROE)
since 2005
Calculation
Pioneer Natural Resources Co., ROE, long-term trends, calculation
| ROE | = | 100 | × | Net income (loss) attributable to common stockholders1 | ÷ | Equity1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2023 | 21.12% | = | 100 | × | 4,894) | ÷ | 23,171) |
| Dec 31, 2022 | 34.80% | = | 100 | × | 7,845) | ÷ | 22,541) |
| Dec 31, 2021 | 9.27% | = | 100 | × | 2,118) | ÷ | 22,837) |
| Dec 31, 2020 | -1.73% | = | 100 | × | (200) | ÷ | 11,569) |
| Dec 31, 2019 | 6.24% | = | 100 | × | 756) | ÷ | 12,119) |
| Dec 31, 2018 | 8.08% | = | 100 | × | 978) | ÷ | 12,111) |
| Dec 31, 2017 | 7.39% | = | 100 | × | 833) | ÷ | 11,274) |
| Dec 31, 2016 | -5.34% | = | 100 | × | (556) | ÷ | 10,404) |
| Dec 31, 2015 | -3.26% | = | 100 | × | (273) | ÷ | 8,368) |
| Dec 31, 2014 | 10.84% | = | 100 | × | 930) | ÷ | 8,581) |
| Dec 31, 2013 | -12.70% | = | 100 | × | (838) | ÷ | 6,602) |
| Dec 31, 2012 | 3.38% | = | 100 | × | 192) | ÷ | 5,689) |
| Dec 31, 2011 | 15.20% | = | 100 | × | 834) | ÷ | 5,489) |
| Dec 31, 2010 | 14.69% | = | 100 | × | 605) | ÷ | 4,121) |
| Dec 31, 2009 | -1.47% | = | 100 | × | (52) | ÷ | 3,536) |
| Dec 31, 2008 | 6.14% | = | 100 | × | 220) | ÷ | 3,582) |
| Dec 31, 2007 | 12.25% | = | 100 | × | 373) | ÷ | 3,043) |
| Dec 31, 2006 | 24.78% | = | 100 | × | 740) | ÷ | 2,985) |
| Dec 31, 2005 | 24.11% | = | 100 | × | 535) | ÷ | 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
Return on equity (ROE) over the period from 2005 to 2023 demonstrates substantial volatility, reflecting a cyclical performance pattern and high sensitivity to fluctuations in net income. The ROE has experienced multiple swings between positive returns and negative territory, corresponding with periods of significant earnings instability.
- Cyclical Performance and Volatility (2005–2020)
- Between 2005 and 2020, ROE exhibited an erratic trend. Strong initial returns of approximately 24% in 2005 and 2006 declined sharply toward the end of the decade, reaching -1.47% in 2009. Subsequent recoveries were intermittent, with significant troughs occurring in 2013 (-12.70%), 2015 (-3.26%), and 2016 (-5.34%). A similar dip occurred in 2020, where ROE fell to -1.73%, illustrating a recurring vulnerability to net losses during this fifteen-year interval.
- Equity Base Expansion
- The equity base showed a consistent long-term upward trajectory, increasing from 2,217 million US dollars in 2005 to 23,171 million US dollars by 2023. A notable acceleration in equity accumulation occurred between 2020 and 2021, when equity nearly doubled from 11,569 million to 22,837 million US dollars. This expansion of the equity denominator generally requires a proportional increase in net income to maintain or grow the ROE percentage.
- Recent Profitability Surge (2021–2023)
- The period from 2021 to 2023 represents a significant shift in financial performance. Net income increased dramatically, peaking at 7,845 million US dollars in 2022, which propelled the ROE to a period-high of 34.80%. Although the ROE moderated to 21.12% in 2023, it remains substantially higher than the historical averages observed between 2010 and 2020, indicating a phase of exceptional capital efficiency and profitability.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.
How can I help you?
Comparison to Competitors
Pioneer Natural Resources Co., ROE, long-term trends, comparison to competitors
| Pioneer Natural Resources Co. | Chevron Corp. | ConocoPhillips | ExxonMobil Holdings Corp. | |
|---|---|---|---|---|
| Dec 31, 2023 | 21.12% | 13.28% | 22.23% | 17.58% |
| Dec 31, 2022 | 34.80% | 22.27% | 38.91% | 28.58% |
| Dec 31, 2021 | 9.27% | 11.24% | 17.79% | 13.67% |
| Dec 31, 2020 | -1.73% | -4.21% | -9.05% | -14.28% |
| Dec 31, 2019 | 6.24% | 2.03% | 20.55% | 7.48% |
| Dec 31, 2018 | 8.08% | 9.59% | 19.59% | 10.87% |
| Dec 31, 2017 | 7.39% | 6.21% | -2.79% | 10.50% |
| Dec 31, 2016 | -5.34% | -0.34% | -10.34% | 4.69% |
| Dec 31, 2015 | -3.26% | 3.00% | -11.14% | 9.45% |
| Dec 31, 2014 | 10.84% | 12.41% | 13.23% | 18.65% |
| Dec 31, 2013 | -12.70% | 14.37% | 17.58% | 18.72% |
| Dec 31, 2012 | 3.38% | 19.18% | 17.56% | 27.06% |
| Dec 31, 2011 | 15.20% | 22.16% | 19.07% | 26.59% |
| Dec 31, 2010 | 14.69% | 18.10% | 16.57% | 20.74% |
| Dec 31, 2009 | -1.47% | 11.41% | 7.78% | 17.44% |
| Dec 31, 2008 | 6.14% | 27.62% | -30.81% | 40.03% |
| Dec 31, 2007 | 12.25% | 24.24% | 13.36% | 33.35% |
| Dec 31, 2006 | 24.78% | 24.86% | 18.82% | 34.70% |
| Dec 31, 2005 | 24.11% | 22.50% | 25.66% | 32.50% |
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., ROE, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Pioneer Natural Resources Co. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Dec 31, 2023 | 21.12% | 16.46% |
| Dec 31, 2022 | 34.80% | 27.31% |
| Dec 31, 2021 | 9.27% | 13.24% |
| Dec 31, 2020 | -1.73% | -9.63% |
| Dec 31, 2019 | 6.24% | 6.59% |
| Dec 31, 2018 | 8.08% | 11.08% |
| Dec 31, 2017 | 7.39% | 7.66% |
| Dec 31, 2016 | -5.34% | 1.07% |
| Dec 31, 2015 | -3.26% | 4.49% |
| Dec 31, 2014 | 10.84% | 15.37% |
| Dec 31, 2013 | -12.70% | 16.83% |
| Dec 31, 2012 | 3.38% | 22.69% |
| Dec 31, 2011 | 15.20% | 23.57% |
| Dec 31, 2010 | 14.69% | 18.98% |
| Dec 31, 2009 | -1.47% | 13.07% |
| Dec 31, 2008 | 6.14% | 20.47% |
| Dec 31, 2007 | 12.25% | 24.73% |
| Dec 31, 2006 | 24.78% | 27.20% |
| Dec 31, 2005 | 24.11% | 28.14% |
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., ROE, long-term trends, comparison to industry (energy)
| Pioneer Natural Resources Co. | Energy | |
|---|---|---|
| Dec 31, 2023 | 21.12% | 16.67% |
| Dec 31, 2022 | 34.80% | 26.98% |
| Dec 31, 2021 | 9.27% | 13.21% |
| Dec 31, 2020 | -1.73% | -12.46% |
| Dec 31, 2019 | 6.24% | 3.63% |
| Dec 31, 2018 | 8.08% | 10.63% |
| Dec 31, 2017 | 7.39% | 6.58% |
| Dec 31, 2016 | -5.34% | 0.52% |
| Dec 31, 2015 | -3.26% | 4.61% |
| Dec 31, 2014 | 10.84% | 15.28% |
| Dec 31, 2013 | -12.70% | 16.85% |
| Dec 31, 2012 | 3.38% | 22.06% |
| Dec 31, 2011 | 15.20% | 22.94% |
| Dec 31, 2010 | 14.69% | 18.51% |
| Dec 31, 2009 | -1.47% | 13.29% |
| Dec 31, 2008 | 6.14% | 21.20% |
| Dec 31, 2007 | 12.25% | 25.23% |
| Dec 31, 2006 | 24.78% | 27.51% |
| Dec 31, 2005 | 24.11% | 28.17% |
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).