Stock Analysis on Net

Pioneer Natural Resources Co. (NYSE:PXD)

Analysis of Solvency Ratios

Microsoft Excel

Solvency Ratios (Summary)

Pioneer Natural Resources Co., solvency ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Debt Ratios
Debt to equity 0.23 0.24 0.33 0.33 0.24
Debt to equity (including operating lease liability) 0.25 0.26 0.34 0.35 0.26
Debt to capital 0.19 0.19 0.25 0.25 0.19
Debt to capital (including operating lease liability) 0.20 0.20 0.26 0.26 0.21
Debt to assets 0.15 0.15 0.20 0.20 0.15
Debt to assets (including operating lease liability) 0.16 0.16 0.21 0.21 0.17
Financial leverage 1.58 1.59 1.61 1.66 1.57
Coverage Ratios
Interest coverage 41.83 78.74 18.06 -1.02 9.16
Fixed charge coverage 19.82 36.67 9.50 0.07 4.07

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).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Pioneer Natural Resources Co. debt to equity ratio improved from 2021 to 2022 and from 2022 to 2023.
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Pioneer Natural Resources Co. debt to equity ratio (including operating lease liability) improved from 2021 to 2022 and from 2022 to 2023.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Pioneer Natural Resources Co. debt to capital ratio improved from 2021 to 2022 and from 2022 to 2023.
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Pioneer Natural Resources Co. debt to capital ratio (including operating lease liability) improved from 2021 to 2022 and from 2022 to 2023.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Pioneer Natural Resources Co. debt to assets ratio improved from 2021 to 2022 and from 2022 to 2023.
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Pioneer Natural Resources Co. debt to assets ratio (including operating lease liability) improved from 2021 to 2022 and from 2022 to 2023.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Pioneer Natural Resources Co. financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Pioneer Natural Resources Co. interest coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Pioneer Natural Resources Co. fixed charge coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Debt to Equity

Pioneer Natural Resources Co., debt to equity calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Current portion of debt 28 779 244 140 450
Finance lease liability, current 21 20 18 17 16
Long-term debt, excluding current portion 4,807 4,125 6,688 3,160 1,839
Finance lease liability, noncurrent 481 501 521 539 556
Total debt 5,337 5,425 7,471 3,856 2,861
 
Equity 23,171 22,541 22,837 11,569 12,119
Solvency Ratio
Debt to equity1 0.23 0.24 0.33 0.33 0.24
Benchmarks
Debt to Equity, Competitors2
Chevron Corp. 0.13 0.15 0.23 0.34 0.19
ConocoPhillips 0.38 0.35 0.44 0.51 0.43
Exxon Mobil Corp. 0.20 0.21 0.28 0.43 0.24
Marathon Petroleum Corp. 1.12 0.96 0.97 1.42 0.86
Occidental Petroleum Corp. 0.65 0.66 1.46 1.95 1.13
Valero Energy Corp. 0.44 0.49 0.75 0.78 0.44
Debt to Equity, Sector
Oil, Gas & Consumable Fuels 0.28 0.29 0.40 0.55 0.36
Debt to Equity, Industry
Energy 0.29 0.30 0.42 0.57 0.37

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).

1 2023 Calculation
Debt to equity = Total debt ÷ Equity
= 5,337 ÷ 23,171 = 0.23

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity. Pioneer Natural Resources Co. debt to equity ratio improved from 2021 to 2022 and from 2022 to 2023.

Debt to Equity (including Operating Lease Liability)

Pioneer Natural Resources Co., debt to equity (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Current portion of debt 28 779 244 140 450
Finance lease liability, current 21 20 18 17 16
Long-term debt, excluding current portion 4,807 4,125 6,688 3,160 1,839
Finance lease liability, noncurrent 481 501 521 539 556
Total debt 5,337 5,425 7,471 3,856 2,861
Operating lease liability, current 175 125 121 100 136
Operating lease liability, noncurrent 248 236 243 110 170
Total debt (including operating lease liability) 5,760 5,786 7,835 4,066 3,167
 
Equity 23,171 22,541 22,837 11,569 12,119
Solvency Ratio
Debt to equity (including operating lease liability)1 0.25 0.26 0.34 0.35 0.26
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
Chevron Corp. 0.16 0.17 0.25 0.37 0.21
ConocoPhillips 0.40 0.36 0.45 0.54 0.45
Exxon Mobil Corp. 0.23 0.24 0.31 0.46 0.27
Marathon Petroleum Corp. 1.17 1.01 1.03 1.49 0.93
Occidental Petroleum Corp. 0.69 0.69 1.49 2.01 1.17
Valero Energy Corp. 0.48 0.54 0.82 0.84 0.50
Debt to Equity (including Operating Lease Liability), Sector
Oil, Gas & Consumable Fuels 0.31 0.31 0.43 0.58 0.39
Debt to Equity (including Operating Lease Liability), Industry
Energy 0.32 0.33 0.45 0.61 0.41

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).

1 2023 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Equity
= 5,760 ÷ 23,171 = 0.25

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Pioneer Natural Resources Co. debt to equity ratio (including operating lease liability) improved from 2021 to 2022 and from 2022 to 2023.

Debt to Capital

Pioneer Natural Resources Co., debt to capital calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Current portion of debt 28 779 244 140 450
Finance lease liability, current 21 20 18 17 16
Long-term debt, excluding current portion 4,807 4,125 6,688 3,160 1,839
Finance lease liability, noncurrent 481 501 521 539 556
Total debt 5,337 5,425 7,471 3,856 2,861
Equity 23,171 22,541 22,837 11,569 12,119
Total capital 28,508 27,966 30,308 15,425 14,980
Solvency Ratio
Debt to capital1 0.19 0.19 0.25 0.25 0.19
Benchmarks
Debt to Capital, Competitors2
Chevron Corp. 0.11 0.13 0.18 0.25 0.16
ConocoPhillips 0.28 0.26 0.31 0.34 0.30
Exxon Mobil Corp. 0.17 0.17 0.22 0.30 0.20
Marathon Petroleum Corp. 0.53 0.49 0.49 0.59 0.46
Occidental Petroleum Corp. 0.39 0.40 0.59 0.66 0.53
Valero Energy Corp. 0.30 0.33 0.43 0.44 0.31
Debt to Capital, Sector
Oil, Gas & Consumable Fuels 0.22 0.22 0.28 0.35 0.26
Debt to Capital, Industry
Energy 0.23 0.23 0.29 0.36 0.27

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).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 5,337 ÷ 28,508 = 0.19

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. Pioneer Natural Resources Co. debt to capital ratio improved from 2021 to 2022 and from 2022 to 2023.

Debt to Capital (including Operating Lease Liability)

Pioneer Natural Resources Co., debt to capital (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Current portion of debt 28 779 244 140 450
Finance lease liability, current 21 20 18 17 16
Long-term debt, excluding current portion 4,807 4,125 6,688 3,160 1,839
Finance lease liability, noncurrent 481 501 521 539 556
Total debt 5,337 5,425 7,471 3,856 2,861
Operating lease liability, current 175 125 121 100 136
Operating lease liability, noncurrent 248 236 243 110 170
Total debt (including operating lease liability) 5,760 5,786 7,835 4,066 3,167
Equity 23,171 22,541 22,837 11,569 12,119
Total capital (including operating lease liability) 28,931 28,327 30,672 15,635 15,286
Solvency Ratio
Debt to capital (including operating lease liability)1 0.20 0.20 0.26 0.26 0.21
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
Chevron Corp. 0.14 0.15 0.20 0.27 0.18
ConocoPhillips 0.28 0.26 0.31 0.35 0.31
Exxon Mobil Corp. 0.19 0.19 0.24 0.32 0.22
Marathon Petroleum Corp. 0.54 0.50 0.51 0.60 0.48
Occidental Petroleum Corp. 0.41 0.41 0.60 0.67 0.54
Valero Energy Corp. 0.32 0.35 0.45 0.46 0.33
Debt to Capital (including Operating Lease Liability), Sector
Oil, Gas & Consumable Fuels 0.24 0.24 0.30 0.37 0.28
Debt to Capital (including Operating Lease Liability), Industry
Energy 0.24 0.25 0.31 0.38 0.29

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).

1 2023 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 5,760 ÷ 28,931 = 0.20

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Pioneer Natural Resources Co. debt to capital ratio (including operating lease liability) improved from 2021 to 2022 and from 2022 to 2023.

Debt to Assets

Pioneer Natural Resources Co., debt to assets calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Current portion of debt 28 779 244 140 450
Finance lease liability, current 21 20 18 17 16
Long-term debt, excluding current portion 4,807 4,125 6,688 3,160 1,839
Finance lease liability, noncurrent 481 501 521 539 556
Total debt 5,337 5,425 7,471 3,856 2,861
 
Total assets 36,613 35,740 36,811 19,229 19,067
Solvency Ratio
Debt to assets1 0.15 0.15 0.20 0.20 0.15
Benchmarks
Debt to Assets, Competitors2
Chevron Corp. 0.08 0.09 0.13 0.18 0.11
ConocoPhillips 0.20 0.18 0.22 0.25 0.21
Exxon Mobil Corp. 0.11 0.11 0.14 0.20 0.13
Marathon Petroleum Corp. 0.32 0.30 0.30 0.37 0.29
Occidental Petroleum Corp. 0.27 0.27 0.39 0.45 0.35
Valero Energy Corp. 0.18 0.19 0.24 0.28 0.18
Debt to Assets, Sector
Oil, Gas & Consumable Fuels 0.15 0.15 0.19 0.25 0.18
Debt to Assets, Industry
Energy 0.15 0.15 0.20 0.25 0.18

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).

1 2023 Calculation
Debt to assets = Total debt ÷ Total assets
= 5,337 ÷ 36,613 = 0.15

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets. Pioneer Natural Resources Co. debt to assets ratio improved from 2021 to 2022 and from 2022 to 2023.

Debt to Assets (including Operating Lease Liability)

Pioneer Natural Resources Co., debt to assets (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Current portion of debt 28 779 244 140 450
Finance lease liability, current 21 20 18 17 16
Long-term debt, excluding current portion 4,807 4,125 6,688 3,160 1,839
Finance lease liability, noncurrent 481 501 521 539 556
Total debt 5,337 5,425 7,471 3,856 2,861
Operating lease liability, current 175 125 121 100 136
Operating lease liability, noncurrent 248 236 243 110 170
Total debt (including operating lease liability) 5,760 5,786 7,835 4,066 3,167
 
Total assets 36,613 35,740 36,811 19,229 19,067
Solvency Ratio
Debt to assets (including operating lease liability)1 0.16 0.16 0.21 0.21 0.17
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
Chevron Corp. 0.10 0.11 0.15 0.20 0.13
ConocoPhillips 0.20 0.18 0.23 0.26 0.22
Exxon Mobil Corp. 0.13 0.13 0.16 0.22 0.15
Marathon Petroleum Corp. 0.33 0.31 0.32 0.39 0.32
Occidental Petroleum Corp. 0.28 0.29 0.40 0.47 0.37
Valero Energy Corp. 0.20 0.21 0.26 0.31 0.20
Debt to Assets (including Operating Lease Liability), Sector
Oil, Gas & Consumable Fuels 0.16 0.16 0.20 0.26 0.19
Debt to Assets (including Operating Lease Liability), Industry
Energy 0.17 0.17 0.21 0.27 0.20

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).

1 2023 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 5,760 ÷ 36,613 = 0.16

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Pioneer Natural Resources Co. debt to assets ratio (including operating lease liability) improved from 2021 to 2022 and from 2022 to 2023.

Financial Leverage

Pioneer Natural Resources Co., financial leverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Total assets 36,613 35,740 36,811 19,229 19,067
Equity 23,171 22,541 22,837 11,569 12,119
Solvency Ratio
Financial leverage1 1.58 1.59 1.61 1.66 1.57
Benchmarks
Financial Leverage, Competitors2
Chevron Corp. 1.63 1.62 1.72 1.82 1.65
ConocoPhillips 1.95 1.95 2.00 2.10 2.02
Exxon Mobil Corp. 1.84 1.89 2.01 2.12 1.89
Marathon Petroleum Corp. 3.52 3.24 3.26 3.84 2.93
Occidental Petroleum Corp. 2.45 2.41 3.69 4.31 3.19
Valero Energy Corp. 2.39 2.59 3.14 2.75 2.47
Financial Leverage, Sector
Oil, Gas & Consumable Fuels 1.91 1.94 2.10 2.24 2.01
Financial Leverage, Industry
Energy 1.93 1.95 2.12 2.27 2.03

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).

1 2023 Calculation
Financial leverage = Total assets ÷ Equity
= 36,613 ÷ 23,171 = 1.58

2 Click competitor name to see calculations.

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Pioneer Natural Resources Co. financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.

Interest Coverage

Pioneer Natural Resources Co., interest coverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Net income (loss) attributable to common stockholders 4,894 7,845 2,118 (200) 756
Add: Income tax expense 1,353 2,106 628 (61) 231
Add: Interest expense 153 128 161 129 121
Earnings before interest and tax (EBIT) 6,400 10,079 2,907 (132) 1,108
Solvency Ratio
Interest coverage1 41.83 78.74 18.06 -1.02 9.16
Benchmarks
Interest Coverage, Competitors2
Chevron Corp. 64.08 97.27 31.39 -9.69 7.94
ConocoPhillips 21.88 36.07 15.38 -2.90 13.24
Exxon Mobil Corp. 63.17 98.43 33.98 -23.94 25.16
Marathon Petroleum Corp. 12.06 18.13 3.22 -9.21 4.50
Occidental Petroleum Corp. 7.80 14.71 3.30 -10.03 1.17
Valero Energy Corp. 20.88 28.24 3.56 -2.57 8.68
Interest Coverage, Sector
Oil, Gas & Consumable Fuels 28.13 43.81 13.35 -10.63 9.35
Interest Coverage, Industry
Energy 26.62 40.78 12.71 -11.34 6.72

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).

1 2023 Calculation
Interest coverage = EBIT ÷ Interest expense
= 6,400 ÷ 153 = 41.83

2 Click competitor name to see calculations.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Pioneer Natural Resources Co. interest coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Fixed Charge Coverage

Pioneer Natural Resources Co., fixed charge coverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Net income (loss) attributable to common stockholders 4,894 7,845 2,118 (200) 756
Add: Income tax expense 1,353 2,106 628 (61) 231
Add: Interest expense 153 128 161 129 121
Earnings before interest and tax (EBIT) 6,400 10,079 2,907 (132) 1,108
Add: Operating lease cost 179 151 162 151 200
Earnings before fixed charges and tax 6,579 10,230 3,069 19 1,308
 
Interest expense 153 128 161 129 121
Operating lease cost 179 151 162 151 200
Fixed charges 332 279 323 280 321
Solvency Ratio
Fixed charge coverage1 19.82 36.67 9.50 0.07 4.07
Benchmarks
Fixed Charge Coverage, Competitors2
Chevron Corp. 9.57 18.28 8.43 -1.29 2.62
ConocoPhillips 17.14 28.76 11.94 -1.79 9.51
Exxon Mobil Corp. 13.03 20.62 9.13 -5.68 5.66
Marathon Petroleum Corp. 8.98 13.15 2.52 -5.84 3.13
Occidental Petroleum Corp. 3.09 6.42 1.78 -4.00 0.91
Valero Energy Corp. 12.65 17.27 2.57 -1.02 4.90
Fixed Charge Coverage, Sector
Oil, Gas & Consumable Fuels 10.40 17.28 6.19 -3.71 4.02
Fixed Charge Coverage, Industry
Energy 9.63 15.71 5.78 -3.83 2.98

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).

1 2023 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 6,579 ÷ 332 = 19.82

2 Click competitor name to see calculations.

Solvency ratio Description The company
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Pioneer Natural Resources Co. fixed charge coverage ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.