Analysis of Short-term (Operating) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Short-term Activity Ratios (Summary)
Pioneer Natural Resources Co., short-term (operating) activity ratios
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).
| Short-term activity ratio | Description | The company |
|---|---|---|
| Inventory turnover | An activity ratio calculated as cost of goods sold divided by inventory. | Pioneer Natural Resources Co. inventory turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| Receivables turnover | An activity ratio equal to revenue divided by receivables. | Pioneer Natural Resources Co. receivables turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
| Payables turnover | An activity ratio calculated as cost of goods sold divided by payables. | Pioneer Natural Resources Co. payables turnover ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level. |
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average inventory processing period | An activity ratio equal to the number of days in the period divided by inventory turnover over the period. | Pioneer Natural Resources Co. number of days of inventory outstanding improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| Average receivable collection period | An activity ratio equal to the number of days in the period divided by receivables turnover. | Pioneer Natural Resources Co. number of days of receivables outstanding improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
| Operating cycle | Equal to average inventory processing period plus average receivables collection period. | Pioneer Natural Resources Co. operating cycle improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
| Average payables payment period | An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. | Pioneer Natural Resources Co. number of days of payables outstanding decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level. |
| Cash conversion cycle | A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. | Pioneer Natural Resources Co. cash conversion cycle deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |
Inventory Turnover
Pioneer Natural Resources Co., inventory turnover calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue from contracts with purchasers | 19,374) | 24,384) | 17,870) | 7,024) | 9,671) | |
| Inventories | 476) | 424) | 369) | 224) | 205) | |
| Short-term Activity Ratio | ||||||
| Inventory turnover1 | 40.70 | 57.51 | 48.43 | 31.36 | 47.18 | |
| Benchmarks | ||||||
| Inventory Turnover, Competitors2 | ||||||
| Chevron Corp. | 22.86 | 28.58 | 24.68 | 16.64 | 23.92 | |
| ConocoPhillips | 40.16 | 64.39 | 37.94 | 18.75 | 31.74 | |
| Exxon Mobil Corp. | 13.32 | 16.32 | 14.73 | 9.47 | 13.79 | |
| Marathon Petroleum Corp. | 13.80 | 17.18 | 13.66 | 8.22 | 10.76 | |
| Occidental Petroleum Corp. | 13.97 | 17.79 | 14.06 | 9.38 | 14.09 | |
| Valero Energy Corp. | 17.39 | 23.64 | 17.69 | 10.87 | 14.76 | |
| Inventory Turnover, Sector | ||||||
| Oil, Gas & Consumable Fuels | 16.21 | 20.58 | 17.07 | 10.64 | 15.01 | |
| Inventory Turnover, Industry | ||||||
| Energy | 15.45 | 19.51 | 16.27 | 10.31 | 14.32 | |
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
Inventory turnover = Revenue from contracts with purchasers ÷ Inventories
= 19,374 ÷ 476 = 40.70
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Inventory turnover | An activity ratio calculated as cost of goods sold divided by inventory. | Pioneer Natural Resources Co. inventory turnover ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Receivables Turnover
Pioneer Natural Resources Co., receivables turnover calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue from contracts with purchasers | 19,374) | 24,384) | 17,870) | 7,024) | 9,671) | |
| Accounts receivable, net | 1,590) | 1,853) | 1,685) | 695) | 1,035) | |
| Short-term Activity Ratio | ||||||
| Receivables turnover1 | 12.18 | 13.16 | 10.61 | 10.11 | 9.34 | |
| Benchmarks | ||||||
| Receivables Turnover, Competitors2 | ||||||
| Chevron Corp. | 9.88 | 11.52 | 8.45 | 8.24 | 10.50 | |
| ConocoPhillips | 10.28 | 11.09 | 7.00 | 7.13 | 9.97 | |
| Exxon Mobil Corp. | 11.05 | 12.14 | 10.29 | 10.93 | 12.11 | |
| Marathon Petroleum Corp. | 12.77 | 13.17 | 10.87 | 12.11 | 15.75 | |
| Occidental Petroleum Corp. | 8.84 | 8.56 | 6.17 | 8.42 | 3.20 | |
| Valero Energy Corp. | 13.12 | 16.39 | 11.43 | 13.50 | 13.44 | |
| Receivables Turnover, Sector | ||||||
| Oil, Gas & Consumable Fuels | 11.15 | 12.41 | 9.58 | 10.30 | 11.35 | |
| Receivables Turnover, Industry | ||||||
| Energy | 10.55 | 11.79 | 9.24 | 9.67 | 10.53 | |
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
Receivables turnover = Revenue from contracts with purchasers ÷ Accounts receivable, net
= 19,374 ÷ 1,590 = 12.18
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Receivables turnover | An activity ratio equal to revenue divided by receivables. | Pioneer Natural Resources Co. receivables turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Payables Turnover
Pioneer Natural Resources Co., payables turnover calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue from contracts with purchasers | 19,374) | 24,384) | 17,870) | 7,024) | 9,671) | |
| Accounts payable, trade | 2,414) | 2,487) | 2,380) | 928) | 1,221) | |
| Short-term Activity Ratio | ||||||
| Payables turnover1 | 8.03 | 9.80 | 7.51 | 7.57 | 7.92 | |
| Benchmarks | ||||||
| Payables Turnover, Competitors2 | ||||||
| Chevron Corp. | 9.64 | 12.44 | 9.46 | 8.63 | 9.92 | |
| ConocoPhillips | 11.04 | 12.84 | 9.16 | 7.04 | 10.25 | |
| Exxon Mobil Corp. | 10.71 | 12.02 | 10.39 | 10.20 | 10.35 | |
| Marathon Petroleum Corp. | 9.34 | 9.91 | 8.03 | 8.42 | 9.48 | |
| Occidental Petroleum Corp. | 7.75 | 9.09 | 6.66 | 5.96 | 2.91 | |
| Valero Energy Corp. | 10.49 | 12.54 | 8.87 | 10.79 | 10.15 | |
| Payables Turnover, Sector | ||||||
| Oil, Gas & Consumable Fuels | 10.11 | 11.75 | 9.27 | 9.19 | 9.35 | |
| Payables Turnover, Industry | ||||||
| Energy | 9.89 | 11.50 | 9.15 | 9.07 | 9.14 | |
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).
1 2023 Calculation
Payables turnover = Revenue from contracts with purchasers ÷ Accounts payable, trade
= 19,374 ÷ 2,414 = 8.03
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Payables turnover | An activity ratio calculated as cost of goods sold divided by payables. | Pioneer Natural Resources Co. payables turnover ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level. |
Working Capital Turnover
Pioneer Natural Resources Co., working capital turnover calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Current assets | 2,605) | 3,726) | 6,173) | 2,595) | 2,191) | |
| Less: Current liabilities | 2,974) | 3,887) | 4,073) | 1,906) | 2,496) | |
| Working capital | (369) | (161) | 2,100) | 689) | (305) | |
| Revenue from contracts with purchasers | 19,374) | 24,384) | 17,870) | 7,024) | 9,671) | |
| Short-term Activity Ratio | ||||||
| Working capital turnover1 | — | — | 8.51 | 10.19 | — | |
| Benchmarks | ||||||
| Working Capital Turnover, Competitors2 | ||||||
| Chevron Corp. | 22.20 | 14.61 | 22.40 | 24.25 | 77.75 | |
| ConocoPhillips | 12.98 | 13.30 | 11.37 | 2.80 | 3.30 | |
| Exxon Mobil Corp. | 10.70 | 13.95 | 110.19 | — | — | |
| Marathon Petroleum Corp. | 12.38 | 11.66 | 9.52 | 5.53 | 30.81 | |
| Occidental Petroleum Corp. | — | 32.45 | 13.76 | 29.88 | 5.46 | |
| Valero Energy Corp. | 15.37 | 26.44 | 26.42 | 9.89 | 18.65 | |
| Working Capital Turnover, Sector | ||||||
| Oil, Gas & Consumable Fuels | 13.96 | 14.98 | 22.86 | 23.50 | 60.26 | |
| Working Capital Turnover, Industry | ||||||
| Energy | 13.57 | 14.76 | 22.01 | 21.93 | 51.98 | |
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
Working capital turnover = Revenue from contracts with purchasers ÷ Working capital
= 19,374 ÷ -369 = —
2 Click competitor name to see calculations.
Average Inventory Processing Period
Pioneer Natural Resources Co., average inventory processing period calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Inventory turnover | 40.70 | 57.51 | 48.43 | 31.36 | 47.18 | |
| Short-term Activity Ratio (no. days) | ||||||
| Average inventory processing period1 | 9 | 6 | 8 | 12 | 8 | |
| Benchmarks (no. days) | ||||||
| Average Inventory Processing Period, Competitors2 | ||||||
| Chevron Corp. | 16 | 13 | 15 | 22 | 15 | |
| ConocoPhillips | 9 | 6 | 10 | 19 | 11 | |
| Exxon Mobil Corp. | 27 | 22 | 25 | 39 | 26 | |
| Marathon Petroleum Corp. | 26 | 21 | 27 | 44 | 34 | |
| Occidental Petroleum Corp. | 26 | 21 | 26 | 39 | 26 | |
| Valero Energy Corp. | 21 | 15 | 21 | 34 | 25 | |
| Average Inventory Processing Period, Sector | ||||||
| Oil, Gas & Consumable Fuels | 23 | 18 | 21 | 34 | 24 | |
| Average Inventory Processing Period, Industry | ||||||
| Energy | 24 | 19 | 22 | 35 | 25 | |
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
Average inventory processing period = 365 ÷ Inventory turnover
= 365 ÷ 40.70 = 9
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average inventory processing period | An activity ratio equal to the number of days in the period divided by inventory turnover over the period. | Pioneer Natural Resources Co. number of days of inventory outstanding improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Average Receivable Collection Period
Pioneer Natural Resources Co., average receivable collection period calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Receivables turnover | 12.18 | 13.16 | 10.61 | 10.11 | 9.34 | |
| Short-term Activity Ratio (no. days) | ||||||
| Average receivable collection period1 | 30 | 28 | 34 | 36 | 39 | |
| Benchmarks (no. days) | ||||||
| Average Receivable Collection Period, Competitors2 | ||||||
| Chevron Corp. | 37 | 32 | 43 | 44 | 35 | |
| ConocoPhillips | 36 | 33 | 52 | 51 | 37 | |
| Exxon Mobil Corp. | 33 | 30 | 35 | 33 | 30 | |
| Marathon Petroleum Corp. | 29 | 28 | 34 | 30 | 23 | |
| Occidental Petroleum Corp. | 41 | 43 | 59 | 43 | 114 | |
| Valero Energy Corp. | 28 | 22 | 32 | 27 | 27 | |
| Average Receivable Collection Period, Sector | ||||||
| Oil, Gas & Consumable Fuels | 33 | 29 | 38 | 35 | 32 | |
| Average Receivable Collection Period, Industry | ||||||
| Energy | 35 | 31 | 40 | 38 | 35 | |
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
Average receivable collection period = 365 ÷ Receivables turnover
= 365 ÷ 12.18 = 30
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average receivable collection period | An activity ratio equal to the number of days in the period divided by receivables turnover. | Pioneer Natural Resources Co. number of days of receivables outstanding improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Operating Cycle
Pioneer Natural Resources Co., operating cycle calculation, comparison to benchmarks
No. days
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Average inventory processing period | 9 | 6 | 8 | 12 | 8 | |
| Average receivable collection period | 30 | 28 | 34 | 36 | 39 | |
| Short-term Activity Ratio | ||||||
| Operating cycle1 | 39 | 34 | 42 | 48 | 47 | |
| Benchmarks | ||||||
| Operating Cycle, Competitors2 | ||||||
| Chevron Corp. | 53 | 45 | 58 | 66 | 50 | |
| ConocoPhillips | 45 | 39 | 62 | 70 | 48 | |
| Exxon Mobil Corp. | 60 | 52 | 60 | 72 | 56 | |
| Marathon Petroleum Corp. | 55 | 49 | 61 | 74 | 57 | |
| Occidental Petroleum Corp. | 67 | 64 | 85 | 82 | 140 | |
| Valero Energy Corp. | 49 | 37 | 53 | 61 | 52 | |
| Operating Cycle, Sector | ||||||
| Oil, Gas & Consumable Fuels | 56 | 47 | 59 | 69 | 56 | |
| Operating Cycle, Industry | ||||||
| Energy | 59 | 50 | 62 | 73 | 60 | |
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
Operating cycle = Average inventory processing period + Average receivable collection period
= 9 + 30 = 39
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Operating cycle | Equal to average inventory processing period plus average receivables collection period. | Pioneer Natural Resources Co. operating cycle improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
Average Payables Payment Period
Pioneer Natural Resources Co., average payables payment period calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Payables turnover | 8.03 | 9.80 | 7.51 | 7.57 | 7.92 | |
| Short-term Activity Ratio (no. days) | ||||||
| Average payables payment period1 | 45 | 37 | 49 | 48 | 46 | |
| Benchmarks (no. days) | ||||||
| Average Payables Payment Period, Competitors2 | ||||||
| Chevron Corp. | 38 | 29 | 39 | 42 | 37 | |
| ConocoPhillips | 33 | 28 | 40 | 52 | 36 | |
| Exxon Mobil Corp. | 34 | 30 | 35 | 36 | 35 | |
| Marathon Petroleum Corp. | 39 | 37 | 45 | 43 | 38 | |
| Occidental Petroleum Corp. | 47 | 40 | 55 | 61 | 126 | |
| Valero Energy Corp. | 35 | 29 | 41 | 34 | 36 | |
| Average Payables Payment Period, Sector | ||||||
| Oil, Gas & Consumable Fuels | 36 | 31 | 39 | 40 | 39 | |
| Average Payables Payment Period, Industry | ||||||
| Energy | 37 | 32 | 40 | 40 | 40 | |
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
Average payables payment period = 365 ÷ Payables turnover
= 365 ÷ 8.03 = 45
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Average payables payment period | An estimate of the average number of days it takes a company to pay its suppliers; equal to the number of days in the period divided by payables turnover ratio for the period. | Pioneer Natural Resources Co. number of days of payables outstanding decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level. |
Cash Conversion Cycle
Pioneer Natural Resources Co., cash conversion cycle calculation, comparison to benchmarks
No. days
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||
| Average inventory processing period | 9 | 6 | 8 | 12 | 8 | |
| Average receivable collection period | 30 | 28 | 34 | 36 | 39 | |
| Average payables payment period | 45 | 37 | 49 | 48 | 46 | |
| Short-term Activity Ratio | ||||||
| Cash conversion cycle1 | -6 | -3 | -7 | 0 | 1 | |
| Benchmarks | ||||||
| Cash Conversion Cycle, Competitors2 | ||||||
| Chevron Corp. | 15 | 16 | 19 | 24 | 13 | |
| ConocoPhillips | 12 | 11 | 22 | 18 | 12 | |
| Exxon Mobil Corp. | 26 | 22 | 25 | 36 | 21 | |
| Marathon Petroleum Corp. | 16 | 12 | 16 | 31 | 19 | |
| Occidental Petroleum Corp. | 20 | 24 | 30 | 21 | 14 | |
| Valero Energy Corp. | 14 | 8 | 12 | 27 | 16 | |
| Cash Conversion Cycle, Sector | ||||||
| Oil, Gas & Consumable Fuels | 20 | 16 | 20 | 29 | 17 | |
| Cash Conversion Cycle, Industry | ||||||
| Energy | 22 | 18 | 22 | 33 | 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
Cash conversion cycle = Average inventory processing period + Average receivable collection period – Average payables payment period
= 9 + 30 – 45 = -6
2 Click competitor name to see calculations.
| Short-term activity ratio | Description | The company |
|---|---|---|
| Cash conversion cycle | A financial metric that measures the length of time required for a company to convert cash invested in its operations to cash received as a result of its operations; equal to average inventory processing period plus average receivables collection period minus average payables payment period. | Pioneer Natural Resources Co. cash conversion cycle deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level. |