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.

Enterprise Value to FCFF (EV/FCFF) 

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Free Cash Flow to The Firm (FCFF)

Pioneer Natural Resources Co., FCFF calculation

US$ in millions

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12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net income (loss) attributable to common stockholders 4,894 7,845 2,118 (200) 756
Net noncash charges 3,723 4,356 3,978 2,387 2,737
Changes in operating assets and liabilities, net of effects of acquisitions (169) (853) (37) (104) (378)
Net cash provided by operating activities 8,448 11,348 6,059 2,083 3,115
Cash payments for interest, net of tax1 99 109 105 92 93
Capitalized interest, net of tax2 2 4 4
Proceeds from disposition of assets 35 367 3,244 60 149
Additions to oil and gas properties (4,571) (3,920) (3,169) (1,602) (2,988)
Additions to other assets and other property and equipment (177) (113) (118) (125) (232)
Free cash flow to the firm (FCFF) 3,834 7,791 6,122 511 141

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).

Item Description The company
FCFF Free cash flow to the firm is the cash flow available to the Pioneer Natural Resources Co. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. Pioneer Natural Resources Co. FCFF increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Interest Paid, Net of Tax

Pioneer Natural Resources Co., interest paid, net of tax calculation

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Effective Income Tax Rate (EITR)
EITR1 22.00% 21.00% 23.00% 23.00% 23.00%
Interest Paid, Net of Tax
Cash payments for interest, before tax 127 138 136 119 121
Less: Cash payments for interest, tax2 28 29 31 27 28
Cash payments for interest, net of tax 99 109 105 92 93
Interest Costs Capitalized, Net of Tax
Capitalized interest, before tax 2 5 5
Less: Capitalized interest, tax3 1 1
Capitalized interest, net of tax 2 4 4

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 See details »

2 2023 Calculation
Cash payments for interest, tax = Cash payments for interest × EITR
= 127 × 22.00% = 28

3 2023 Calculation
Capitalized interest, tax = Capitalized interest × EITR
= 0 × 22.00% = 0


Enterprise Value to FCFF Ratio, Current

Pioneer Natural Resources Co., current EV/FCFF calculation, comparison to benchmarks

Microsoft Excel
Selected Financial Data (US$ in millions)
Enterprise value (EV) 59,607
Free cash flow to the firm (FCFF) 3,834
Valuation Ratio
EV/FCFF 15.55
Benchmarks
EV/FCFF, Competitors1
Chevron Corp. 15.53
ConocoPhillips 17.70
Exxon Mobil Corp. 14.33
Marathon Petroleum Corp. 7.16
Occidental Petroleum Corp. 12.39
Valero Energy Corp. 7.37
EV/FCFF, Sector
Oil, Gas & Consumable Fuels 13.12
EV/FCFF, Industry
Energy 13.34

Based on: 10-K (reporting date: 2023-12-31).

1 Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.


Enterprise Value to FCFF Ratio, Historical

Pioneer Natural Resources Co., historical EV/FCFF 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)
Enterprise value (EV)1 59,607 52,411 57,606 34,388 24,501
Free cash flow to the firm (FCFF)2 3,834 7,791 6,122 511 141
Valuation Ratio
EV/FCFF3 15.55 6.73 9.41 67.23 173.74
Benchmarks
EV/FCFF, Competitors4
Chevron Corp. 14.85 8.27 13.33 106.63 16.67
ConocoPhillips 15.38 7.43 10.72 92.48 13.21
Exxon Mobil Corp. 12.47 7.84 10.06 44.38
Marathon Petroleum Corp. 6.31 5.22 7.80 13.14
Occidental Petroleum Corp. 11.15 5.95 8.39 25.58 45.65
Valero Energy Corp. 6.36 5.39 10.62 9.96
EV/FCFF, Sector
Oil, Gas & Consumable Fuels 11.74 7.32 10.61 399.27 21.17
EV/FCFF, Industry
Energy 12.06 7.80 10.93 210.37 21.44

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 See details »

2 See details »

3 2023 Calculation
EV/FCFF = EV ÷ FCFF
= 59,607 ÷ 3,834 = 15.55

4 Click competitor name to see calculations.

Valuation ratio Description The company
EV/FCFF Enterprise value to free cash flow to the firm is whole company valuation indicator. Pioneer Natural Resources Co. EV/FCFF ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.