Pioneer Natural Resources Co., FCFF calculation

US$ in millions

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).

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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.

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

US$ in millions

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

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

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.	15.84
ConocoPhillips	17.80
Exxon Mobil Corp.	14.42
Marathon Petroleum Corp.	7.20
Occidental Petroleum Corp.	12.50
Valero Energy Corp.	7.31
EV/FCFF, Sector
Oil, Gas & Consumable Fuels	13.24
EV/FCFF, Industry
Energy	13.45

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.

Pioneer Natural Resources Co., historical EV/FCFF 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)
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).

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² See details »

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

⁴ Click competitor name to see calculations.

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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.

Pioneer Natural Resources Co. (NYSE:PXD)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical