Pioneer Natural Resources Co., FCFE 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)
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)
Proceeds from issuance of debt, net of discount	2,649)	—)	3,897)	1,891)	—)
Proceeds from issuance of convertible senior notes	—)	—)	—)	1,323)	—)
Purchase of derivatives related to issuance of convertible senior notes	—)	—)	—)	(113)	—)
Repayment of debt	(3,290)	(2,576)	(4,658)	(1,998)	—)
Proceeds from capped call on convertible notes	132)	103)	—)	—)	—)
Payments of financing fees	(7)	—)	(32)	(36)	—)
Free cash flow to equity (FCFE)	3,219)	5,209)	5,223)	1,483)	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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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Pioneer Natural Resources Co. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Pioneer Natural Resources Co. FCFE decreased from 2021 to 2022 and from 2022 to 2023.

Pioneer Natural Resources Co., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	233,623,121
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	3,219)
FCFE per share	13.78
Current share price (P)	233.92
Valuation Ratio
P/FCFE	16.98
Benchmarks
P/FCFE, Competitors¹
Chevron Corp.	19.12
ConocoPhillips	13.68
Exxon Mobil Corp.	14.40
Marathon Petroleum Corp.	5.63
Occidental Petroleum Corp.	9.87
Valero Energy Corp.	6.85
P/FCFE, Sector
Oil, Gas & Consumable Fuels	12.87
P/FCFE, Industry
Energy	13.16

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

¹ Click competitor name to see calculations.

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

Pioneer Natural Resources Co., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
No. shares of common stock outstanding¹	233,623,121	235,004,153	242,884,015	216,580,280	165,714,771
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	3,219)	5,209)	5,223)	1,483)	44)
FCFE per share³	13.78	22.17	21.50	6.85	0.27
Share price^1, 4	233.92	205.06	223.20	148.47	135.97
Valuation Ratio
P/FCFE⁵	16.98	9.25	10.38	21.68	512.10
Benchmarks
P/FCFE, Competitors⁶
Chevron Corp.	18.24	10.59	32.05	21.61	38.28
ConocoPhillips	11.74	8.93	10.61	497.58	14.36
Exxon Mobil Corp.	12.46	8.73	19.82	13.70	16.01
Marathon Petroleum Corp.	4.75	3.74	65.05	51.11	5.87
Occidental Petroleum Corp.	8.44	18.76	66.22	—	1.84
Valero Energy Corp.	5.77	6.12	12.51	9.57	7.61
P/FCFE, Sector
Oil, Gas & Consumable Fuels	11.39	8.65	20.61	19.80	11.93
P/FCFE, Industry
Energy	11.77	9.32	21.56	19.35	12.49

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 Data adjusted for splits and stock dividends.

² See details »

³ 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 3,219,000,000 ÷ 233,623,121 = 13.78

⁴ Closing price as at the filing date of Pioneer Natural Resources Co. Annual Report.

⁵ 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 233.92 ÷ 13.78 = 16.98

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Pioneer Natural Resources Co. P/FCFE ratio decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Pioneer Natural Resources Co. (NYSE:PXD)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical