Pioneer Natural Resources Reports Fourth Quarter and Full Year 2023 Financial and Operating Results
DALLAS–(BUSINESS WIRE)–Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer” or “the Company”) today reported financial and operating results for the quarter and year ended December 31, 2023. Pioneer reported fourth quarter net income attributable to common shareholders of $1.3 billion, or $5.28 per diluted share. These results include the effects of noncash mark-to-market adjustments and certain other unusual items. Excluding these items, non-GAAP adjusted income for the fourth quarter was $1.3 billion, or $5.26 per diluted share. Cash flow from operating activities for the fourth quarter was $2.3 billion. For the year ended December 31, 2023, the Company reported net income attributable to common stockholders of $4.9 billion, or $20.21 per diluted share. Cash flow from operating activities for the year was $8.4 billion.
Highlights
- Full year 2023 oil production averaged 372 thousand barrels of oil per day (MBOPD), at the top end of original 2023 guidance and in the upper half of the most recently updated 2023 guidance
- Full year 2023 total production averaged 715 thousand barrels of oil equivalent per day (MBOEPD), above the top end of both original and most recently updated 2023 guidance
- Full year 2023 drilling, completions, facilities and water infrastructure capital expenditures totaled $4.4 billion, below the bottom end of original 2023 guidance and near the bottom end of the most recently updated 2023 guidance
- Generated strong fourth quarter and full year 2023 free cash flow1 of $1.2 billion and $4.1 billion, respectively
- Generated a return on capital employed2 of 19% during 2023
- Returned $3.9 billion to shareholders during 2023 through a combination of cash dividends and share repurchases
- Declared a quarterly base-plus-variable dividend of $2.56 per share to be paid on March 22, 2024
Financial Highlights
Pioneer maintains a strong balance sheet, with net debt of $4.6 billion as of December 31, 2023. The Company had $2.2 billion of liquidity, comprised of $240 million of cash on hand and a $2.0 billion unsecured credit facility (undrawn) as of December 31, 2023.
During the fourth quarter, the Company’s total capital expenditures3 totaled $1.1 billion. For the full year 2023, the Company’s total capital expenditures3 totaled $4.6 billion.
Cash flow from operating activities during the fourth quarter and full year 2023 was $2.3 billion and $8.4 billion, respectively, leading to free cash flow1 of $1.2 billion for the fourth quarter and $4.1 billion for the full year 2023.
For the first quarter of 2024, the Company’s Board of Directors has declared a quarterly base-plus-variable dividend of $2.56 per share, comprised of a $1.25 base dividend and $1.31 variable dividend. This represents a total annualized dividend yield of 4.4%4. Pursuant to the merger agreement with Exxon Mobil Corporation (“ExxonMobil”), any quarterly dividends declared subsequent to the first quarter of 2024 are expected to be comprised solely of the $1.25 per share base dividend component5.
Fourth Quarter Financial Results
For the fourth quarter of 2023, the average realized price for oil was $78.47 per barrel. The average realized price for natural gas liquids (NGLs) was $23.25 per barrel, and the average realized price for gas was $2.35 per thousand cubic feet. These prices exclude the effects of derivatives.
Production costs, including taxes, averaged $10.54 per barrel of oil equivalent (BOE). Depreciation, depletion and amortization expense averaged $11.30 per BOE. Exploration and abandonment expense was $24 million. General and administrative expense was $202 million, including ExxonMobil merger-related costs of $102 million. Interest expense was $39 million. The net cash flow impact related to purchases and sales of oil and gas, including firm transportation, was a loss of $105 million. Other expense was $37 million. Current income tax provision was $183 million. The Company’s effective tax rate was 22% for the quarter.
Operations Update
Pioneer continued to deliver strong operational performance in the Midland Basin, which led to the Company placing 482 horizontal wells on production during 2023, including 135 horizontal wells placed on production during the fourth quarter.
More than 125 wells with lateral lengths of 15,000 feet or greater were placed on production in 2023. These longer-lateral wells have contributed to Pioneer’s strong results. The development of wells with lateral lengths in excess of 15,000 feet provides significant capital savings on a per foot basis and is expected to generate an internal rate of return (IRR) that is on average 35% higher than a comparable 10,000-foot lateral well. In total, the Company has over 1,000 future locations with 15,000-foot lateral lengths in its drilling inventory.
During the fourth quarter, Pioneer benefited from its utilization of three simulfrac fleets and two localized sand mines. During 2023, the Company transitioned 100% of its completions fleets to either electric or dual-fuel powered and progressed its electrification efforts through the successful execution of drilling and completions trials utilizing grid-supplied electricity. Additionally, Pioneer plans to add a fourth simulfrac fleet in the first half of 2024, providing further efficiencies and cost benefits.
During 2023, Pioneer’s operational teams delivered a sixth consecutive year of improved drilling and completions efficiencies. Extended laterals, utilization of simulfrac fleets and the transition of completions fleets from diesel-only fuel are a few examples of the many continuous improvement efforts that the Company’s operational teams continue to progress.
2024 Outlook
The Company expects its 2024 capital budget3 to range between $4.2 billion to $4.6 billion. Pioneer expects its capital program to be funded from 2024 cash flow from operating activities.
Pioneer expects 2024 oil production of 384 to 392 MBOPD and total production of 750 to 766 MBOEPD.
Proved Reserves
The Company added proved reserves totaling 397 million barrels of oil equivalent (MMBOE) during 2023, excluding acquisitions and price revisions. These proved reserve additions equate to a drillbit reserve replacement ratio of 150% when compared to Pioneer’s full year 2023 production of 264 MMBOE, including field fuel. The drillbit finding and development (F&D) cost was $11.48 per BOE in 2023, with a drillbit proved developed F&D cost of $11.01 per BOE.
As of December 31, 2023, the Company’s total proved reserves were estimated at 2,471 MMBOE, of which 90% are proved developed.
Environmental, Social & Governance (ESG)
Pioneer views sustainability as a multidisciplinary effort that balances economic growth, environmental stewardship and social responsibility. The Company emphasizes developing natural resources in a manner that protects surrounding communities and preserves the environment.
For more details, see Pioneer’s 2023 Sustainability Report at www.pxd.com/sustainability.
Earnings Conference Call
Due to the pending merger with ExxonMobil, Pioneer will not host a conference call or webcast to discuss its results for the fourth quarter and year ended December 31, 2023.
About Pioneer
Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States. For more information, visit www.pxd.com.
Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements and the business prospects of the Company are subject to a number of risks and uncertainties that may cause the Company’s actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, volatility of commodity prices; product supply and demand; the impact of armed conflict (including in Ukraine and the Middle East) and related political instability on economic activity and oil and gas supply and demand; competition; the ability to obtain drilling, environmental and other permits and the timing thereof; the effect of future regulatory or legislative actions on Pioneer or the industry in which it operates, including potential changes to tax laws; the ability to obtain approvals from third parties and negotiate agreements with third parties on mutually acceptable terms; potential liability resulting from pending or future litigation; the costs, including the potential impact of cost increases due to inflation and supply chain disruptions, and results of development and operating activities; the impact of a widespread outbreak of an illness, such as the COVID-19 pandemic, on global and U.S. economic activity, oil and gas demand, and global and U.S. supply chains; the risk of new restrictions with respect to development activities, including potential changes to regulations resulting in limitations on the Company’s ability to dispose of produced water; availability of equipment, services, resources and personnel required to perform the Company’s development and operating activities; access to and availability of transportation, processing, fractionation, refining, storage and export facilities; Pioneer’s ability to replace reserves, implement its business plans or complete its development activities as scheduled; the risk that the transaction between Pioneer and ExxonMobil may not be completed on anticipated terms and timing, or at all, including the risk of obtaining regulatory approvals; the possibility that any of the anticipated benefits of the transaction will not be realized or will not be realized within the expected time period; the risk that disruptions from the transaction will harm Pioneer’s business, including current plans and operations and that management’s time and attention will be diverted on transaction-related issues; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the transaction; litigation relating to the transaction against Pioneer and its directors; the Company’s ability to achieve its emissions reductions, flaring and other ESG goals; access to and cost of capital; the financial strength of (i) counterparties to Pioneer’s credit facility, (ii) issuers of Pioneer’s investment securities and (iii) purchasers of Pioneer’s oil, NGL and gas production and downstream sales of purchased commodities; uncertainties about estimates of reserves, identification of drilling locations and the ability to add proved reserves in the future; the assumptions underlying forecasts, including forecasts of production, operating cash flow, well costs, capital expenditures, rates of return, expenses, and cash flow from downstream purchases and sales of oil and gas, net of firm transportation commitments; tax rates; quality of technical data; environmental and weather risks, including the possible impacts of climate change on the Company’s operations and demand for its products; cybersecurity risks; the risks associated with the ownership and operation of the Company’s water services business and acts of war or terrorism. These and other risks are described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and other filings with the United States Securities and Exchange Commission. In addition, the Company may be subject to currently unforeseen risks that may have a materially adverse effect on it. The Company undertakes no duty to publicly update these statements except as required by law.
“Drillbit finding and development cost per BOE,” or “drillbit F&D cost per BOE,” means the summation of exploration and development costs incurred divided by the summation of annual proved reserves, on a BOE basis, attributable to discoveries, extensions and revisions of previous estimates. Revisions of previous estimates exclude price revisions. Consistent with industry practice, future capital costs to develop proved undeveloped reserves are not included in costs incurred.
“Drillbit proved developed finding and development cost per BOE,” or “drillbit proved developed F&D cost per BOE,” means the summation of exploration and development costs incurred (excluding asset retirement obligations) divided by the summation of annual proved reserves, on a BOE basis, attributable to proved developed reserve additions, including (i) discoveries and extensions placed on production during 2023, (ii) transfers from proved undeveloped reserves at year-end 2022 and (iii) technical revisions of previous estimates for proved developed reserves during 2023. Revisions of previous estimates exclude price revisions.
“Drillbit reserve replacement” is the summation of annual proved reserves, on a BOE basis, attributable to discoveries, extensions and revisions of previous estimates divided by annual production of oil, NGLs and gas, on a BOE basis. Revisions of previous estimates exclude price revisions.
Footnote 1: Free cash flow is a non-GAAP financial measure. As used by the Company, free cash flow is defined as net cash provided by operating activities, adjusted for changes in operating assets and liabilities and certain after-tax ExxonMobil merger-related costs, less capital expenditures3. See the supplemental schedules for a reconciliation of fourth quarter and full year 2023 free cash flow to the comparable GAAP number.
Footnote 2: Return on capital employed (ROCE) is a non-GAAP financial measure. As used by the Company, ROCE is net income adjusted for tax-effected noncash mark-to-market (MTM) adjustments, unusual items and interest expense divided by the summation of average total equity (adjusted for tax-effected noncash MTM adjustments, unusual items and interest expense) and average net debt. See reconciliation to comparable GAAP number in supplemental schedules.
Footnote 3: Excludes acquisitions, asset retirement obligations, capitalized interest, geological and geophysical G&A, information technology, corporate facilities and vehicles.
Footnote 4: Calculated by dividing the Company’s annualized first quarter 2024 total dividend per share by the Company’s closing share price on February 16, 2024.
Footnote 5: Future dividends are authorized and determined by the Company’s Board of Directors in its sole discretion. Decisions regarding the payment of dividends are subject to a number of considerations at the time, including without limitation the Company’s liquidity and capital resources, the Company’s results of operations and anticipated future results of operations, the level of cash reserves the Company maintains to fund future capital expenditures or other needs, and other factors that the Board of Directors deems relevant, including restrictions set forth in the merger agreement with ExxonMobil. The Company can provide no assurance that dividends will be authorized or declared in the future or the amount of any future dividends.
Note: Estimates of future results are based on the Company’s internal financial model prepared by management and used to assist in the management of its business. Pioneer’s financial models are not prepared with a view to public disclosure or compliance with GAAP, any guidelines of the United States Securities and Exchange Commission or any other body. The financial models reflect numerous assumptions, in addition to those noted in this news release, with respect to general business, economic, market and financial conditions and other matters. These assumptions regarding future events are difficult, if not impossible to predict, and many are beyond Pioneer’s control. Accordingly, there can be no assurance that the assumptions made by management in preparing the financial models will prove accurate. It is expected that there will be differences between actual and estimated or modeled results, and actual results may be materially greater or less than those contained in the Company’s financial models.
| PIONEER NATURAL RESOURCES COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS (in millions) |
|||||||
|
|
December 31, 2023 |
|
December 31, 2022 |
||||
|
ASSETS |
|||||||
|
Current assets: |
|
|
|
||||
|
Cash and cash equivalents |
$ |
240 |
|
|
$ |
1,032 |
|
|
Accounts receivable, net |
|
1,590 |
|
|
|
1,853 |
|
|
Inventories |
|
476 |
|
|
|
424 |
|
|
Investment in affiliate |
|
139 |
|
|
|
172 |
|
|
Prepaids and other |
|
160 |
|
|
|
245 |
|
|
Total current assets |
|
2,605 |
|
|
|
3,726 |
|
|
Oil and gas properties, using the successful efforts method of accounting |
|
49,172 |
|
|
|
44,473 |
|
|
Accumulated depletion, depreciation and amortization |
|
(17,639 |
) |
|
|
(14,843 |
) |
|
Total oil and gas properties, net |
|
31,533 |
|
|
|
29,630 |
|
|
Other property and equipment, net |
|
1,656 |
|
|
|
1,658 |
|
|
Operating lease right-of-use assets |
|
398 |
|
|
|
340 |
|
|
Goodwill |
|
242 |
|
|
|
243 |
|
|
Other assets |
|
179 |
|
|
|
143 |
|
|
|
$ |
36,613 |
|
|
$ |
35,740 |
|
|
|
|
|
|
||||
|
LIABILITIES AND EQUITY |
|||||||
|
Current liabilities: |
|
|
|
||||
|
Accounts payable |
$ |
2,449 |
|
|
$ |
2,637 |
|
|
Interest payable |
|
48 |
|
|
|
33 |
|
|
Income taxes payable |
|
40 |
|
|
|
63 |
|
|
Current portion of debt |
|
28 |
|
|
|
779 |
|
|
Derivatives |
|
53 |
|
|
|
44 |
|
|
Operating leases |
|
175 |
|
|
|
125 |
|
|
Other |
|
181 |
|
|
|
206 |
|
|
Total current liabilities |
|
2,974 |
|
|
|
3,887 |
|
|
Long-term debt |
|
4,807 |
|
|
|
4,125 |
|
|
Derivatives |
|
76 |
|
|
|
96 |
|
|
Deferred income taxes |
|
4,402 |
|
|
|
3,867 |
|
|
Operating leases |
|
248 |
|
|
|
236 |
|
|
Other liabilities |
|
935 |
|
|
|
988 |
|
|
Equity |
|
23,171 |
|
|
|
22,541 |
|
|
|
$ |
36,613 |
|
|
$ |
35,740 |
|
|
PIONEER NATURAL RESOURCES COMPANY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share data) |
|||||||||||||||
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
||||||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
|
Revenues and other income: |
|
|
|
|
|
|
|
||||||||
|
Oil and gas |
$ |
3,386 |
|
|
$ |
3,516 |
|
|
$ |
12,989 |
|
|
$ |
16,310 |
|
|
Sales of purchased commodities |
|
1,691 |
|
|
|
1,658 |
|
|
|
6,385 |
|
|
|
8,074 |
|
|
Interest and other income (loss), net |
|
(21 |
) |
|
|
61 |
|
|
|
39 |
|
|
|
119 |
|
|
Derivative gain (loss), net |
|
160 |
|
|
|
(128 |
) |
|
|
(75 |
) |
|
|
(315 |
) |
|
Gain on disposition of assets, net |
|
1 |
|
|
|
1 |
|
|
|
24 |
|
|
|
106 |
|
|
|
|
5,217 |
|
|
|
5,108 |
|
|
|
19,362 |
|
|
|
24,294 |
|
|
Costs and expenses: |
|
|
|
|
|
|
|
||||||||
|
Oil and gas production |
|
536 |
|
|
|
463 |
|
|
|
2,042 |
|
|
|
1,922 |
|
|
Production and ad valorem taxes |
|
187 |
|
|
|
210 |
|
|
|
785 |
|
|
|
965 |
|
|
Depletion, depreciation and amortization |
|
775 |
|
|
|
655 |
|
|
|
2,862 |
|
|
|
2,530 |
|
|
Purchased commodities |
|
1,796 |
|
|
|
1,734 |
|
|
|
6,585 |
|
|
|
8,235 |
|
|
Exploration and abandonments |
|
24 |
|
|
|
9 |
|
|
|
80 |
|
|
|
41 |
|
|
General and administrative |
|
202 |
|
|
|
83 |
|
|
|
461 |
|
|
|
334 |
|
|
Accretion of discount on asset retirement obligations |
|
4 |
|
|
|
4 |
|
|
|
16 |
|
|
|
15 |
|
|
Interest |
|
39 |
|
|
|
28 |
|
|
|
153 |
|
|
|
128 |
|
|
Other |
|
37 |
|
|
|
54 |
|
|
|
131 |
|
|
|
173 |
|
|
|
|
3,600 |
|
|
|
3,240 |
|
|
|
13,115 |
|
|
|
14,343 |
|
|
Income before income taxes |
|
1,617 |
|
|
|
1,868 |
|
|
|
6,247 |
|
|
|
9,951 |
|
|
Income tax provision |
|
(348 |
) |
|
|
(387 |
) |
|
|
(1,353 |
) |
|
|
(2,106 |
) |
|
Net income attributable to common shareholders |
$ |
1,269 |
|
|
$ |
1,481 |
|
|
$ |
4,894 |
|
|
$ |
7,845 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income per share attributable to common shareholders: |
|
|
|
|
|
|
|
||||||||
|
Basic |
$ |
5.42 |
|
|
$ |
6.23 |
|
|
$ |
20.89 |
|
|
$ |
32.61 |
|
|
Diluted |
$ |
5.28 |
|
|
$ |
5.98 |
|
|
$ |
20.21 |
|
|
$ |
31.13 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
||||||||
|
Basic |
|
233 |
|
|
|
237 |
|
|
|
234 |
|
|
|
240 |
|
|
Diluted |
|
240 |
|
|
|
247 |
|
|
|
242 |
|
|
|
252 |
|
|
PIONEER NATURAL RESOURCES COMPANY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) |
|||||||||||||||
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
||||||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
||||||||
|
Net income |
$ |
1,269 |
|
|
$ |
1,481 |
|
|
$ |
4,894 |
|
|
$ |
7,845 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
||||||||
|
Depletion, depreciation and amortization |
|
775 |
|
|
|
655 |
|
|
|
2,862 |
|
|
|
2,530 |
|
|
Exploration expenses |
|
— |
|
|
|
1 |
|
|
|
2 |
|
|
|
7 |
|
|
Deferred income taxes |
|
165 |
|
|
|
559 |
|
|
|
506 |
|
|
|
1,807 |
|
|
Gain on disposition of assets, net |
|
(1 |
) |
|
|
(1 |
) |
|
|
(24 |
) |
|
|
(106 |
) |
|
(Gain) loss on early extinguishment of debt, net |
|
— |
|
|
|
(8 |
) |
|
|
— |
|
|
|
39 |
|
|
Accretion of discount on asset retirement obligations |
|
4 |
|
|
|
4 |
|
|
|
16 |
|
|
|
15 |
|
|
Interest expense |
|
2 |
|
|
|
3 |
|
|
|
11 |
|
|
|
10 |
|
|
Derivative-related activity |
|
(181 |
) |
|
|
(1 |
) |
|
|
(12 |
) |
|
|
(96 |
) |
|
Amortization of share-based compensation |
|
123 |
|
|
|
19 |
|
|
|
193 |
|
|
|
78 |
|
|
Investment valuation adjustments |
|
37 |
|
|
|
(38 |
) |
|
|
33 |
|
|
|
(54 |
) |
|
Other |
|
25 |
|
|
|
58 |
|
|
|
136 |
|
|
|
126 |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
||||||||
|
Accounts receivable |
|
258 |
|
|
|
82 |
|
|
|
259 |
|
|
|
(171 |
) |
|
Inventories |
|
16 |
|
|
|
(4 |
) |
|
|
(57 |
) |
|
|
(59 |
) |
|
Other assets |
|
(55 |
) |
|
|
(180 |
) |
|
|
(50 |
) |
|
|
(277 |
) |
|
Accounts payable |
|
(124 |
) |
|
|
(14 |
) |
|
|
(250 |
) |
|
|
(274 |
) |
|
Interest payable |
|
32 |
|
|
|
12 |
|
|
|
15 |
|
|
|
(20 |
) |
|
Income taxes payable |
|
(3 |
) |
|
|
18 |
|
|
|
(23 |
) |
|
|
18 |
|
|
Other liabilities |
|
6 |
|
|
|
(48 |
) |
|
|
(63 |
) |
|
|
(70 |
) |
|
Net cash provided by operating activities |
|
2,348 |
|
|
|
2,598 |
|
|
|
8,448 |
|
|
|
11,348 |
|
|
Net cash used in investing activities |
|
(1,180 |
) |
|
|
(675 |
) |
|
|
(4,713 |
) |
|
|
(3,586 |
) |
|
Net cash used in financing activities |
|
(1,026 |
) |
|
|
(2,213 |
) |
|
|
(4,527 |
) |
|
|
(10,614 |
) |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
142 |
|
|
|
(290 |
) |
|
|
(792 |
) |
|
|
(2,852 |
) |
|
Cash, cash equivalents and restricted cash, beginning of period |
|
98 |
|
|
|
1,322 |
|
|
|
1,032 |
|
|
|
3,884 |
|
|
Cash and cash equivalents, end of period |
$ |
240 |
|
|
$ |
1,032 |
|
|
$ |
240 |
|
|
$ |
1,032 |
|
|
PIONEER NATURAL RESOURCES COMPANY SUMMARY PRODUCTION, PRICE AND MARGIN DATA |
|||||||||||||||
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
||||||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
|
Average Daily Sales Volumes: |
|
|
|
|
|
|
|
||||||||
|
Oil (Bbls) |
|
380,550 |
|
|
|
350,608 |
|
|
|
372,127 |
|
|
|
351,964 |
|
|
Natural gas liquids (“NGLs”) (Bbls) |
|
196,332 |
|
|
|
165,533 |
|
|
|
181,864 |
|
|
|
160,294 |
|
|
Gas (Mcf) |
|
1,011,900 |
|
|
|
872,589 |
|
|
|
964,433 |
|
|
|
825,085 |
|
|
Total (BOE) |
|
745,532 |
|
|
|
661,573 |
|
|
|
714,730 |
|
|
|
649,773 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Average Prices: |
|
|
|
|
|
|
|
||||||||
|
Oil per Bbl |
$ |
78.47 |
|
|
$ |
83.53 |
|
|
$ |
77.03 |
|
|
$ |
95.66 |
|
|
NGLs per Bbl |
$ |
23.25 |
|
|
$ |
27.67 |
|
|
$ |
24.35 |
|
|
$ |
37.67 |
|
|
Gas per Mcf |
$ |
2.35 |
|
|
$ |
4.98 |
|
|
$ |
2.59 |
|
|
$ |
6.03 |
|
|
Total per BOE |
$ |
49.37 |
|
|
$ |
57.76 |
|
|
$ |
49.79 |
|
|
$ |
68.77 |
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
||||||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
|
Margin Data ($ per BOE): |
|
|
|
|
|
|
|
||||||||
|
Average price |
$ |
49.37 |
|
|
$ |
57.76 |
|
|
$ |
49.79 |
|
|
$ |
68.77 |
|
|
Production costs |
|
(7.82 |
) |
|
|
(7.62 |
) |
|
|
(7.81 |
) |
|
|
(8.09 |
) |
|
Production and ad valorem taxes |
|
(2.72 |
) |
|
|
(3.46 |
) |
|
|
(3.02 |
) |
|
|
(4.08 |
) |
|
|
$ |
38.83 |
|
|
$ |
46.68 |
|
|
$ |
38.96 |
|
|
$ |
56.60 |
|
PIONEER NATURAL RESOURCES COMPANY
SUPPLEMENTARY EARNINGS PER SHARE INFORMATION
(in millions, except per share data)
The Company uses the two-class method of calculating basic and diluted earnings per share. Under the two-class method of calculating earnings per share, generally accepted accounting principles (“GAAP”) provide that share-based awards with guaranteed dividend or distribution participation rights qualify as “participating securities” during their vesting periods. During periods in which the Company realizes net income attributable to common shareholders, the Company’s basic net income per share attributable to common shareholders is computed as (i) net income attributable to common shareholders, (ii) less participating share-based earnings (iii) divided by weighted average basic shares outstanding. The Company’s diluted net income per share attributable to common shareholders is computed as (i) basic net income attributable to common shareholders, (ii) plus the reallocation of participating earnings, if any, (iii) plus the after-tax interest expense associated with the Company’s convertible senior notes that are assumed to be converted into shares (iv) divided by weighted average diluted shares outstanding. During periods in which the Company realizes a net loss attributable to common shareholders, securities or other contracts to issue common shares would be dilutive to loss per share; therefore, conversion into common shares is assumed not to occur.
The Company’s net income attributable to common shareholders is reconciled to basic and diluted net income
Contacts
Pioneer Natural Resources Company Contacts:
Investors
Chris Leypoldt – 972-969-5834
Trevor Long – 972-598-8579
Media and Public Affairs
media@pxd.com
