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Pioneer Natural Resources CompanyNYSE:PXD Stock Report

Market Cap US$62.5b
Share Price
n/a
n/a
0
1Y30.8%
7D-2.0%
1D
Portfolio Value
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Pioneer Natural Resources Company

NYSE:PXD Stock Report

Market Cap: US$62.5b

This company has been acquired

The company may no longer be operating, as it has been acquired. Find out why through their latest events.

Pioneer Natural Resources (PXD) Stock Overview

Pioneer Natural Resources Company operates as an independent oil and gas exploration and production company in the United States. More details

PXD fundamental analysis
Snowflake Score
Valuation2/6
Future Growth0/6
Past Performance3/6
Financial Health3/6
Dividends4/6

Rewards

Price-To-Earnings ratio (12.9x) is below the US market (18.1x)

Risk Analysis

Significant insider selling over the past 3 months

Unstable dividend track record


PXD Community Fair Values

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Pioneer Natural Resources Company Competitors

Price History & Performance

Summary of share price highs, lows and changes for Pioneer Natural Resources
Historical stock prices
Current Share PriceUS$269.62
52 Week HighUS$278.83
52 Week LowUS$196.75
Beta1.33
1 Month Change0.063%
3 Month Change18.53%
1 Year Change30.85%
3 Year Change63.47%
5 Year Change75.76%
Change since IPO2,854.74%

Recent News & Updates

Recent updates

Seeking Alpha • Feb 18

Pioneer Natural Resources: Digging Into Expectations As Merger Looks Set To Proceed

Summary Pioneer Natural Resources is expected to announce financial results for its final quarter before the merger with Exxon Mobil. The stock prices of both companies have fallen due to a weakening of oil and gas prices. The probability of the merger failing is low, but investors should monitor the company's performance during the quarter to assess the success of the merger decision. Read the full article on Seeking Alpha
Seeking Alpha • Nov 17

Exxon Has Huge Production Upside For 2024

Summary Exxon Mobil and Pioneer Natural Resources announced a $59.5 billion merger, expected to close in 1H24, which will significantly increase Exxon's production volumes and revenue by 16% and 30%, respectively. Exxon reported strong Q3'23 results, with a focus on developing assets in Guyana and the Permian Delaware Basin. Exxon increased their quarterly distribution by 4% to $0.95/share and suggested 2024's share buyback program will be similar to 2023's $17.5b program. Read the full article on Seeking Alpha
Seeking Alpha • Oct 12

Analyzing The Exxon-Pioneer Deal: Upsides And Caveats

Summary Exxon Mobil Corporation is acquiring Pioneer Natural Resources Company in an all-stock transaction, with Pioneer shareholders receiving 2.3234 shares of Exxon stock per Pioneer share. The deal is expected to close in the first half of 2024, offering a 2.56% upside for Pioneer shareholders over 5.5 months. The transaction is 100% stock, allowing investors to short Exxon and go long Pioneer with minimal capital, but there is a risk of the deal falling apart. Read the full article on Seeking Alpha
Seeking Alpha • Oct 06

Pioneer Natural Resources Would Be A Crown Jewel For Exxon Mobil

Summary Exxon Mobil is considering a major acquisition of Pioneer Natural Resources, which would make it a leading Permian producer. PXD has a strong portfolio of assets in the Permian Basin and a focus on generating free cash flow. The acquisition price is estimated to be around $60 billion, and Exxon Mobil may need to issue substantial equity to fund the deal. Read the full article on Seeking Alpha
Seeking Alpha • Sep 28

Pioneer Natural Resources: Gushing Cash, Selling Put Options Optimal

Summary Pioneer Natural Resources has seen a surge in its stock price due to impressive earnings reports and a rebound in the oil market. The stock has become more expensive relative to its historical performance and market peers. Additionally, PXD's ~2% dividend isn't attractive in today's world. Thus, selling put options on PXD is optimal, as it allows investors to generate immediate income and potentially get in with a better margin of safety. Read the full article on Seeking Alpha
Seeking Alpha • Aug 29

I Might Double My Pioneer Natural Resources Investment - Again

Summary I've been bullish on oil due to tight supply growth, consistent demand, the end of the U.S. shale revolution, and geopolitical risks. Pioneer Natural Resources stands out with efficient Permian operations, aiming to distribute 75% of FCF to shareholders through dividends and buybacks. PXD's outperformance versus peers and potential for strong free cash flow underpins my belief in its undervaluation; I am considering increasing my PXD exposure. Read the full article on Seeking Alpha
Seeking Alpha • Aug 22

Pioneer Natural Resources: A Peer-Leading Margins Permian Producer

Summary Pioneer Natural Resources reported adjusted quarterly earnings of $4.49 per share, beating expectations, but total revenues were lower than expected. The company announced a lower dividend payment of $1.84 per share for the third quarter, down significantly from the prior quarter. Natural gas and oil prices have declined, leading to a decrease in free cash flow. I recommend buying PXD between $235.2 and $232.5, with possible lower support at $227.5. However, waiting below $229 to buy larger lots is prudent. Read the full article on Seeking Alpha
Seeking Alpha • Jul 17

Pioneer Natural Resources: Exxon Mobil Potential Merger Is Not Materializing

Summary Pioneer Natural Resources Company came out with adjusted quarterly earnings of $5.21 per share in Q1 2023, beating analysts' expectations, compared to earnings of $7.74 a year ago. Production was a record of 680.440k Boep/d in 1Q23. I recommend buying Pioneer Natural Resources stock between $204.9 and $201, with possible lower support at $197.5. Read the full article on Seeking Alpha
Seeking Alpha • Jun 14

Pioneer Natural Resources: A Free Cash Flow Stalwart, Compelling Valuation

Summary The market's biggest free cash flow yields are seen in the volatile Energy sector. With shares negative YTD, I assert Pioneer Natural's valuation thesis has improved, and the company remains a free cash flow cow. As oil hovers near $70, PXD's profitability should remain robust. I spot some risks on the technical chart that investors should be mindful of. Read the full article on Seeking Alpha
Seeking Alpha • Feb 23

Pioneer Natural Resources declares $5.58 dividend

Pioneer Natural Resources (NYSE:PXD) declares $5.58/share quarterly dividend. Last quarter, the company declared base-plus-variable cash dividend of $5.71/share. Forward yield 10.88% Payable March 17; for shareholders of record March 6; ex-div March 3. See PXD Dividend Scorecard, Yield Chart, & Dividend Growth.
Seeking Alpha • Feb 05

Pioneer Natural Resources: Dividend Update Time

Summary PXD is an excellent way to play energy prices as investors can profit from a rising share price and rising variable dividends. PXD's almost non-existent debt, strong balance sheet and low risk assets enable management to run the business unhedged and distribute so much of the FCF to shareholders. We would caution investors that the dividend is headed lower, and that this might be a drag on shares in the near-term. In late August we wrote about Pioneer Natural Resources (PXD) and how we thought that investors needed to recognize the potential downside for their portfolios if oil prices were to decline. Our point was that Pioneer paid, and still does, a healthy dividend that is composed of a base dividend ($1.10/share per quarter) and a variable dividend, which can (and usually does) change from quarter-to-quarter based upon movements in oil prices, Pioneer's realized pricing and of course their overall production. At the time, many articles covering Pioneer seemed to ignore the fact that the dividend could fall, and ignored the probability of this risk materializing. Our Thoughts On Pioneer We continue to believe that Pioneer Natural Resources is one of the blue chip names in the industry. The company has a great management team, is run well from both a financial and operational perspective, has a strong balance sheet and world-class assets. With the company's focus on the Permian, and over 20 years' worth of inventory of high-quality locations the company should be able to not only maintain production in the years ahead but also gradually increase production (either through additional technological advancements such as their longer laterals or marginally adding locations). Pioneer is really well run, and is usually either leading the pack, or near the front of it, when it comes to the industry and its peers making moves. Being blessed with great acreage helps, but the company has also kept the balance sheet strong and focused on shareholder returns. The key over the last two years has been the company's ability to operate without hedges (starting in 2022) like many of their peers; and the ability to take this path is due to the company's strong balance sheet and lack of a large debt pile. We argued in our last article that we thought that Pioneer should look to hedge some of their production as prices were historically high and it could protect potential downside if oil prices retreated back to pre-2022 levels. Hedges would have been at prices lower than spot at the time by a decent amount, and would have hurt returns once they went into effect, but a small portion of production being hedged would not be, in our opinion, horrible. The Dividend As someone who cut their teeth in the commodity space, we do like the idea of turning the company's stock into more of a pure-play on commodity prices where there is true exposure to changes in energy prices. In our experience it is frustrating to have exposure to a commodity or industry and not be able to participate in the cash flows generated when a bull market arrives (Note: There are many instances of all that cash piling up on balance sheets and management teams making really horrible moves, which is why we do not like the cash building up on balance sheets during up cycles). So, the only option is generally to sell one's shares to take money off the table, but with Pioneer investors are able to hold their position and participate via the variable rate portion of the dividend. This brings us to Pioneer's upcoming quarter, which they announced will be reported on February 22, 2023. While we expect more of the same from the company and had projected, before the winter storm that hit Texas in December, that they would come in at the higher end of the range for production we now know that the company was impacted and production will come in lower than we were anticipating. Pioneer missed its oil production guidance due to the winter storm and came in on the low end of overall production. (Q3 Pioneer Natural Resources Investor Presentation) Pioneer provided Q4 guidance back in October for up to 680k BOEPD and oil production up to 361.5k BOPD, which looked very doable. However, the winter storm impacted operations and Pioneer stated as much in an 8-K filed on January 26, 2023. The impact from the storm was a loss of 4,500 BOPD and 8,500 BOEPD against the previous guidance. The company further estimated that Q4 2022 average daily production would be 351k BOPD and 662k BOEPD. Why is this important? Well it would indicate that the variable dividend for Q1 2023 will likely be lower than some were estimating as both the price realized from production as well as actual production are going to lag. The NYMEX Calendar Month Average price for oil fell almost 10% for Q4, natural gas prices were down as well - although much of the recent sell-off occurred quickly and at the end of Q4, so the real issue there will be the sell-off that continued into 2023 and how long prices remain at current levels in order to quantify the impact moving forward. The trend for energy prices, and oil prices specifically, have been lower. In the 4th quarter, that trend equated to over a $9/bbl drop in pricing. (Office of Natural Resources Revenue (ONRR) website) Even if Pioneer's production was not impacted by the winter storm, the expected 355k BOPD and 670k BOEPD in production would not have had enough growth to have production offset lower prices in any meaningful way. So to be clear, the lower dividend will be due to lower prices. Note: Starting in Q3 the company began to realize interest income (in a material way) on its cash balances. We suspect that with interest rates having moved higher that depending on the company's average daily cash balance available for investment, as well as the rate and term invested for, that the company could realize around $30 million in interest income (depending on the timing and maturity of their investments) - which would be double the roughly $15 million reported in Q3. Dividend Looking Forward Back when we last wrote about Pioneer we discussed how investors should always be on the lookout for the sustainability of a dividend and what the market is telling you about a company's current dividend. Back then, when the stock was trading at a level indicating that the yield was about 13% (assuming that the dividend level would hold) we had our doubts. Since then, energy prices have in fact retreated, something we were worried about at the time, and that is flowing through to the FCF figure which is used to calculate the variable component of the dividend each quarter. Pioneer Natural Resources Q3 Investor Presentation
Seeking Alpha • Jan 27

Pioneer Natural Resources Fortunes Depend Largely On Oil Prices

Summary Oil prices have been rangebound as supply-demand dynamics remain uncertain. Pioneer is slowly increasing production, but its fortunes hinge on oil prices. Pioneer is one of the more efficient oil producers, so cash flow should remain steady. Pioneer Natural Resources (PXD) produces mostly shale-focused hydrocarbons. The company has been witnessing revenue increase at a pace that is relatively high in recent times, owing to the high oil prices in the past few years. On the other hand, production has largely been flat during the period, as increasing oil prices made up for the lack of production. The current projections by management also state that in the next quarter, the company will only slightly increase output, which may put further pressure on revenue. This means if realized oil prices are much lower, and unless oil prices head back up the company could see revenue moderate in 2023, and that would put pressure on valuations, and could see the stock sell off. Where Are Oil Prices Headed? In order for Pioneer to continue its rate of growth it will either have to improve its realized price per barrel of oil, or it will have to increase production. The company currently has around 2.2 billion in reserves and is expected to continue production of around 360-380 BOPD in the coming quarter. I expect that number could jump to 400k BOPD in 2024, on average, but it may not be enough to keep revenue growing. The current price of oil ((WTI)), is hovering around $80 a day, and that number may increase as demand increases from China’s reopening, pushing prices up. Global oil production averaged around 99.9 million BOPD, in 2022. 99.9 is below the 100.8 estimates by analysts earlier, and in 2023, estimates are that oil demand will grow by another 1.5-1.7 million BOPD mainly due to consumption from China, India, and the Middle East. But, the oil supply may not increase by any significant amount, which works out in favor of oil producers. Despite the deflationary headwinds from numerous sources including the rising dollar, and a flat or decreasing level of money supply, prices are likely to head back up. Plus, there are a number of factors including peak oil that are affecting the price of oil. Meanwhile, American shale is in no position to increase its own capacity, for the year by any significant amount, owing to CAPEX schedules, and limitations stemming from the capital-intensive nature of shale production. In addition, OPEC and specifically Saudi Arabia are consistently targeting higher oil prices. And have been willing to cut production as well to ensure as much. Oil inventories in the US have been increasing in recent times, and this has led to oil prices remaining rangebound. But inventories may slowly start to decline, as global demand continues to increase. “While lower oil prices come as a welcome relief to consumers faced by surging inflation, the full impact of embargoes on Russian crude and product supplies remains to be seen,” the IEA said. “As we move through the winter months and towards a tighter oil balance in the second quarter of 2023, another price rally cannot be ruled out.” Pioneer Natural Resources remains relatively hedged out, in terms of oil, which limits the downside but had been realizing oil prices at levels that are usually quite high. This means that, since oil prices have come down revenue is likely to come down as well until prices recover. Realized Prices (Investor Presentation) Meanwhile, as revenue moves towards moderation, costs have continued to rise every quarter, and next quarter could see costs increase to $14 or thereabouts, which would mean there would some pressure on the company’s finances. Cost Structure (Investor Presentation) China Reopening: Chinese crude demand is expected to increase by 410-510,000 bpd. This is partially due to the reopening of the economy and partially due to increasing demand. China’s economy will face headwinds, as global trade slows, but local consumption has been increasingly replacing global consumption, which drove GDP in past. Therefore, it could very well be that China does not face any real decline even if the global economy slows. China has its own problems though, especially due to excessive debt, that could hamper demand. Valuation In Terms Of The Current Outlook Should oil remain rangebound the forward P/E is likely heading towards 10-11, at which point it would still be cheap. Should oil prices start to rise once again the combination of increasing oil prices and increasing supply could see a small increase in revenue, mostly a single-digit, increase in 2023. This would still push the forward P/E to around 6x earnings, which would translate into the cheap being inexpensive. While recessionary sentiments continue to loom along with a deflationary background, the combination of falling inventories, increasing production, and improving prices could push valuations into value territory.
Seeking Alpha • Jan 04

Pioneer Natural Resources: 10% Total Yield And Rising

Summary Pioneer Natural Resources is a stock that rewards its shareholders via a strong and increasing dividend. PXD's increasing base dividend could reach $4.85 in 2023. On top of that, its special dividend will mean that shareholders will get a 10% total yield. Also, I describe some of the negative aspects weighing on the oil market. Investment Thesis Pioneer Natural Resources (PXD) is eager to return excess free cash flow back to shareholders via large combined dividends. This is the company's focus. Meanwhile, I lay out the puts and pulls that have led to the oil market ending 2022 in a surprising lull. My investment case is that even with a potential global recession in 2023, it's very likely that oil prices will remain above $60 WTI. A figure that is high for a recessionary environment. However, at this WTI price, PXD will not only be profitable but able to sustain its large dividend payout. Big Negative Surprise for Oil If this time last year I told you that the already tight oil market would have an unprecedented supply shock that would see supply being restricted, and that still, oil prices would finish the year towards the low end of where 2022 started, you would have struggled to believe this. We all knew that the oil supply market is extremely tight. There were all kinds of theories floating around that even if OPEC wanted to ramp up supply, it would struggle. Indeed, after several years of under-capital investment, there were some analysts arguing that OPEC would struggle to meet its own quotas. But has this insight mattered in the slightest in 2022? No. And you know why? Because the trouble facing the oil market has very little to do with the supply side of the equation. The major issue facing the oil market is on the demand side of the equation. Simply put, there's a lot of noise and hypotheses facing the oil sector. And yet, when all is said and done, the oil sector has left many investors stumped. So, what to do? I believe that the solution for investors lies in PXD's dividend program. Capital Allocation Framework In the section above, I provide a taste of some of the dynamics that took place in 2022. There were all the reasons why oil should be moving higher. Nevertheless, despite all those bold, opinionated, and often well-articulated reasons for why oil prices should be closer to $100 WTI than $60 WTI, here we are; much closer to the low end of this range. Moreover, this is what investors appear to be putting less emphasis on. But where I strongly believe is the bull case for PXD. And this is, even at $60 WTI, PXD is still going to be substantially profitable. And not only profitable but able and willing to return a healthy dividend to shareholders. PXD Q3 presentation 2022 At $60 WTI, investors will get approximately a 4.5% yield. At $70 WTI, investors will get approximately a 6.4% yield. Simply put, as a point of fact, investors will still get a fair dividend in 2023, even if oil prices simply muddle along in the $65 to $75 WTI range. PXD Q3 presentation 2022 Above we see an expression of PXD's dividend allocation strategy. PXD has a base dividend that I believe could reach $4.85 in 2023 -- a 10% increase from 2022, something that is well within the realms of possibility and even probabilities. For this 10% estimate, I've gone back and looked at some of the combined base plus special dividends over the past 4 years, as you can see below. PXD dividend history And what you see is that over the past several years, PXD has dramatically increased its dividend payout. Plus, on top of that, PXD will also continue to repurchase its shares in 2023. Thus, even if the share repurchases are not the needle-moving part of the bull case, it's still better to have them than not. PXD Stock Valuation - Approximately 7x Next Year's Free Cash Flow As I alluded to throughout, a potential global recession is likely to be on the cards in 2023. And despite this event, most analysts are still expecting WTI prices to remain around $60 to $90 WTI. And if you think about it, this is a very high price for oil, particularly during an economic contraction.
Seeking Alpha • Dec 21

Pioneer Natural Resources: A Look At 2022 And Beyond

Summary Pioneer Natural Resources beat analysts' expectations in the third quarter of 2022, but the fourth quarter will not be as solid. 4Q22 Oil Equivalent Production Guidance is expected at 667.5K Boep/d (mid-point). Meanwhile, oil prices have dropped sharply, putting pressure on free cash flow. I recommend buying PXD between $215 and $210 with possible lower support at $200. Introduction Pioneer Natural Resources Company (PXD) is one of the largest independent E&P companies in the United States. The company produces exclusively in the Permian Basin and owns extensive acreage. The company said it holds a deep inventory of high-quality locations in the Midland Basin. PXD inventory of high-quality locations (PXD Presentation) This solid oil company has been added to my domestic E&P, which includes EOG Resources (EOG), Occidental Petroleum (OXY), Devon Energy (DVN), and two US supermajors, Chevron Corp (CVX) and Exxon Mobil (XOM). However, one great advantage of PXD is its very generous dividend policy, with a yield of 10.4% today. PXD Dividend Presentation (PXD Presentation) 1 - Investment Thesis Pioneer Natural Resources came out with adjusted quarterly earnings of $7.48 per share in 3Q22, beating analysts' expectations slightly, compared to earnings of $4.13 per share a year ago. The company estimates production for 2022 between 350K Boep/d and 365K Boep/d and an estimated $8+ billion in free cash flow. PXD 2022 guidance (PXD Presentation) However, oil prices have been highly volatile recently and retraced significantly due to rampant inflation forcing the FED to hike interest rates numerous times in 2022. On December 14, 2022, Goldman Sachs cut its oil price forecasts for 2023, saying it expects a market surplus early next year, easing risks of winter price spikes. The bank said there was less risk of oil prices spiking this winter with China consuming less than previously expected, Russia exporting near pre-war levels, and production issues easing in Kazakhstan and Nigeria. Still, oil and gas prices are up on a one year-basis but significantly down from their high in June, as shown below: PXD Chart Oil and NG one-year (Fun Trading StockCharts) In short, the fourth quarter earnings will likely be down significantly quarter over quarter, with liquids prices going down potentially 15% to 20%. I estimate generic free cash flow in 4Q22 is down to $1.2 billion from $1.9 billion in 3Q22. Analysts expect a slight recovery for oil in 2023, but I am not convinced, especially after learning what is happening in China. While the US economy is expected to slow, a contraction in European and UK economies are also likely to stifle oil demand. OPEC forecasts suggest that the largest increases to demand are likely to come from China and India. These economies are expected to grow somewhere between 5% and 6% respectively in 2023. The easing of lockdown restrictions in China, if furthered through a softening of zero-tolerance policy could provide more support to demand (upside risk). An increase in petrol (gasoline) and diesel through industrial demand suggests a modest increase in world demand forecast by OPEC of 2.3% (2.25million barrels per day) in 2023. Thus, it is crucial to use any upticks to take short-term profit LIFO as I have advocated for many years in my marketplace, "the Gold and oil corner." 2 - Stock Performance And Commentary PXD continues to underperform its peers significantly, especially Occidental Petroleum, up 123% on a one-year basis. However, PXD rewards shareholders with a very high dividend policy, unlike Occidental Petroleum (OXY). PXD is now up 26% on a one-year basis. Data by YCharts CEO Scott Sheffield said in the conference call: Pioneer delivered strong results, generating over $1.7 billion in free cash flow during the third quarter, contributing to the return of $1.9 billion back to the shareholders. The majority of this capital is being returned through our base plus variable dividend of $5.71 per share, which will be paid in mid-December. Additionally, we continue to execute on opportunistic share repurchases, with $500 million of shares retired in the third quarter at an average price of $218, representing approximately 2.3 million shares. Pioneer Resources - Financial Table 3Q22 - The Raw Numbers Pioneer Natural Resources 3Q21 4Q21 1Q22 2Q22 3Q22 Revenues in $ Million 4,961 5,576 6,147 7,005 6,057 Total Revenues + other in $ Million 4,463 4,317 6,172 6,920 6,093 Net Income in $ Million 1,045 763 2,009 2,371 1,984 EBITDA $ Million 2,081 1,693 3,212 3,681 3,164 EPS diluted in $/share 4.07 2.97 7.85 9.30 7.93 Operating cash flow in $ Million 1,992 2,225 2,584 3,221 2,945 CapEx in $ Million 998 978 917 917 972 Free Cash Flow in $ Million 994 1,246 1,667 2,304 1,973 Cash and cash equivalent $ Million 725 4,040 3,256 3,252 1,822 Total Debt in $ Million 6,929 6,932 5,690 5,693 5,214 Dividend per share in $ 2.07 3.64 3.78 7.38 8.57 Shares outstanding (diluted) in Millions 257 258 256 254 250 Oil Production 3Q21 4Q21 1Q22 2Q22 3Q22 Oil Equivalent Production in K Boep/d continuing operations) 675.793 687.143 637.756 642.844 656.582 Global Natural gas price ($/MMBtu) 4.05 5.20 4.81 6.72 7.58 Price per $/Boe 52.79 58.78 68.48 79.31 69.93 Source: PXD press release Q3 Analysis: Revenues, Earnings Details, Free Cash Flow, Debt, An Oil & Gas Production 1 - Total Revenue and Others was $6,057 million in 3Q22 PXD Quarterly Revenues history (Fun Trading) Note: Revenues from oil and gas and others were $6,093 million in 3Q22. Pioneer Natural Resources reported a net income of $1,984 million, or $7.93 per diluted share, for the third quarter of 2022 compared to $1,045 million or $4.07 in 3Q21. The net cash provided by continuing operations activities in 3Q22 was $2,945 million, compared with $1,982 million in 3Q21. 2 - Free Cash Flow was $1,973 million in 3Q22 PXD Quarterly Free cash flow history (Fun Trading) Note: The generic free cash flow is cash from operating activities minus CapEx. The company used another way to calculate the Free cash flow, which came to $1,729 million in 3Q22. The generic free cash flow was $1,973 million in 3Q22. The trailing 12-month free cash flow is $7,190 million. For the fourth quarter of 2022, the Company's Board of Directors (Board) has declared a quarterly base-plus-variable dividend of $5.71 per share, comprised of a $1.10 base dividend and a $4.61 variable dividend. It is a significant decline from the 3Q22 dividend of $8.57 per share paid on December 15, 2022. However, the fourth quarter dividend represents a dividend yield of 10.4%. Also, Pioneer Resources has an ongoing $4 billion share buyback program and bought $500 million worth of shares in 3Q22 with already $1.5 billion executed. PXD Shares repurchased (PXD Presentation) 3 - Production was a Total of 656.582k Boep/d in 3Q22 3.1 - Quarterly Oil Equivalent Production PXD Quarterly production oil equivalent history (Fun Trading) The company produced 656.582K Boep/d in the third quarter, comprising 78.7% of liquids (Oil+NGL). Production comes from the Permian Basin. Production costs, including taxes, averaged $13.62 per barrel of oil equivalent.

Shareholder Returns

PXDUS Oil and GasUS Market
7D-2.0%-5.6%2.0%
1Y30.8%17.8%23.3%

Return vs Industry: PXD exceeded the US Oil and Gas industry which returned 10.9% over the past year.

Return vs Market: PXD exceeded the US Market which returned 21.3% over the past year.

Price Volatility

Is PXD's price volatile compared to industry and market?
PXD volatility
PXD Average Weekly Movement2.2%
Oil and Gas Industry Average Movement6.0%
Market Average Movement7.2%
10% most volatile stocks in US Market16.8%
10% least volatile stocks in US Market3.1%

Stable Share Price: PXD has not had significant price volatility in the past 3 months compared to the US market.

Volatility Over Time: PXD's weekly volatility (2%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
19972,213Rich Dealywww.pxd.com

Pioneer Natural Resources Company operates as an independent oil and gas exploration and production company in the United States. The company explores for, develops, and produces oil, natural gas liquids (NGLs), and gas. It has operations in the Midland Basin in West Texas.

Pioneer Natural Resources Company Fundamentals Summary

How do Pioneer Natural Resources's earnings and revenue compare to its market cap?
PXD fundamental statistics
Market capUS$62.53b
Earnings (TTM)US$4.89b
Revenue (TTM)US$19.37b
12.9x
P/E Ratio
3.3x
P/S Ratio

Is PXD overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
PXD income statement (TTM)
RevenueUS$19.37b
Cost of RevenueUS$9.41b
Gross ProfitUS$9.96b
Other ExpensesUS$5.08b
EarningsUS$4.89b

Last Reported Earnings

Dec 31, 2023

Next Earnings Date

n/a

Earnings per share (EPS)20.91
Gross Margin51.42%
Net Profit Margin25.21%
Debt/Equity Ratio20.9%

How did PXD perform over the long term?

See historical performance and comparison

Dividends

4.1%
Current Dividend Yield
67%
Payout Ratio

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/05/02 00:04
End of Day Share Price 2024/05/02 00:00
Earnings2023/12/31
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Pioneer Natural Resources Company is covered by 43 analysts. 18 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullArgus Research Company
William SeleskyArgus Research Company
Joseph AllmanBaird