Company Quick10K Filing
Pioneer Natural Resources
Price126.32 EPS2
Shares168 P/E52
MCap21,222 P/FCF9
Net Debt1,775 EBIT627
TEV22,997 TEV/EBIT37
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-05
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-24
10-Q 2019-09-30 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-10
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10-K 2017-12-31 Filed 2018-02-20
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10-K 2016-12-31 Filed 2017-02-17
10-Q 2016-09-30 Filed 2016-11-02
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10-K 2015-12-31 Filed 2016-02-19
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10-K 2014-12-31 Filed 2015-02-19
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10-K 2013-12-31 Filed 2014-02-27
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10-K 2009-12-31 Filed 2010-02-26
8-K 2020-09-09 Regulation FD
8-K 2020-08-06 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2020-08-04 Earnings, Exhibits
8-K 2020-07-22 Earnings, Regulation FD
8-K 2020-05-21
8-K 2020-05-11
8-K 2020-05-11
8-K 2020-05-06
8-K 2020-05-06
8-K 2020-04-24
8-K 2020-04-06
8-K 2020-04-03
8-K 2020-03-04
8-K 2020-02-19
8-K 2020-02-05
8-K 2019-11-04
8-K 2019-10-21
8-K 2019-10-16
8-K 2019-08-06
8-K 2019-07-25
8-K 2019-06-19
8-K 2019-05-16
8-K 2019-05-06
8-K 2019-04-30
8-K 2019-04-01
8-K 2019-02-21
8-K 2019-02-13
8-K 2019-01-29
8-K 2018-11-12
8-K 2018-11-06
8-K 2018-10-24
8-K 2018-10-24
8-K 2018-09-17
8-K 2018-08-07
8-K 2018-07-31
8-K 2018-07-25
8-K 2018-06-18
8-K 2018-06-01
8-K 2018-05-17
8-K 2018-05-02
8-K 2018-04-17
8-K 2018-04-09
8-K 2018-02-27
8-K 2018-02-21
8-K 2018-02-06
8-K 2018-01-16
8-K 2018-01-09

PXD 10Q Quarterly Report

Part I. Financial Information
Item 1.Financial Statements
Note 1. Organization and Nature of Operations
Note 2. Basis of Presentation
Note 3. Divestitures, Decommissioning and Restructuring Activities
Note 4. Fair Value Measurements
Note 5. Derivative Financial Instruments
Note 6. Exploratory Costs
Note 7. Long - Term Debt
Note 8. Incentive Plans
Note 9. Asset Retirement Obligations
Note 10. Commitments and Contingencies
Note 11. Related Party Transactions
Note 12. Revenue Recognition
Note 13. Interest and Other Income (Loss), Net
Note 14. Other Expense
Note 15. Income Taxes
Note 16. Net Income (Loss) per Share
Note 17. Subsequent Events
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
Part II. Other Information
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 6.Exhibits
EX-10.1 pxd-exx10120200630.htm
EX-10.2 pxd-exx10220200630.htm
EX-10.3 pxd-exx10320200630.htm
EX-10.4 pxd-exx10420200630.htm
EX-31.1 pxd-exx31120200630.htm
EX-31.2 pxd-exx31220200630.htm
EX-32.1 pxd-exx32120200630.htm
EX-32.2 pxd-exx32220200630.htm

Pioneer Natural Resources Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
2016128402012201420172020
Assets, Equity
2.51.70.90.2-0.6-1.42012201420172020
Rev, G Profit, Net Income
1.61.00.4-0.3-0.9-1.52012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
______________________________
FORM 10-Q 
______________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
or 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from  ________ to ________
Commission File Number: 1-13245
______________________________ 
PIONEER NATURAL RESOURCES COMPANY
(Exact name of Registrant as specified in its charter)
______________________________
Delaware 75-2702753
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
777 Hidden Ridge
Irving, Texas 75038
(Address of principal executive offices and zip code)
(972) 444-9001
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $.01 per sharePXDNew York Stock Exchange
Not applicable
(Former name, former address and former fiscal year, if changed since last report) 
______________________________
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). 
Yes       No   
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes       No  
Number of shares of Common Stock outstanding as of August 4, 2020     164,276,170


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PIONEER NATURAL RESOURCES COMPANY
TABLE OF CONTENTS 


  Page
Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019

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PIONEER NATURAL RESOURCES COMPANY
Cautionary Statement Concerning Forward-Looking Statements
The information in this Quarterly Report on Form 10-Q (this "Report") contains forward-looking statements that involve risks and uncertainties. When used in this document, the words "believes," "plans," "expects," "anticipates," "forecasts," "intends," "continue," "may," "will," "could," "should," "future," "potential," "estimate" or the negative of such terms and similar expressions as they relate to Pioneer Natural Resources Company ("Pioneer" or the "Company") are intended to identify forward-looking statements, which are generally not historical in nature. The forward-looking statements are based on the Company's current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. Although the Company believes that the expectations and assumptions reflected in the forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond the Company's control.
These risks and uncertainties include, among other things, volatility of commodity prices, product supply and demand, the impact of a widespread outbreak of an illness, such as the COVID-19 pandemic, on global and U.S. economic activity, competition, the ability to obtain environmental and other permits and the timing thereof, other government regulation or action, the ability to obtain approvals from third parties and negotiate agreements with third parties on mutually acceptable terms, litigation, the costs and results of drilling and operations, availability of equipment, services, resources and personnel required to perform the Company's drilling 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, access to and cost of capital, the financial strength of counterparties to Pioneer's credit facility, investment instruments and derivative contracts and purchasers of Pioneer's oil, NGL and gas production, 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, expenses, cash flow from purchases and sales of oil and gas, net of firm transportation commitments, and tax rates, quality of technical data, environmental and weather risks, including the possible impacts of climate change, cybersecurity risks, ability to implement stock repurchases, the risks associated with the ownership and operation of the Company's oilfield services businesses and acts of war or terrorism. These and other risks are described in the Company's Annual Report on Form 10-K, this and other Quarterly Reports on Form 10-Q 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. Accordingly, no assurances can be given that the actual events and results will not be materially different than the anticipated results described in the forward-looking statements. See "Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations," "Part 1, Item 3. Quantitative and Qualitative Disclosures About Market Risk" and "Part II, Item 1A. Risk Factors" in this Report and "Part I, Item 1. Business — Competition, Markets and Regulations," "Part I, Item 1A. Risk Factors," "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Part II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk" in the Company's Annual Report on Form 10-K for the year ended December 31, 2019 for a description of various factors that could materially affect the ability of Pioneer to achieve the anticipated results described in the forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The Company undertakes no duty to publicly update these statements except as required by law.
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PIONEER NATURAL RESOURCES COMPANY
Definitions of Certain Terms and Conventions Used Herein
Within this Report, the following terms and conventions have specific meanings:
"Bbl" means a standard barrel containing 42 United States gallons.
"Bcf" means one billion cubic feet and is a measure of gas volume.
"BOE" means a barrel of oil equivalent and is a standard convention used to express oil and gas volumes on a comparable oil equivalent basis. Gas equivalents are determined under the relative energy content method by using the ratio of six thousand cubic feet of gas to one Bbl of oil or natural gas liquid.
"BOEPD" means BOE per day.
"Brent" means Brent oil price, a major trading classification of light sweet oil that serves as a benchmark price for oil worldwide.
"Btu" means British thermal unit, which is a measure of the amount of energy required to raise the temperature of one pound of water one degree Fahrenheit.
"DD&A" means depletion, depreciation and amortization.
"GAAP" means accounting principles generally accepted in the United States of America.
"HH" means Henry Hub, a distribution hub in Louisiana that serves as the delivery location for gas futures contracts on the NYMEX.
"MBbl" means one thousand Bbls.
"MBOE" means one thousand BOEs.
"Mcf" means one thousand cubic feet and is a measure of gas volume.
"MMBtu" means one million Btus.
"NGLs" means natural gas liquids, which are the heavier hydrocarbon liquids that are separated from the gas stream; such liquids include ethane, propane, isobutane, normal butane and natural gasoline.
"NYMEX" means the New York Mercantile Exchange.
"OPEC" means the Organization of Petroleum Exporting Countries.
"Pioneer" or the "Company" means Pioneer Natural Resources Company and its subsidiaries.
"Proved reserves" mean those quantities of oil and gas, which, by analysis of geosciences and engineering data, can be estimated with reasonable certainty to be economically producible – from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations – prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time.
(i) The area of the reservoir considered as proved includes: (A) The area identified by drilling and limited by fluid contacts, if any, and (B) Adjacent undrilled portions of the reservoir that can, with reasonable certainty, be judged to be continuous with it and to contain economically producible oil or gas on the basis of available geoscience and engineering data.
(ii) In the absence of data on fluid contacts, proved quantities in a reservoir are limited by the lowest known hydrocarbons ("LKH") as seen in a well penetration unless geoscience, engineering or performance data and reliable technology establishes a lower contact with reasonable certainty.
(iii) Where direct observation from well penetrations has defined a highest known oil ("HKO") elevation and the potential exists for an associated gas cap, proved oil reserves may be assigned in the structurally higher portions of the reservoir only if geoscience, engineering or performance data and reliable technology establish the higher contact with reasonable certainty.
(iv) Reserves which can be produced economically through application of improved recovery techniques (including, but not limited to, fluid injection) are included in the proved classification when: (A) Successful testing by a pilot project in an area of the reservoir with properties no more favorable than in the reservoir as a whole, the operation of an installed program in the reservoir or an analogous reservoir, or other evidence using reliable technology establishes the reasonable certainty of the engineering analysis on which the project or program was based; and (B) The project has been approved for development by all necessary parties and entities, including governmental entities.
(v) Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be determined. The price shall be the average during the 12-month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month
within such period, unless prices are defined by contractual arrangements, excluding escalations based upon future conditions.
"SEC" means the United States Securities and Exchange Commission.
"U.S." means United States.
"WTI" means West Texas Intermediate, a light sweet blend of oil produced from fields in western Texas and is a grade of oil used as a benchmark in oil pricing.
With respect to information on the working interest in wells, drilling locations and acreage, "net" wells, drilling locations and acres are determined by multiplying "gross" wells, drilling locations and acres by the Company's working interest in such wells, drilling locations or acres. Unless otherwise specified, wells, drilling locations and acreage statistics quoted herein represent gross wells, drilling locations or acres.
All currency amounts are expressed in U.S. dollars.
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Table of Contents
PART I. FINANCIAL INFORMATION

ITEM 1.FINANCIAL STATEMENTS

PIONEER NATURAL RESOURCES COMPANY
CONSOLIDATED BALANCE SHEETS
(in millions)
 
June 30,
2020
December 31,
2019
 (Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$180  $631  
Restricted cash69  74  
Accounts receivable:
Trade, net566  1,032  
Due from affiliates  3  
Income taxes receivable21  7  
Inventories170  205  
Derivatives72  32  
Investment in affiliate85  187  
Other32  20  
Total current assets1,195  2,191  
Oil and gas properties, using the successful efforts method of accounting:
Proved properties23,217  22,444  
Unproved properties577  584  
Accumulated depletion, depreciation and amortization(9,349) (8,583) 
Total oil and gas properties, net14,445  14,445  
Other property and equipment, net1,622  1,632  
Operating lease right-of-use assets216  280  
Goodwill261  261  
Derivatives3    
Other assets
164  258  
$17,906  $19,067  







The financial information included as of June 30, 2020 has been prepared by management
without audit by independent registered public accountants.
The accompanying notes are an integral part of these consolidated financial statements.
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PIONEER NATURAL RESOURCES COMPANY
CONSOLIDATED BALANCE SHEETS (continued)
(in millions, except share data) 

June 30,
2020
December 31,
2019
 (Unaudited)
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable:
Trade$787  $1,221  
Due to affiliates65  190  
Interest payable26  53  
Income taxes payable4  3  
Current portion of long-term debt139  450  
Derivatives88  12  
Operating leases110  136  
Other365  431  
Total current liabilities1,584  2,496  
Long-term debt2,054  1,839  
Derivatives27  8  
Deferred income taxes1,403  1,389  
Operating leases124  170  
Other liabilities974  1,046  
Equity:
Common stock, $0.01 par value; 500,000,000 shares authorized; 175,378,954 and 175,057,889 shares issued as of June 30, 2020 and December 31, 2019, respectively
2  2  
Additional paid-in capital9,285  9,161  
Treasury stock at cost: 11,102,784 and 9,511,248 shares as of June 30, 2020 and December 31, 2019, respectively
(1,240) (1,069) 
Retained earnings3,693  4,025  
Total equity11,740  12,119  
Commitments and contingencies
$17,906  $19,067  









The financial information included as of June 30, 2020 has been prepared by management
without audit by independent registered public accountants.
The accompanying notes are an integral part of these consolidated financial statements.
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PIONEER NATURAL RESOURCES COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
(Unaudited) 
 Three Months Ended
June 30,
Six Months Ended
June 30,
 2020201920202019
Revenues and other income:
Oil and gas$600  $1,196  $1,695  $2,332  
Sales of purchased oil and gas541  1,183  1,456  2,292  
Interest and other income (loss), net48  (11) (158) 181  
Derivative gain (loss), net(336) 43  117  29  
Gain (loss) on disposition of assets, net6  (488) 6  (498) 
859  1,923  3,116  4,336  
Costs and expenses:
Oil and gas production167  219  343  440  
Production and ad valorem taxes47  69  120  136  
Depletion, depreciation and amortization416  412  850  833  
Purchased oil and gas572  1,102  1,600  2,059  
Exploration and abandonments10  15  19  35  
General and administrative60  80  116  174  
Accretion of discount on asset retirement obligations2  2  5  5  
Interest33  29  60  59  
Other90  211  175  358  
1,397  2,139  3,288  4,099  
Income (loss) before income taxes(538) (216) (172) 237  
Income tax benefit (provision)99  47  22  (56) 
Net income (loss) attributable to common stockholders$(439) $(169) $(150) $181  
Basic and diluted net income (loss) per share attributable
to common stockholders
$(2.66) $(1.01) $(0.91) $1.07  
Weighted average shares outstanding:
   Basic165  168  165  168  
Diluted165  168  165  169  
Dividends declared per share$0.55  $  $1.10  $0.32  











The financial information included herein has been prepared by management
without audit by independent registered public accountants.
The accompanying notes are an integral part of these consolidated financial statements.
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Table of Contents
PIONEER NATURAL RESOURCES COMPANY
CONSOLIDATED STATEMENTS OF EQUITY
(in millions, except share data and dividends per share)
(Unaudited)
 
  Equity Attributable To Common Stockholders 
 Shares
Outstanding
Common
Stock
Additional
Paid-in
Capital
Treasury
Stock
Retained
Earnings
Total Equity
(in thousands)
Balance as of December 31, 2019165,547  $2  $9,161  $(1,069) $4,025  $12,119  
Dividends declared ($0.55 per share)
—  —  —  —  (91) (91) 
Exercise of long-term incentive stock options
8  —  (1) 1  —    
Purchases of treasury stock(1,007) —  —  (122) —  (122) 
Stock-based compensation costs:
Issued awards316  —  —  —  —    
Compensation costs included in net income—  —  16  —  —  16  
Net income—  —  —  —  289  289  
Balance as of March 31, 2020164,864  2  9,176  (1,190) 4,223  12,211  
Dividends declared ($0.55 per share)
—  —  —  —  (91) (91) 
Convertible senior notes:
Equity component—  —  230  —  —  230  
Capped call—  —  (113) —  —  (113) 
Deferred tax provision
—  —  (25) —  —  (25) 
Purchases of treasury stock(592) —  —  (50) —  (50) 
Stock-based compensation costs:
Issued awards4  —  —  —  —    
Compensation costs included in net loss—  —  17  —  —  17  
Net loss—  —  —  —  (439) (439) 
Balance as of June 30, 2020164,276  $2  $9,285  $(1,240) $3,693  $11,740  





The financial information included herein has been prepared by management
without audit by independent registered public accountants.
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Table of Contents
The accompanying notes are an integral part of these consolidated financial statements.
PIONEER NATURAL RESOURCES COMPANY
CONSOLIDATED STATEMENTS OF EQUITY
(in millions, except share data and dividends per share)
(Unaudited)
  Equity Attributable To Common Stockholders 
 Shares
Outstanding
Common
Stock
Additional
Paid-in
Capital
Treasury
Stock
Retained
Earnings
Total Equity
(in thousands)
Balance as of December 31, 2018169,499  $2  $9,062  $(423) $3,470  $12,111  
Dividends declared ($0.32 per share)
—  —  —  —  (54) (54) 
Exercise of long-term incentive stock options
10  —  (1) 1  —    
Purchases of treasury stock(1,594) —  —  (222) —  (222) 
Stock-based compensation costs:
Issued awards507  —  —  —  —    
Compensation costs included in net income—  —  24  —  —  24  
Net income—  —  —  —  350  350  
Balance as of March 31, 2019168,422  2  9,085  (644) 3,766  12,209  
Purchases of treasury stock(1,349) —  —  (202) —  (202) 
Stock-based compensation costs:
Issued awards49  —  —  —  —    
Compensation costs included in net loss—  —  38  —  —  38  
Net loss—  —  —  —  (169) (169) 
Balance as of June 30, 2019167,122  $2  $9,123  $(846) $3,597  $11,876  







The financial information included herein has been prepared by management
without audit by independent registered public accountants.
The accompanying notes are an integral part of these consolidated financial statements.
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Table of Contents
PIONEER NATURAL RESOURCES COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
 Six Months Ended June 30,
 20202019
Cash flows from operating activities:
Net income (loss)$(150) $181  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depletion, depreciation and amortization850  833  
Impairment of inventory and other property and equipment1  31  
Exploration expenses, including dry holes3  4  
Deferred income taxes(11) 56  
(Gain) loss on disposition of assets, net(6) 498  
Loss on early extinguishment of debt27    
Accretion of discount on asset retirement obligations5  5  
Interest expense18  3  
Derivative-related activity52  (20) 
Amortization of stock-based compensation33  62  
Investment in affiliate valuation adjustment101  (171) 
South Texas contingent consideration valuation adjustment64  13  
South Texas deficiency fee obligation69    
Other64  76  
Change in operating assets and liabilities:
Accounts receivable468  17  
Inventories34  (58) 
Other assets26  (16) 
Accounts payable(313) (69) 
Interest payable(27)   
Other liabilities(154) (52) 
Net cash provided by operating activities1,154  1,393  
Cash flows from investing activities:
Proceeds from disposition of assets7  57  
Proceeds from investments  568  
Purchase of investments(1)   
Additions to oil and gas properties(1,034) (1,510) 
Additions to other assets and other property and equipment(78) (135)