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Pioneer Natural Resources (PXD)

Pioneer Natural Resources Company is an American energy company engaged in hydrocarbon exploration in the Cline Shale, which is part of the Spraberry Trend of the Permian Basin, where the company is the largest acreage holder. The company is organized in Delaware and headquartered in Irving, Texas.

Company profile

Ticker
PXD
Exchange
Website
CEO
Scott Sheffield
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
Pioneer Natural Resources USA, Inc. • DMLP CO. • Mesa Environmental Ventures Co. • Petroleum South Cape (Pty) Ltd. • Pioneer Giddings Wind Energy LLC • Pioneer Natural Gas Company • Pioneer Natural Resources Pumping Services LLC • Industrial Sands Holding Company • Pioneer Sands LLC • Pioneer Natural Resources South Africa (Pty) Limited ...
IRS number
752702753

PXD stock data

Calendar

2 Aug 22
9 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
20 Jul 22 Jacinto J Hernandez Common Stock Grant Acquire A No No 0 1,570 0 1,570
8 Jun 22 Mark Stephen Berg Common Stock Sell Dispose S Yes No 286.9 2,500 717.25K 47,046
6 Jun 22 Sheffield Scott D Common Stock Gift Dispose G No No 0 10,000 0 370,932
96.1% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 1038 930 +11.6%
Opened positions 200 179 +11.7%
Closed positions 92 65 +41.5%
Increased positions 373 351 +6.3%
Reduced positions 344 272 +26.5%
13F shares Current Prev Q Change
Total value 56.93B 40.65B +40.0%
Total shares 232.57M 225.2M +3.3%
Total puts 1.9M 4.02M -52.6%
Total calls 3.19M 3.38M -5.8%
Total put/call ratio 0.6 1.2 -49.7%
Largest owners Shares Value Change
Vanguard 21.96M $5.49B -9.3%
BLK Blackrock 20.78M $5.2B +16.1%
Capital World Investors 15.68M $3.92B +10.0%
STT State Street 14.95M $3.74B +1.2%
Double Eagle Energy Holdings III 13.21M $2.09B 0.0%
Wellington Management 9.64M $2.41B -21.3%
FMR 8.34M $2.08B +77.0%
Capital International Investors 7.64M $1.91B +25.1%
JPM JPMorgan Chase & Co. 6.77M $1.69B +44.4%
Massachusetts Financial Services 5.29M $1.32B +20.6%
Largest transactions Shares Bought/sold Change
FMR 8.34M +3.63M +77.0%
BLK Blackrock 20.78M +2.88M +16.1%
Wellington Management 9.64M -2.6M -21.3%
Vanguard 21.96M -2.24M -9.3%
JPM JPMorgan Chase & Co. 6.77M +2.08M +44.4%
Capital International Investors 7.64M +1.53M +25.1%
Capital World Investors 15.68M +1.42M +10.0%
First Trust Advisors 1.63M +1.15M +236.0%
Fred Alger Management 1.13M +1.13M +72344.1%
Adage Capital Partners GP, L.L.C. 559.68K -1.08M -65.9%

Financial report summary

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Risks
  • The COVID-19 pandemic and related developments in the global oil markets have had, and depending on the progression of the pandemic, may continue to have, material adverse consequences for general economic, business and industry conditions and for the Company's operations, financial condition, results of operations, cash flows and liquidity and those of its purchasers, suppliers and other counterparties.
  • Declining general economic, business or industry conditions could have a material adverse effect on the Company's results of operations.
  • The Company may be unable to make attractive acquisitions and any acquisition it completes is subject to substantial risks that could materially and adversely affect its business.
  • The Company's ability to complete dispositions of assets or sell partial interests in assets may be subject to factors beyond its control, and in certain cases the Company may be required to retain liabilities for certain matters.
  • The Company's operations and drilling activity are concentrated in the Midland Basin of West Texas, an area of high industry activity, which may affect its ability to obtain the personnel, equipment, services, resources and facilities access needed to complete its development activities as planned or result in increased costs; such concentration also makes the Company vulnerable to risks associated with operating in a limited geographic area.
  • The Company may not be able to obtain access on commercially reasonable terms or otherwise to gathering systems, pipelines and other processing, fractionation, refining, storage, transportation and export facilities to market its oil, NGL and gas production.
  • The Company relies on a limited number of purchasers for a majority of its products.
  • The refining industry and export facilities may be unable to absorb U.S. oil production, and the ability to export oil is subject to suspension; in any such case, the resulting surplus could depress prices and restrict the availability of markets, which could materially and adversely affect the Company's results of operations.
  • Estimates of proved reserves and future net cash flows are not precise. The actual quantities and net cash flows of the Company's proved reserves may prove to be lower than estimated.
  • Because the Company's producing wells decline continually over time, the Company will need to mitigate these declines through drilling and production enhancement initiatives and/or acquisitions.
  • A portion of the Company's total estimated proved reserves as of December 31, 2021 were undeveloped, and those proved reserves may not ultimately be developed.
  • The Company faces significant competition and some of its competitors have resources in excess of the Company's available resources.
  • The Company's business could be materially and adversely affected by security threats, including cybersecurity threats, and other disruptions.
  • Provisions of the Company's charter documents and Delaware law may inhibit a takeover, which could limit the price investors might be willing to pay in the future for the Company's common stock.
  • The Company's operations involve many operational risks, some of which could result in unforeseen interruptions to the Company's operations and substantial losses to the Company for which the Company may not be adequately insured.
  • Exploration and development drilling involve substantial costs and risks and may not result in commercially productive reserves.
  • Part of the Company's strategy involves using some of the latest available horizontal drilling and completion techniques, which involve risks and uncertainties in their application.
  • The Company's expectations for future drilling activities will be realized over several years, making them susceptible to uncertainties that could materially alter the occurrence or timing of such activities.
  • Multi-well pad drilling may result in volatility in the Company's operating results.
  • The Company's operations are substantially dependent upon the availability of water and its ability to dispose of produced water gathered from drilling and production activities. Restrictions on the Company's ability to obtain water or dispose of produced water may have a material adverse effect on its financial condition, results of operations and cash flows.
  • The Company's use of seismic data is subject to interpretation and may not accurately identify the presence of oil and gas, which could materially and adversely affect the results of its future drilling operations.
  • The prices of oil, NGLs and gas are highly volatile. A sustained decline in these commodity prices could materially and adversely affect the Company's business, financial condition and results of operations.
  • Future declines in the price of oil, NGLs and gas could result in a reduction in the carrying value of the Company's proved oil and gas properties, which could materially and adversely affect the Company's results of operations.
  • The Company's actual production could differ materially from its forecasts.
  • The Company could experience periods of higher costs if commodity prices rise. These increases could reduce the Company's profitability, cash flow and ability to complete development activities as planned.
  • The Company is a party to debt instruments, a Credit Facility and other financial commitments that may limit the Company's ability to fund future business and financing activities.
  • The Company's return of capital strategies, including its base and variable dividend policy and share repurchase program, may be changed at the discretion of the Company's board of directors, and the Company's ability to declare and pay base and variable dividends and repurchase shares are subject to certain considerations.
  • A failure by purchasers of the Company's production to satisfy their obligations to the Company could have a material adverse effect on the Company's results of operation.
  • The failure by counterparties to the Company's derivative risk management activities to perform their obligations could have a material adverse effect on the Company's results of operations.
  • The Company's derivative risk management activities could result in financial losses, limit the Company's potential gains or fail to protect the Company from declines in commodity prices; the Company may not enter into derivative arrangements with respect to future volumes if prices are unattractive.
  • Pioneer's ability to utilize its U.S. net operating loss carryforwards to offset future income taxes may be limited.
  • The Company periodically evaluates its unproved oil and gas properties to determine recoverability of its cost and could be required to recognize noncash charges in the earnings of future periods.
  • The Company periodically evaluates its goodwill for impairment and could be required to recognize noncash charges in the earnings of future periods.
  • The Company's operations are subject to a series of risks arising out of the threat of climate change, energy conservation measures, or initiatives that stimulate demand for alternative forms of energy that could result in increased operating costs, limit the areas in which oil and gas production may occur, and reduce demand for the oil and gas production it provides.
  • The nature of the Company's assets and production operations may impact the environment or cause environmental contamination, which could result in material liabilities to the Company.
  • The Company's hydraulic fracturing and former sand mining operations may result in silica-related health issues and litigation that could have a material adverse effect on the Company.
  • Increasing attention to ESG matters may impact the Company's business.
  • The Company's operations are subject to stringent environmental, oil and gas-related and occupational safety and health legal requirements that could increase its costs of doing business and result in operating restrictions, delays or cancellations in the permitting, drilling or completion of oil and gas wells, which could have a material adverse effect on the Company's business, results of operations and financial condition.
  • Laws, regulations and other executive actions or regulatory initiatives regarding hydraulic fracturing could increase the Company's cost of doing business and result in additional operating restrictions, delays or cancellations that could have a material adverse effect on the Company's business, results of operations and financial condition.
  • Laws and regulations pertaining to protection of threatened and endangered species or to critical habitat, wetlands and natural resources could delay, restrict or prohibit the Company's operations and cause it to incur substantial costs that may have a material adverse effect on the Company's development and production of reserves.
  • The Company's transportation of gas; sales and purchases of oil, NGLs and gas or other energy commodities and any derivative activities related to such energy commodities, expose the Company to potential regulatory risks.
  • The enactment of derivatives legislation could have a material adverse effect on the Company's ability to use derivative instruments to reduce the effect of commodity price, interest rate and other risks associated with its business.
  • The financial and operational synergies attributable to acquisitions may vary from expectations.
  • Litigation relating to acquisitions could result in substantial costs to the Company.
  • The Company's future results will suffer if it does not effectively manage its expanded operations.
Management Discussion
  • Oil and gas revenues. The Company's revenues are derived from sales of oil, NGL and gas production. Increases or decreases in the Company's revenues, profitability and future production are highly dependent on commodity prices. Prices are market driven and future prices will fluctuate due to supply and demand factors, availability of transportation, seasonality, geopolitical developments and economic factors, among other items.
  • assets divested as part of the Company's Delaware Divestiture in December 2021. Average daily oil sales volumes decreased for the three months ended June 30, 2022 primarily due to the Delaware Divestiture, with the divested assets having a higher oil production ratio than the Company's Midland Basin assets.
  • The oil, NGL and gas prices reported by the Company are based on the market prices received for each commodity. Commodity prices for the three and six months ended June 30, 2022, as compared to the same respective periods in 2021, increased due to the continued recovery in oil, NGL and gas demand, low worldwide inventory levels, OPEC supplies being below agreed quotas and the impact to global oil and gas supplies resulting from sanctions against Russia related to their invasion of Ukraine. The average prices are as follows:

Content analysis

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H.S. freshman Avg
New words: charitable, exercised, heading, humanitarian, led, notified, power, recession, reclassification, volumetric, VWAP
Removed: achieved, assumption, began, fleet, fully, maximum, royalty, temporarily