Adjustments to Financial Statements: Removal of Goodwill
Adjusted Financial Ratios: Removal of Goodwill (Summary)
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Pioneer Natural Resources Co., adjustments to financial statements

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Adjustment to Total Assets
Total assets (as reported)	36,613)	35,740)	36,811)	19,229)	19,067)
Less: Goodwill	242)	243)	243)	261)	261)
Total assets (adjusted)	36,371)	35,497)	36,568)	18,968)	18,806)
Adjustment to Equity
Equity (as reported)	23,171)	22,541)	22,837)	11,569)	12,119)
Less: Goodwill	242)	243)	243)	261)	261)
Equity (adjusted)	22,929)	22,298)	22,594)	11,308)	11,858)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Pioneer Natural Resources Co., Financial Data: Reported vs. Adjusted

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Pioneer Natural Resources Co., adjusted financial ratios

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Total Asset Turnover
Reported total asset turnover	0.53	0.68	0.49	0.37	0.51
Adjusted total asset turnover	0.53	0.69	0.49	0.37	0.51
Financial Leverage
Reported financial leverage	1.58	1.59	1.61	1.66	1.57
Adjusted financial leverage	1.59	1.59	1.62	1.68	1.59
Return on Equity (ROE)
Reported ROE	21.12%	34.80%	9.27%	-1.73%	6.24%
Adjusted ROE	21.34%	35.18%	9.37%	-1.77%	6.38%
Return on Assets (ROA)
Reported ROA	13.37%	21.95%	5.75%	-1.04%	3.96%
Adjusted ROA	13.46%	22.10%	5.79%	-1.05%	4.02%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Pioneer Natural Resources Co. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Pioneer Natural Resources Co. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.
Adjusted ROE	A profitability ratio calculated as net income divided by adjusted shareholders’ equity.	Pioneer Natural Resources Co. adjusted ROE improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Pioneer Natural Resources Co. adjusted ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Pioneer Natural Resources Co., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Revenue from contracts with purchasers	19,374)	24,384)	17,870)	7,024)	9,671)
Total assets	36,613)	35,740)	36,811)	19,229)	19,067)
Activity Ratio
Total asset turnover¹	0.53	0.68	0.49	0.37	0.51
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Revenue from contracts with purchasers	19,374)	24,384)	17,870)	7,024)	9,671)
Adjusted total assets	36,371)	35,497)	36,568)	18,968)	18,806)
Activity Ratio
Adjusted total asset turnover²	0.53	0.69	0.49	0.37	0.51

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Total asset turnover = Revenue from contracts with purchasers ÷ Total assets
= 19,374 ÷ 36,613 = 0.53

² Adjusted total asset turnover = Revenue from contracts with purchasers ÷ Adjusted total assets
= 19,374 ÷ 36,371 = 0.53

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Pioneer Natural Resources Co. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Total assets	36,613)	35,740)	36,811)	19,229)	19,067)
Equity	23,171)	22,541)	22,837)	11,569)	12,119)
Solvency Ratio
Financial leverage¹	1.58	1.59	1.61	1.66	1.57
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets	36,371)	35,497)	36,568)	18,968)	18,806)
Adjusted equity	22,929)	22,298)	22,594)	11,308)	11,858)
Solvency Ratio
Adjusted financial leverage²	1.59	1.59	1.62	1.68	1.59

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Financial leverage = Total assets ÷ Equity
= 36,613 ÷ 23,171 = 1.58

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted equity
= 36,371 ÷ 22,929 = 1.59

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Pioneer Natural Resources Co. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to common stockholders	4,894)	7,845)	2,118)	(200)	756)
Equity	23,171)	22,541)	22,837)	11,569)	12,119)
Profitability Ratio
ROE¹	21.12%	34.80%	9.27%	-1.73%	6.24%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net income (loss) attributable to common stockholders	4,894)	7,845)	2,118)	(200)	756)
Adjusted equity	22,929)	22,298)	22,594)	11,308)	11,858)
Profitability Ratio
Adjusted ROE²	21.34%	35.18%	9.37%	-1.77%	6.38%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ ROE = 100 × Net income (loss) attributable to common stockholders ÷ Equity
= 100 × 4,894 ÷ 23,171 = 21.12%

² Adjusted ROE = 100 × Net income (loss) attributable to common stockholders ÷ Adjusted equity
= 100 × 4,894 ÷ 22,929 = 21.34%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as net income divided by adjusted shareholders’ equity.	Pioneer Natural Resources Co. adjusted ROE improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to common stockholders	4,894)	7,845)	2,118)	(200)	756)
Total assets	36,613)	35,740)	36,811)	19,229)	19,067)
Profitability Ratio
ROA¹	13.37%	21.95%	5.75%	-1.04%	3.96%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net income (loss) attributable to common stockholders	4,894)	7,845)	2,118)	(200)	756)
Adjusted total assets	36,371)	35,497)	36,568)	18,968)	18,806)
Profitability Ratio
Adjusted ROA²	13.46%	22.10%	5.79%	-1.05%	4.02%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ ROA = 100 × Net income (loss) attributable to common stockholders ÷ Total assets
= 100 × 4,894 ÷ 36,613 = 13.37%

² Adjusted ROA = 100 × Net income (loss) attributable to common stockholders ÷ Adjusted total assets
= 100 × 4,894 ÷ 36,371 = 13.46%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Pioneer Natural Resources Co. adjusted ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Pioneer Natural Resources Co. (NYSE:PXD)

Analysis of Goodwill and Intangible Assets

Adjustments to Financial Statements: Removal of Goodwill

Pioneer Natural Resources Co., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

Pioneer Natural Resources Co., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)