Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Pioneer Natural Resources Co., long-term (investment) activity ratios (quarterly data)
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
The analysis of the quarterly financial ratios reveals several key trends over the observed periods.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio displayed a general decline from early 2020 through the first quarter of 2021, reaching its lowest point at 0.30. Subsequently, a recovery is observed, with the ratio increasing to a peak of 0.81 by the third quarter of 2022, followed by a slight gradual decrease toward the end of 2023, stabilizing around 0.58. This pattern suggests an initial reduction in asset utilization efficiency, followed by a resurgence, and then a mild tapering off.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- This variation closely mirrors the net fixed asset turnover trend, confirming the impact of operating leases on asset efficiency figures. After reaching a minimum in the first quarter of 2021 at 0.30, it improved to just above 0.80 by the third quarter of 2022, and gradually declined to 0.58 by the last quarter of 2023. The consistency between both ratios indicates that leased assets have a proportional effect on turnover rates.
- Total Asset Turnover
- The total asset turnover ratio exhibited a downward trend through 2020 into early 2021, hitting a low of 0.27. Afterwards, an upward trend ensued, peaking at 0.69 during the third quarter of 2022. This is followed by a modest decline in subsequent quarters to approximately 0.53 by the end of 2023. The movement reflects an initial contraction in the efficiency of total asset utilization, which improved before stabilizing at a moderate level.
- Equity Turnover
- Equity turnover followed a similar trajectory, decreasing notably from 0.77 in the first quarter of 2020 to 0.45 in the first quarter of 2021. Afterwards, a strong improvement phase took place, reaching a peak of 1.08 over the third and fourth quarters of 2022. Post-peak, the ratio declined but remained relatively high, ending around 0.84 by the last quarter of 2023. This trend indicates fluctuating efficiency in generating revenue from shareholders' equity, with a significant rebound after early 2021.
Overall, the data indicates that the company experienced a period of reduced asset and equity turnover efficiency during the early stages of the analyzed timeframe, followed by a recovery phase peaking in late 2022. The subsequent minor declines suggest a stabilization at levels higher than those observed during the initial downturn. These patterns may reflect operational adjustments, changes in asset management strategies, or market conditions influencing asset utilization dynamics.
Net Fixed Asset Turnover
Pioneer Natural Resources Co., net fixed asset turnover calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||
| Revenue from contracts with purchasers | 5,076) | 5,141) | 4,560) | 4,597) | 5,175) | 6,057) | 7,005) | 6,147) | 5,576) | 4,961) | 4,269) | 3,064) | 2,016) | 1,857) | 1,141) | 2,010) | |||||
| Property and equipment, net | 33,189) | 32,787) | 32,374) | 31,858) | 31,288) | 30,629) | 30,227) | 29,917) | 29,876) | 33,970) | 33,660) | 27,012) | 16,023) | 15,954) | 16,067) | 16,254) | |||||
| Long-term Activity Ratio | |||||||||||||||||||||
| Net fixed asset turnover1 | 0.58 | 0.59 | 0.63 | 0.72 | 0.78 | 0.81 | 0.78 | 0.70 | 0.60 | 0.42 | 0.33 | 0.30 | 0.44 | 0.48 | 0.51 | 0.58 | |||||
| Benchmarks | |||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | |||||||||||||||||||||
| Chevron Corp. | 1.28 | 1.32 | 1.50 | 1.62 | 1.64 | 1.58 | 1.43 | 1.22 | 1.06 | 0.91 | 0.77 | 0.62 | — | — | — | — | |||||
| ConocoPhillips | 0.80 | 0.91 | 1.02 | 1.16 | 1.21 | 1.18 | 1.02 | 0.83 | 0.71 | 0.64 | 0.51 | 0.39 | — | — | — | — | |||||
| Exxon Mobil Corp. | 1.56 | 1.68 | 1.76 | 1.92 | 1.95 | 1.90 | 1.68 | 1.44 | 1.28 | 1.10 | 0.96 | 0.81 | — | — | — | — | |||||
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q4 2023 Calculation
Net fixed asset turnover
= (Revenue from contracts with purchasersQ4 2023
+ Revenue from contracts with purchasersQ3 2023
+ Revenue from contracts with purchasersQ2 2023
+ Revenue from contracts with purchasersQ1 2023)
÷ Property and equipment, net
= (5,076 + 5,141 + 4,560 + 4,597)
÷ 33,189 = 0.58
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in revenue, property and equipment, and asset turnover ratios over the observed periods.
- Revenue from Contracts with Purchasers
- The revenue demonstrates a general upward trend from the beginning through mid-2022, rising from US$2,010 million in March 2020 to a peak of US$7,005 million in June 2022. However, following this peak, revenue exhibits a downward trend through 2022 and into 2023, declining to around US$4,560–5,141 million towards the end of 2023. This fluctuation indicates significant growth initially, possibly driven by market or operational factors, followed by a correction or stabilization phase.
- Property and Equipment, Net
- The net value of property and equipment shows a marked increase starting in March 2021, jumping from approximately US$16,000 million to over US$27,000 million within the year. This upward trend continues through 2023, reaching approximately US$33,189 million by December 2023. This consistent rise suggests ongoing investments or asset acquisitions, indicating capacity expansion or modernization efforts during this period.
- Net Fixed Asset Turnover Ratio
- This ratio, measuring how efficiently fixed assets generate revenue, initially declines from 0.58 in March 2020 to a low of 0.30 in March 2021. Subsequently, there is a recovery and improvement in the turnover ratio, peaking at 0.81 in September 2022. Thereafter, the ratio experiences a gradual decline to about 0.58 by December 2023. This pattern may reflect the lag effect of asset investments on revenue generation, where initial high asset growth temporarily outpaces revenue, followed by improved utilization and eventual normalization.
Overall, the data suggest a strategic phase of capital investment and growth, reflected in rising property and equipment values and revenue peaks, followed by adjustments where revenue growth slows and asset turnover ratios normalize. The interplay between capital asset expansion and revenue generation efficiency appears to be a focal aspect of the company's operational dynamics during this period.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Pioneer Natural Resources Co., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q4 2023 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (Revenue from contracts with purchasersQ4 2023
+ Revenue from contracts with purchasersQ3 2023
+ Revenue from contracts with purchasersQ2 2023
+ Revenue from contracts with purchasersQ1 2023)
÷ Property and equipment, net (including operating lease, right-of-use asset)
= (5,076 + 5,141 + 4,560 + 4,597)
÷ 33,587 = 0.58
The financial data reveals significant trends in revenue, property and equipment, and asset turnover over the assessed periods. These trends provide insight into operational performance and capital utilization efficiency.
- Revenue from contracts with purchasers
- Revenue exhibited considerable volatility throughout the periods. The initial phase showed a decline from 2,010 million US$ in the first quarter of 2020 to 1,141 million US$ in the second quarter of 2020, likely reflecting external market pressures during that timeframe. Subsequently, revenue increased substantially, reaching a peak of 7,005 million US$ in the second quarter of 2022. After this peak, a gradual decline ensued, falling to approximately 5,076 million US$ by the fourth quarter of 2023. This pattern suggests a recovery phase post-2020 followed by a moderation of sales towards the later quarters.
- Property and equipment, net (including operating lease, right-of-use asset)
- This asset category showed consistent growth overall, with a value of 16,504 million US$ at the start of 2020 rising to 33,587 million US$ by the end of 2023. There was a notable increase between December 2020 and June 2021, jumping from 16,220 million US$ to 34,006 million US$, indicating sizable capital investment or asset acquisition during this interval. Following this surge, the asset base continued to expand gradually, confirming ongoing investment in property and equipment.
- Net fixed asset turnover (including operating lease, right-of-use asset)
- The net fixed asset turnover ratio initially declined from 0.57 in the first quarter of 2020 to a low of 0.3 in the first quarter of 2021, reflecting diminished efficiency in generating revenue from fixed assets concurrent with the rapid asset base expansion. From mid-2021 onward, this ratio improved significantly, peaking at 0.8 in the third quarter of 2022. This improvement indicates enhanced utilization of the asset base to generate revenue. However, in the most recent quarters, the turnover ratio declined from 0.77 to 0.58 by the end of 2023, suggesting a slight decrease in asset turnover efficiency parallel to the moderation of revenue.
In summary, the data reflects a challenging early 2020 environment with recovering and expanding operations marked by heavy capital investment between late 2020 and mid-2021. Efficient utilization of assets improved significantly after the initial decline but has begun to taper off recently. The revenue trend correlates with these shifts, highlighting operational sensitivities and investment impacts on financial performance.
Total Asset Turnover
Pioneer Natural Resources Co., total asset turnover calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||
| Revenue from contracts with purchasers | 5,076) | 5,141) | 4,560) | 4,597) | 5,175) | 6,057) | 7,005) | 6,147) | 5,576) | 4,961) | 4,269) | 3,064) | 2,016) | 1,857) | 1,141) | 2,010) | |||||
| Total assets | 36,613) | 36,360) | 35,494) | 36,109) | 35,740) | 35,746) | 37,301) | 36,860) | 36,811) | 37,549) | 36,784) | 30,351) | 19,229) | 18,977) | 17,906) | 19,051) | |||||
| Long-term Activity Ratio | |||||||||||||||||||||
| Total asset turnover1 | 0.53 | 0.54 | 0.57 | 0.63 | 0.68 | 0.69 | 0.64 | 0.57 | 0.49 | 0.38 | 0.30 | 0.27 | 0.37 | 0.40 | 0.46 | 0.50 | |||||
| Benchmarks | |||||||||||||||||||||
| Total Asset Turnover, Competitors2 | |||||||||||||||||||||
| Chevron Corp. | 0.75 | 0.77 | 0.85 | 0.91 | 0.91 | 0.87 | 0.80 | 0.71 | 0.65 | 0.56 | 0.48 | 0.40 | — | — | — | — | |||||
| ConocoPhillips | 0.59 | 0.64 | 0.74 | 0.83 | 0.84 | 0.79 | 0.70 | 0.58 | 0.51 | 0.41 | 0.34 | 0.27 | — | — | — | — | |||||
| Exxon Mobil Corp. | 0.89 | 0.93 | 1.00 | 1.07 | 1.08 | 1.05 | 0.96 | 0.86 | 0.82 | 0.72 | 0.64 | 0.54 | — | — | — | — | |||||
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q4 2023 Calculation
Total asset turnover
= (Revenue from contracts with purchasersQ4 2023
+ Revenue from contracts with purchasersQ3 2023
+ Revenue from contracts with purchasersQ2 2023
+ Revenue from contracts with purchasersQ1 2023)
÷ Total assets
= (5,076 + 5,141 + 4,560 + 4,597)
÷ 36,613 = 0.53
2 Click competitor name to see calculations.
The financial data reflects several notable trends in revenue, asset levels, and asset utilization over the analyzed periods.
- Revenue from contracts with purchasers
- Revenue exhibited significant fluctuation and overall growth from the first quarter of 2020 to the end of 2023. Initially, revenue decreased sharply from $2,010 million in Q1 2020 to $1,141 million in Q2 2020, likely influenced by external adverse conditions. Subsequently, a steady rise followed, peaking at $7,005 million in Q2 2022. However, after this peak, revenue moderated, showing a declining trend through the remainder of 2022 and into early 2023, settling around $4,560 to $5,141 million per quarter towards the end of the period.
- Total assets
- Total assets increased markedly during the timeframe, rising from $19,051 million in Q1 2020 to a high of $37,784 million in Q3 2021. This substantial growth in asset base was followed by a period of relative stabilization, with total assets fluctuating around the $35,000 to $37,000 million range throughout 2022 and 2023. The data indicates a period of asset expansion primarily in 2020 and 2021, with stabilization thereafter.
- Total asset turnover
- The total asset turnover ratio, which measures the efficiency of asset use in generating revenue, displayed a declining trend during 2020 and early 2021, falling from 0.5 in Q1 2020 to a low of 0.27 in Q1 2021. This suggests reduced efficiency in asset utilization during this period. From mid-2021 onwards, the ratio improved consistently, reaching a peak of 0.69 in Q3 2022, indicating enhanced operational efficiency. However, turnover declined slightly afterward, hovering in the mid-0.5 range through the end of 2023.
In summary, the company experienced an initial dip in revenue and asset utilization efficiency in early 2020, followed by strong asset growth and revenue recovery through 2021 and early 2022. Efficiency in utilizing assets improved notably in the latter period, although revenue showed some moderation after mid-2022. Total assets have remained relatively stable after significant expansion, reflecting a more conservative asset management approach. These dynamics suggest adaptive operational and financial management over the quarters with phases of investment and optimizing returns on assets.
Equity Turnover
Pioneer Natural Resources Co., equity turnover calculation (quarterly data)
| Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||
| Revenue from contracts with purchasers | 5,076) | 5,141) | 4,560) | 4,597) | 5,175) | 6,057) | 7,005) | 6,147) | 5,576) | 4,961) | 4,269) | 3,064) | 2,016) | 1,857) | 1,141) | 2,010) | |||||
| Equity | 23,171) | 22,719) | 22,000) | 21,838) | 22,541) | 22,949) | 23,790) | 23,668) | 22,837) | 23,193) | 22,638) | 18,146) | 11,569) | 11,654) | 11,740) | 12,211) | |||||
| Long-term Activity Ratio | |||||||||||||||||||||
| Equity turnover1 | 0.84 | 0.86 | 0.93 | 1.05 | 1.08 | 1.08 | 1.00 | 0.89 | 0.78 | 0.62 | 0.50 | 0.45 | 0.61 | 0.66 | 0.70 | 0.77 | |||||
| Benchmarks | |||||||||||||||||||||
| Equity Turnover, Competitors2 | |||||||||||||||||||||
| Chevron Corp. | 1.22 | 1.23 | 1.35 | 1.46 | 1.48 | 1.43 | 1.34 | 1.21 | 1.12 | 0.99 | 0.87 | 0.73 | — | — | — | — | |||||
| ConocoPhillips | 1.14 | 1.26 | 1.40 | 1.58 | 1.64 | 1.53 | 1.30 | 1.09 | 1.01 | 0.82 | 0.66 | 0.52 | — | — | — | — | |||||
| Exxon Mobil Corp. | 1.63 | 1.73 | 1.83 | 1.99 | 2.04 | 2.08 | 1.99 | 1.81 | 1.64 | 1.50 | 1.35 | 1.15 | — | — | — | — | |||||
Based on: 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q4 2023 Calculation
Equity turnover
= (Revenue from contracts with purchasersQ4 2023
+ Revenue from contracts with purchasersQ3 2023
+ Revenue from contracts with purchasersQ2 2023
+ Revenue from contracts with purchasersQ1 2023)
÷ Equity
= (5,076 + 5,141 + 4,560 + 4,597)
÷ 23,171 = 0.84
2 Click competitor name to see calculations.
The financial data indicates several notable trends over the analyzed periods. Revenue demonstrates an overall upward trajectory from early 2020 through mid-2022, with fluctuations present in the latter periods. Equity shows a steady increase over time, reflecting growth in the company's net assets. The equity turnover ratio illustrates varying efficiency in asset utilization, with an initial decline followed by improvement and eventual stabilization.
- Revenue Trends
- Revenue exhibited a decline in the second quarter of 2020, reflecting potential external challenges during that period. However, from the third quarter of 2020 onward, revenue increased significantly, reaching a peak in mid-2022. After this peak, revenue experienced a downward adjustment through late 2022 and early 2023, stabilizing somewhat by the end of 2023, though remaining below previous highs.
- Equity Trends
- Equity consistently increased from early 2020 to the end of the observed timeline. The most pronounced growth occurred between early 2021 and late 2021, after which equity values fluctuated slightly but remained generally higher than prior to 2021. This pattern suggests strengthening financial position and capitalization over the medium term.
- Equity Turnover Ratio Trends
- The equity turnover ratio showed a declining trend from the first quarter of 2020 through the first quarter of 2021, indicating decreasing efficiency in generating revenue from equity. Beginning mid-2021, the ratio improved markedly, peaking in late 2022, suggesting enhanced asset utilization during this period. Subsequently, the ratio slightly declined and stabilized through the end of 2023, remaining at levels higher than those observed during the early stages of the data range.