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.
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- Cash Flow Statement
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- Analysis of Solvency Ratios
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- Capital Asset Pricing Model (CAPM)
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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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
The analysis of the quarterly financial ratios over the examined periods reveals distinct trends in asset and equity utilization efficiencies.
- Net Fixed Asset Turnover
- This ratio, which measures the efficiency in generating sales from net fixed assets, initially shows a declining trend from 0.6 in March 2019 to a low of 0.3 in March 2021. Following this trough, a recovery is observed, with the ratio increasing steadily to a peak of 0.81 by December 2022, before experiencing a gradual decline through the end of 2023.
- Net Fixed Asset Turnover (including operating lease, right-of-use asset)
- Including the right-of-use assets, this ratio mirrors the trend of the standard net fixed asset turnover closely. It similarly declines to a low in early 2021 and then recovers to near the previous peak by late 2022, followed by a modest downturn into 2023. The inclusion of operating leases does not significantly alter the pattern, indicating consistency in asset utilization measurements regardless of lease adjustments.
- Total Asset Turnover
- This ratio demonstrates a pattern consistent with net fixed asset turnover ratios, beginning at approximately 0.51 in early 2019 and falling to a minimum of 0.27 by mid-2020. Thereafter, the ratio rises progressively, reaching about 0.69 by December 2022, before declining slightly to 0.53 at the end of 2023. The movement suggests fluctuations in the company's overall asset efficiency relating to business cycles or asset base changes.
- Equity Turnover
- The equity turnover ratio, which gauges revenue generated per unit of equity, shows a high starting point of 0.8, followed by a decline to 0.45 by mid-2020. A notable and sustained recovery follows, with the ratio increasing past the initial level, reaching a peak of 1.08 in late 2022 and early 2023, before a slight decrease toward the end of 2023. This upward trend indicates improved effectiveness in using shareholder equity to generate sales during the latter periods.
Overall, the data illustrate a period of reduced asset and equity efficiency through approximately 2020 and early 2021, likely reflecting challenging market or operational conditions. Subsequently, there is a marked recovery in utilization ratios, peaking around late 2022, indicative of enhanced operational performance or better asset management. The slight dips observed toward the end of the latest period suggest caution or the emergence of new efficiency challenges.
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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Revenue from contracts with purchasers | ||||||||||||||||||||||||||
| Property and equipment, net | ||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||
| Net fixed asset turnover1 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||
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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
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
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The quarterly data reveals distinct trends in revenue, property and equipment net values, and net fixed asset turnover over the observed periods. An analysis of these trends provides insights into operational efficiency and asset utilization.
- Revenue from contracts with purchasers
- Revenue exhibits a notable cyclical pattern with an initial increase from March 2019 through December 2019, peaking at 2,642 million US dollars. This is followed by a sharp decline in the first half of 2020, reaching a low point of 1,141 million US dollars in June 2020, likely reflecting market disruptions during that period. Subsequently, revenue recovers strongly through 2021 and the first half of 2022, with peaks above 7,000 million US dollars in mid-2022. Afterward, revenue shows some variability with a general downward trend in the latter part of 2022 and into 2023, stabilizing around 5,000 million US dollars in the last two reported quarters.
- Property and equipment, net
- The net value of property and equipment shows relative stability from early 2019 to 2020, fluctuating slightly but remaining within the 15,000 to 16,000 million US dollar range. A significant increase occurs starting in 2021, with values rising sharply to exceed 33,000 million US dollars by the end of 2023. This upward trend suggests considerable investment or capitalization of fixed assets during this timeframe, potentially aimed at supporting operational expansion or modernization efforts.
- Net fixed asset turnover ratio
- Data for the net fixed asset turnover ratio begins in September 2019, showing a downward trajectory from 0.6 to 0.3 by March 2021. This indicates declining efficiency in generating revenue from the fixed asset base during that period, possibly due to the disruptions seen in revenue. However, from mid-2021 forward, the ratio improves significantly, peaking at 0.81 in December 2022, before gradually declining to 0.58 by the end of 2023. Despite the late decline, the overall trend post-2020 suggests improved utilization of fixed assets in generating revenue.
In summary, the data reflects a period of disruption in 2020 impacting revenue and asset turnover, followed by recovery and expansion marked by increased asset investment and improved asset efficiency. The recent slight declines in revenue and turnover ratio may warrant further attention to maintain growth and operational effectiveness.
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)
| 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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Revenue from contracts with purchasers | ||||||||||||||||||||||||||
| Property and equipment, net | ||||||||||||||||||||||||||
| Operating lease right-of-use assets | ||||||||||||||||||||||||||
| Property and equipment, net (including operating lease, right-of-use asset) | ||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||
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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
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)
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenue from contracts with purchasers
- The revenue demonstrates a fluctuating pattern over the observed quarters. Initially, revenue increased gradually from 2,244 million USD in March 2019 to 2,642 million USD by December 2019. However, there was a sharp decline to 1,141 million USD in June 2020, coinciding with the onset of the global economic disruption in early 2020. Following this low, revenue rebounded strongly throughout the remainder of 2020 and into 2021, peaking at 5,576 million USD by December 2021. After reaching this peak, revenue continued to grow, reaching a high of 7,005 million USD in June 2022. Subsequently, revenue declined steadily over the next three quarters, ending at 5,076 million USD in December 2023. This trajectory indicates a recovery phase after the initial downturn, with a general upward trend until mid-2022, followed by a moderate contraction.
- Property and equipment, net (including operating lease, right-of-use asset)
- The net property and equipment value remained relatively stable from March 2019 through December 2020, fluctuating narrowly between approximately 15,369 million USD and 16,504 million USD. Beginning in March 2021, a notable increase occurred, with the asset base rising significantly to 27,381 million USD and further increasing to over 34,000 million USD by June 2021. A correction is observed at the end of 2021, whereby the asset value decreases to around 30,224 million USD but then stabilizes and gradually increases again through December 2023, reaching 33,587 million USD. This pattern suggests considerable capital investment or asset revaluation occurring in early 2021, followed by partial asset reduction or reclassification, and a steady asset growth trend thereafter.
- Net fixed asset turnover (including operating lease, right-of-use asset)
- The ratio initially declined from 0.59 in December 2019 to 0.3 in March 2021, reflecting a period during which asset values increased while revenue declined or remained subdued, thus reducing turnover efficiency. From the low point in March 2021, the ratio improved substantially, rising to 0.8 by December 2022, indicating enhanced utilization of fixed assets to generate revenue. In the final year observed, from March 2023 to December 2023, the ratio trended downward slightly to 0.58, suggesting a marginal decline in asset turnover efficiency during this period. Overall, the asset turnover ratio reflects the inverse relationship between asset base expansion and revenue fluctuations, with recovery in efficiency following the downturn in 2020-2021.
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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Revenue from contracts with purchasers | ||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||
| Total asset turnover1 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||
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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
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
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several significant trends regarding revenue, total assets, and total asset turnover over the examined periods.
- Revenue from contracts with purchasers
- Revenue exhibited notable fluctuations from March 2019 to December 2023. It started at a moderate level in early 2019, with quarterly amounts generally increasing until the final quarter of 2019. However, there was a sharp decline in the first half of 2020, reaching a low in June 2020, likely reflecting adverse market conditions or operational challenges. Subsequently, revenue recovered strongly through late 2020 and into 2021, achieving a peak in the final quarter of 2021. A similar upward trend was observed in the first half of 2022, with revenue peaking again in the second quarter of 2022. Thereafter, revenue declined progressively throughout the remainder of 2022 and most of 2023, showing some stabilization but not returning to earlier highs by the end of 2023.
- Total assets
- Total assets remained relatively stable in the 2019 to 2020 timeframe, fluctuating around an average level without significant increase. Starting from 2021, total assets saw a substantial increase, almost doubling compared to prior periods, peaking around the third quarter of 2021. Following this peak, there was a moderate decline and stabilization through 2022 and 2023, with total assets maintaining a relatively consistent range, though remaining above pre-2021 levels. This increase suggests an expansion of the asset base during 2021, followed by a period of consolidation.
- Total asset turnover
- The total asset turnover ratio shows a clear pattern of decline beginning in late 2019 and extending through mid-2020, indicative of reduced efficiency in using assets to generate revenue. This metric reached its lowest point during 2020, consistent with the revenue declines noted earlier. From late 2020 onward, the turnover ratio steadily improved, reflecting more effective utilization of assets in generating sales. The upward trend continued strongly through 2021 and into 2022, reaching its highest values in late 2022 and early 2023. In the last few quarters of 2023, the ratio showed a minor decrease but remained elevated compared to the 2019-2020 period.
Overall, the data reflects a period of disruption and contraction in early 2020, followed by a recovery phase characterized by asset growth and improved efficiency in asset use. Revenue performance, while volatile, generally aligns with these patterns, demonstrating resilience and recovery after an initial downturn but facing headwinds in the most recent periods. The expansion in total assets around 2021 suggests strategic investment or acquisition activity, with subsequent efforts to optimize asset productivity as seen in the improved turnover ratios.
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 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Revenue from contracts with purchasers | ||||||||||||||||||||||||||
| Equity | ||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||
| Chevron Corp. | ||||||||||||||||||||||||||
| ConocoPhillips | ||||||||||||||||||||||||||
| Exxon Mobil Corp. | ||||||||||||||||||||||||||
| Occidental Petroleum Corp. | ||||||||||||||||||||||||||
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), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
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
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Revenue Trends
- Revenue demonstrates notable volatility over the analyzed periods, starting at 2,244 million US dollars in March 2019 and increasing steadily through 2019 to reach 2,642 million by December 2019. A sharp decline occurs in the first half of 2020, falling to a low of 1,141 million in June 2020, likely reflecting adverse market conditions. This is followed by a recovery in the second half of 2020, with values rising to over 2,000 million by December 2020. In 2021, revenue significantly accelerates, peaking at 5,576 million in December 2021. The growth trend continues into early 2022, with a peak of 7,005 million in June 2022, after which revenue declines through the remainder of 2022 and into 2023, stabilizing around the 5,000 million mark by year-end 2023.
- Equity Trends
- Equity values remain relatively stable throughout 2019 and 2020, fluctuating modestly between approximately 11,500 and 12,200 million US dollars. In 2021, equity sees a substantial increase, rising commensurately with the spike in revenue to reach above 23,000 million. The equity level continues to edge upwards into early 2022, peaking near 23,790 million in June 2022, followed by a gradual decline to about 22,300 million by the end of 2023. This pattern suggests an expansion phase culminating in mid-2022, followed by consolidation or moderate reduction in equity.
- Equity Turnover Ratio Analysis
- The equity turnover ratio presents an initial declining trend from 0.8 in September 2019 to a trough of 0.45 in June 2021, indicating reduced efficiency in generating revenue from equity during this interval. Starting in the second half of 2021, the ratio reverses course, increasing significantly to reach 1.08 by December 2022. This improvement reflects enhanced asset utilization and revenue generation relative to equity. Post-2022, the ratio slightly decreases yet remains strong, ending the period at 0.84 in December 2023.
- Overall Insights
- The data highlights a cyclical pattern influenced by external factors, with revenue and equity demonstrating synchronous growth particularly marked in 2021 and early 2022. The recovery and subsequent strengthening of the equity turnover ratio suggest effective capital deployment and operational efficiency improvements during the latter half of the analyzed period. The decline in revenue and equity post mid-2022 could be indicative of market adjustments or strategic restructuring. These trends underscore a dynamic financial environment with phases of expansion followed by stabilization.