Pioneer Natural Resources Co., current enterprise value calculation

Current share price (P)	$233.92
No. shares of common stock outstanding	233,623,121
US$ in millions
Common equity (market value)¹	54,649)
Total equity	54,649)
Add: Current portion of debt (per books)	28)
Add: Finance lease liability, current (per books)	21)
Add: Long-term debt, excluding current portion (per books)	4,807)
Add: Finance lease liability, noncurrent (per books)	481)
Total equity and debt	59,986)
Less: Cash and cash equivalents	240)
Less: Restricted cash	—)
Less: Investment in affiliate	139)
Less: Short-term investments, net	—)
Enterprise value (EV)	59,607)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 233.92 × 233,623,121

Pioneer Natural Resources Co., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$233.92	$205.06	$223.20	$148.47	$135.97
No. shares of common stock outstanding¹	233,623,121	235,004,153	242,884,015	216,580,280	165,714,771
US$ in millions
Common equity (market value)³	54,649)	48,190)	54,212)	32,156)	22,532)
Total equity	54,649)	48,190)	54,212)	32,156)	22,532)
Add: Current portion of debt (book value)	28)	779)	244)	140)	450)
Add: Finance lease liability, current (book value)	21)	20)	18)	17)	16)
Add: Long-term debt, excluding current portion (book value)	4,807)	4,125)	6,688)	3,160)	1,839)
Add: Finance lease liability, noncurrent (book value)	481)	501)	521)	539)	556)
Total equity and debt	59,986)	53,615)	61,683)	36,012)	25,393)
Less: Cash and cash equivalents	240)	1,032)	3,847)	1,442)	631)
Less: Restricted cash	—)	—)	37)	59)	74)
Less: Investment in affiliate	139)	172)	135)	123)	187)
Less: Short-term investments, net	—)	—)	58)	—)	—)
Enterprise value (EV)	59,607)	52,411)	57,606)	34,388)	24,501)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Pioneer Natural Resources Co. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 233.92 × 233,623,121

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Pioneer Natural Resources Co. EV decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Pioneer Natural Resources Co. (NYSE:PXD)

Enterprise Value (EV)