Приобретение DoublePoint и приобретение Parsley
The Company regularly seeks to acquire or trade for acreage that complements its operations, provides exploration and development opportunities, increases the lateral length of future horizontal wells and provides superior returns on investment. InMay 2021 , the Company completed the DoublePoint Acquisition in exchange for 27 million shares of Pioneer common stock and$1.0 billion of cash. The Pioneer stock consideration transferred had a fair value of$4.2 billion .
В
Продажа Делавэра и Продажа Гласскока
The Company regularly reviews its asset base to identify nonstrategic assets, the disposition of which would increase capital resources available for other activities, create organizational and operational efficiencies and further the Company's objective of maintaining a strong balance sheet to ensure financial flexibility.
В
InOctober 2021 , the Company completed the sale of 20,000 net acres in westernGlasscock County toLaredo in exchange for$137 million in cash and 960 thousand shares of Laredo's common stock representing total consideration transferred of$206 million .
Финансовые и операционные показатели
Финансовые и операционные результаты Компании за три месяца, закончившихся
•Net income attributable to common stockholders for the three months endedSeptember 30, 2022 was$2.0 billion ($7.93 per diluted share), as compared to net income of$1.0 billion ($4.07 per diluted share) for the same period in 2021. The primary components of the increase in earnings attributable to common stockholders include: •a$942 million increase in oil and gas revenues, primarily due to a 32 percent increase in average realized commodity prices per BOE as a result of higher commodity prices in 2022 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 againstRussia related to their invasion ofUkraine , partially offset by a three percent decrease in daily sales volumes due to the reduced production associated with the assets divested as part of the Delaware Divestiture inDecember 2021 ; and
• а
частично компенсируется:
• а
• а
•During the three months endedSeptember 30, 2022 , average daily sales volumes decreased on a BOE basis by three percent to 656,582 BOEPD, as compared to 675,793 BOEPD during the same period in 2021, primarily due to the reduced production associated with the assets divested as part of the Company'sDelaware Divestiture, partially offset by the Company's successful horizontal drilling program. •Average oil and NGL prices per Bbl and average gas prices per Mcf increased to$94.23 ,$38.09 and$7.58 , respectively, during the three months endedSeptember 30, 2022 , as compared to$69.24 ,$35.66 and$4.05 , respectively, for the same period in 2021. •Net cash provided by operating activities increased during the three months endedSeptember 30, 2022 to$3.0 billion , as compared to$2.0 billion for the same period in 2021. The increase in net cash provided by operating activities during the 30 --------------------------------------------------------------------------------PIONEER NATURAL RESOURCES COMPANY three months endedSeptember 30, 2022 , as compared to the same period in 2021, is primarily due to (i) the aforementioned increase in oil and gas revenues as a result of higher commodity prices and (ii) a decrease in cash used in derivative activities, partially offset by (i) an increase in income taxes, (ii) an increase in production costs, including production and ad valorem taxes and (iii) a reduction in cash flow associated with the assets divested as part of the Delaware Divestiture. •During the three months endedSeptember 30, 2022 , the Company paid a base dividend of$263 million , or$1.10 per share, and a variable dividend of$1.8 billion , or$7.47 per share, as compared to a base dividend of$137 million , or$0.56 per share, and a variable dividend of$370 million , or$1.51 per share for the same period in 2021.
• В течение трех месяцев, закончившихся
• По состоянию на
Соображения нефтегазовой отрасли
The COVID-19 pandemic resulted in a severe worldwide economic downturn, significantly disrupting the demand for oil throughout the world, and created significant volatility, uncertainty and turmoil in the oil and gas industry. The decrease in demand for oil, combined with excess supply of oil and related products, resulted in oil prices declining significantly beginning in lateFebruary 2020 . Since mid-2020, oil prices have improved, with demand steadily increasing despite the uncertainties surrounding the COVID-19 variants that have continued to inhibit a full global demand recovery. In addition, worldwide oil inventories are, from a historical perspective, very low and concerns exist with the ability ofOPEC and other oil producing nations to meet forecasted oil demand growth in 2023, with manyOPEC countries not able to produce at theirOPEC agreed upon quota levels due to their lack of capital investments over the past few years in developing incremental oil supplies. Furthermore, sanctions and import bans onRussia have been implemented by various countries in response to the war inUkraine , further impacting global oil supply. As a result of oil and gas supply constraints, there have been significant increases in European energy costs, which have resulted in inflationary pressures throughoutEurope , increasing prospects of recession in many countries throughout the continent. DuringOctober 2022 ,OPEC announced a 2 MMBOPD production cut starting inNovember 2022 related to these concerns and the uncertainty surrounding the global economy and future oil demand. However, as a result of current global supply and demand imbalances, oil and gas prices remain strong with average NYMEX oil and NYMEX gas prices for the three months endedSeptember 30, 2022 being$91.56 per Bbl and$8.20 per Mcf, respectively, as compared to$70.56 per Bbl and$4.02 per Mcf, respectively, for the same period in 2021. In addition, the ongoing pandemic, combined with theRussia /Ukraine conflict, has resulted in global supply chain disruptions, which has led to significant cost inflation. Specifically, the Company's 2022 capital program is being impacted by higher than expected inflation in steel, diesel and chemical prices, among other items. Global oil price levels and inflationary pressures will ultimately depend on various factors that are beyond the Company's control, such as (i) the effectiveness of responses to combat the COVID-19 virus and their impact on domestic and worldwide demand, (ii) the ability ofOPEC and other oil producing nations to manage the global oil supply, (iii) the impact of sanctions and import bans on production fromRussia , (iv) the timing and supply impact of any Iranian or Venezuelan sanction relief on their ability to export oil, (v) additional actions by businesses and governments in response to the pandemic, (vi) the global supply chain constraints associated with manufacturing and distribution delays, (vii) oilfield service demand and cost inflation, (viii) political stability of oil consuming countries and (ix) increasing expectations that the world may be heading into a global recession. The Company continues to assess and monitor the impact of these factors and consequences on the Company and its operations. 31 --------------------------------------------------------------------------------PIONEER NATURAL RESOURCES COMPANY
Прогноз на четвертый квартал 2022 года
Исходя из текущих оценок, Компания ожидает следующие операционные и финансовые результаты за четвертый квартал 2022 года:
Three Months EndingDecember 31, 2022 Guidance ($ in millions, except per BOE amounts) Average daily production (MBOE) 655 - 680 Average daily oil production (MBbls) 346.5 - 361.5 Production costs per BOE$12.00 -$13.50 DD&A per BOE$10.50 -$12.00 Exploration and abandonments expense$10 -$20 General and administrative expense$75 -$85 Accretion of discount on asset retirement obligations$3 -$6 Interest expense$28 -$33 Other expense$20 -$40 Cash flow impact from firm transportation (a)$(85) -$(45) Current income tax provision$10 -$30 Effective tax rate 22% - 27% _____________________ (a)The cash flow impact from firm transportation is primarily based on (i) the forecasted differential between Midland WTI oil prices and Brent oil prices less the costs to transport purchased oil from the areas of the Company's production to theGulf Coast and (ii) oil price fluctuations between the time the Company purchases the oil from its areas of operation and when the oil is delivered and sold toGulf Coast refineries or exported to international markets. To the extent that the Company'sGulf Coast sales of purchased oil does not cover the purchase price and associated firm transport costs, the Company's results of operations will reflect the negative cash flow impact attributable to the shortfall.
Основные операции и бурение
Среднесуточные объемы реализации нефти, ШФЛУ и газа:
Nine Months EndedSeptember 30, 2022 Oil (Bbls) 352,421 NGL (Bbls) 158,529 Gas (Mcf) 809,076 Total (BOE) 645,796
Добыча жидких углеводородов Компанией составила 79 процентов от общего объема производства в пересчете на баррель нефти за девять месяцев, закончившихся
Понесенные расходы следующие:
Nine Months Ended September 30, 2022 ( in millions) Proved property acquisition costs $ 3 Unproved property acquisitions (a) 54 Exploration/extension costs 2,325 Development costs 418 Asset retirement obligations 6 $ 2,806 _____________________
(a) Включает корректировки периода измерения DoublePoint Acquisition, которые привели к
32 --------------------------------------------------------------------------------PIONEER NATURAL RESOURCES COMPANY
Работы по разведке/расширению буровых работ представлены ниже:
Девять месяцев закончились
Development Exploration/Extension Beginning wells in progress 26 270 Wells spud 21 361 Successful wells (28) (378) Ending wells in progress 19 253 As ofSeptember 30, 2022 , the Company's drilling and completions program included operating 22 drilling rigs and six frac fleets in theMidland Basin . The Company will continue to evaluate its drilling and completions program with future activity levels assessed regularly. During the nine months endedSeptember 30, 2022 , the Company successfully completed 324 horizontal wells and seven vertical wells in the northern portion of theMidland Basin and 75 horizontal wells in the southern portion of theMidland Basin . In the northern portion of theMidland Basin , 50 percent of the horizontal wells placed on production were Spraberry interval wells, 26 percent were Wolfcamp B and D interval wells and the remaining 24 percent were Wolfcamp A interval wells. In the southern portion of theMidland Basin , all of the wells placed on production were Wolfcamp A or B interval wells.
Результаты операций
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. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 Change 2022 2021 Change (in millions) (in millions) Oil and gas revenues$ 4,224 $ 3,282 $ 942 $ 12,794 $ 7,787 $ 5,007
Среднесуточные объемы продаж следующие:
Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 % Change 2022 2021 % Change Oil (Bbls) 354,043 388,829 (9 %) 352,421 344,692 2 % NGLs (Bbls) 162,372 156,873 4 % 158,529 136,749 16 % Gas (Mcf) 841,005 780,547 8 % 809,076 674,186 20 % Total (BOE) 656,582 675,793 (3 %) 645,796 593,805 9 % Average daily BOE sales volumes decreased for the three months endedSeptember 30, 2022 , as compared to the same period in 2021, primarily due to the reduced production associated with the assets divested as part of the Company's Delaware Divestiture inDecember 2021 , which had a higher oil production ratio than theCompany's Midland Basin assets, partially offset by the Company's successful Spraberry/Wolfcamp horizontal drilling program. Average daily BOE sales volumes increased for the nine months endedSeptember 30, 2022 , as compared to the same period in 2021, primarily due to the Company's successful Spraberry/Wolfcamp horizontal drilling program and incremental production added from the DoublePoint Acquisition inMay 2021 , partially offset by the reduced production associated with the assets divested in the Company'sDelaware Divestiture inDecember 2021 . 33 -------------------------------------------------------------------------------- PIONEER NATURAL RESOURCES COMPANY 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 nine months endedSeptember 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 againstRussia related to their invasion ofUkraine . The average prices are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 % Change 2022 2021 % Change Oil per Bbl$ 94.23 $ 69.24 36 %$ 99.72 $ 64.22 55 % NGLs per Bbl$ 38.09 $ 35.66 7 %$ 41.20 $ 30.41 35 % Gas per Mcf$ 7.58 $ 4.05 87 %$ 6.41 $ 3.31 94 % Total per BOE$ 69.93 $ 52.79 32 %$ 72.57 $ 48.04 51 % Net sales of purchased commodities. The Company enters into pipeline capacity commitments in order to secure available oil, NGLs and gas transportation capacity from the Company's areas of production and secure diesel supply from theGulf Coast to the Company's operations in theMidland Basin . The Company enters into purchase transactions with third parties and separate sale transactions with third parties to diversify a portion of the Company's oil and gas sales to (i)Gulf Coast refineries, (ii)Gulf Coast andWest Coast gas markets and (iii) international oil markets, and to satisfy unused gas pipeline capacity commitments. The Company periodically sells diesel to unaffiliated third parties in thePermian Basin if it has supply in excess of its operational needs. Revenues and expenses from these transactions are generally presented on a gross basis in sales of purchased commodities and purchased commodities expense in the accompanying consolidated statements of operations as the Company acts as a principal in the transaction by assuming both the risks and rewards of ownership, including credit risk, of the commodities purchased and the responsibility to deliver the commodities sold. In conjunction with the Company's downstream sales, the Company also enters into pipeline capacity and storage commitments in order to secure available oil, NGL and gas transportation capacity from the Company's areas of production to downstream sales points and storage capacity at downstream sales points. The transportation and storage costs associated with these transactions are included in purchased commodities expense.
Чистый эффект от покупок и продаж товаров третьими лицами выглядит следующим образом:
Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 Change 2022 2021 Change (in
миллионы)
Sales of purchased commodities$ 1,833 $ 1,679 $ 154 $ 6,416 $ 4,507 $ 1,909 Purchased commodities 1,968 1,762 206 6,502 4,644 1,858$ (135) $ (83) $ (52) $ (86) $ (137) $ 51 The change in net sales of purchased commodities for the three months endedSeptember 30, 2022 , as compared to the same period in 2021, is primarily due to decreases in oil prices, which resulted in oil purchased and in transit via pipeline to theGulf Coast or inGulf Coast storage being sold in the following month at lower oil prices. The change in net sales of purchased commodities for the nine months endedSeptember 30, 2022 , as compared to the same period in 2021, is primarily due to improved margins on the Company's downstreamGulf Coast refinery and export oil sales. Firm transportation payments on excess pipeline capacity are included in other expense in the accompanying consolidated statements of operations. See Note 14 of Notes to Consolidated Financial Statements included in "Item 1. Financial Statements" for additional information.
Процентные и прочие доходы (убытки), нетто.
Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 Change 2022 2021 Change (in millions) Interest and other income (loss), net$ (12) $ 2 $ (14) $ 57$ 42 $ 15 The change in interest and other income for the three and nine months endedSeptember 30, 2022 , as compared to the same periods in 2021, is primarily due to (i) changes in the fair value of the Company's investment in affiliate resulting in noncash losses of$32 million and$1 million , respectively, as compared to a noncash loss of$8 million and a noncash gain of 34 -------------------------------------------------------------------------------- PIONEER NATURAL RESOURCES COMPANY$21 million , respectively, (ii) interest income of$15 million and$21 million , respectively, as compared to zero and$1 million , respectively, and (iii) a noncash gain on the Company's short-term investment inLaredo of$17 million during the nine months endedSeptember 30, 2022 .
Для получения дополнительной информации см. Примечание 4 и Примечание 13 Примечаний к консолидированной финансовой отчетности, включенных в «Статью 1. Финансовая отчетность».
Производная прибыль (убыток), нетто.
Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 Change 2022 2021 Change (in millions) Commodity price derivatives: Noncash derivative gain (loss), net $ 59$ (10) $ 69 $ 20$ (639) $ 659 Cash payments on settled derivatives, net (a) (121) (486) 365 (252) (1,357) 1,105 Total commodity derivative loss, net (62) (496) 434 (232) (1,996) 1,764 Marketing derivatives: Noncash derivative gain, net 99 6 93 75 3 72 Cash payments on settled derivatives, net (18) (11) (7) (47) (31) (16) Total marketing derivative gain (loss), net 81 (5) 86 28 (28) 56 Conversion option derivatives: Noncash derivative loss, net (23) - (23) - - - Cash receipts on settled derivatives, net 17 - 17 17 - 17 Total conversion option derivative gain (loss), net (6) - (6) 17 - 17 Derivative gain (loss), net $ 13$ (501) $ 514 $ (187)$ (2,024) $ 1,837 Commodity price derivatives. The Company primarily utilizes derivative contracts to reduce the effect of price volatility on the commodities the Company produces and sells or consumes. The relative price impact for the Company's commodity price derivatives are as follows: Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Net Cash Payments Price Impact Net Cash Payments Price Impact (in millions) (in millions)
Выплаты нефтяных деривативов (a) $ (2)
$ (5)$ (0.05) per Bbl Gas derivative payments, net (a) (119)$ (1.53) per Mcf (247)$ (1.12) per Mcf$ (121) $ (252) Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Net cash Net cash payments Price impact payments Price impact (in millions) (in millions) Oil derivative payments (b) $ (427)$ (11.96) per Bbl$ (1,270) $ (13.48) per Bbl Gas derivative payments (59)$ (0.82) per Mcf (74)$ (0.41) per Mcf $ (486)$ (1,344) _____________________ (a)Excludes cash payments of$83 million and$244 million during the three and nine months endedSeptember 30, 2022 , respectively, related to entering into equal and offsetting oil and gas commodity derivative trades in the fourth quarter of 2021, that had the net effect of eliminating certain of the Company's 2022 derivative obligations. (b)Excludes the effect from early settlement of certain of the Company's commodity derivative contracts, which resulted in cash payments of$13 million for the nine months endedSeptember 30, 2021 . 35 -------------------------------------------------------------------------------- PIONEER NATURAL RESOURCES COMPANY Marketing derivatives. The Company uses marketing derivatives to diversify its oil pricing toGulf Coast and international markets. InApril 2022 , the Company entered into two long-term marketing contracts whereby the Company agreed to purchase and simultaneously sell (i) 40 thousand barrels of oil per day beginningMay 1, 2022 and endingApril 30, 2027 and (ii) 30 thousand barrels of oil per day beginningAugust 1, 2022 and endingJuly 31, 2027 at an oil terminal inMidland, Texas . The price the Company pays to purchase the oil volumes under the purchase contract is based on a Midland WTI price and the price the Company receives for the oil volumes sold is a WASP that a non-affiliated counterparty receives for selling oil through aGulf Coast storage and export facility at prices that are highly correlated with Brent oil prices during the same month of the purchase. Based on the form of the long-term marketing contracts, the Company accounts for the contracts as derivative instruments not designated as hedges. Conversion option derivatives. The Company's conversion option derivatives represent the change in the cash settlement obligation that occurs during the Settlement Periods related to conversion options exercised by certain holders of the Company's Convertible Notes. The Company's election to settle an exercised conversion option in cash results in a forward contract during the Settlement Period that is accounted for as a derivative instrument not designated as a hedge.
Открытые производные контракты Компании подвержены продолжающемуся рыночному риску. См. «Пункт 3. Раскрытие количественной и качественной информации о рыночном риске» и
Примечание 4 и Примечание 5 Примечаний к консолидированной финансовой отчетности, включенных в «Статью 1. Финансовая отчетность» для получения дополнительной информации.
Прибыль от выбытия активов, нетто.
Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 Change 2022 2021 Change (in millions) Gain on disposition of assets, net $ 35$ 1 $ 34 $ 105 $ 14 $ 91 The change in net gain on disposition of assets for the three and nine months endedSeptember 30, 2022 , as compared to the same periods in 2021, was primarily due to the divestment of certain undeveloped acres and producing wells in theMidland Basin for cash proceeds of$39 million and$165 million , respectively, resulting in a gain on the sales of$34 million and$110 million , respectively, as compared to a$9 million gain associated with the sale of the Company's well services business for the nine months endedSeptember 30, 2021 .
Дополнительную информацию см. в примечании 3 к консолидированной финансовой отчетности, включенном в «Статью 1. Финансовая отчетность».
Затраты на добычу нефти и газа.
Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 Change 2022 2021 Change (in millions) Oil and gas production costs$ 562 $ 323 $ 239 $ 1,457 $ 890 $ 567
Общие производственные затраты на баррель нефтяного эквивалента следующие:
Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 % Change 2022 2021 % Change
Lease operating expense (a)$ 4.33 $ 2.49 74 %$ 3.85 $ 2.95 31 % Gathering, processing and transportation expense (b) 4.91 3.15 56 % 4.44 2.95 51 % Workover costs (a) 1.12 0.56 100 % 0.98 0.46 113 % Net natural gas plant income (c) (1.05) (1.02) 3 % (1.00) (0.87) 15 %$ 9.31 $ 5.18 80 %$ 8.27 $ 5.49 51 % ____________________
(a) Операционные расходы по аренде и затраты на капитальный ремонт представляют собой компоненты затрат на добычу нефти и газа, над которыми Компания контролирует руководство.
36 --------------------------------------------------------------------------------PIONEER NATURAL RESOURCES COMPANY (b)Gathering, processing and transportation expense represents the costs to (i) gather, process, transport and fractionate the Company's gas and NGLs to a point of sale and, to a lesser extent, (ii) gather and transport certain of the Company's oil production to a point of sale. (c)Net natural gas plant income represents the earnings from the Company's ownership share of gas processing facilities that gather and process the Company's and third party gas. The change in the Company's production costs per BOE during the three and nine months endedSeptember 30, 2022 , as compared to the same periods in 2021, is due to the following: •Lease operating expense per BOE increased during the three and nine months endedSeptember 30, 2022 , as compared to the same periods in 2021, primarily due to inflationary pressures on power, fuel and labor costs; •Gathering, processing and transportation expense per BOE increased during the three and nine months endedSeptember 30, 2022 , as compared to the same periods in 2021, primarily due to increased gas processing costs as a result of (i) an increase in gas and NGL prices attributable to the contractual volumes retained by the processor as payment for their services and (ii) an increase in gas processing plant electricity costs, which the processor passes through to each gas producer; •Workover costs per BOE increased for three and nine months endedSeptember 30, 2022 , as compared to the same periods in 2021, due to an increase in workover activity as a result of improved commodity prices being realized in 2022, which increased the economic benefit of repairing certain of the Company's oil and gas wells; and •Net natural gas plant income per BOE increased during the three and nine months endedSeptember 30, 2022 , as compared to the same periods in 2021, primarily due to improved gas and NGL prices, partially offset by the loss of net natural gas plant income associated with the Company's Martin County Gas Processing Divestiture inFebruary 2022 .
Производственные и адвалорные налоги.
Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 Change 2022 2021 Change (in millions) Production and ad valorem taxes$ 260 $ 179 $ 81 $ 755 $ 445 $ 310
Налоги на производство и адвалорные налоги на BOE следующие:
Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 % Change 2022 2021 % Change
Production taxes per BOE$ 3.33 $ 2.53 32 %$ 3.44 $ 2.25 53 % Ad valorem taxes per BOE 0.98 0.38 158 % 0.84 0.50 68 %$ 4.31 $ 2.91 48 %$ 4.28 $ 2.75 56 %
В целом налоги на производство и налоги на стоимость напрямую связаны с изменениями цен на товары; Однако,
The change in production taxes per BOE for the three and nine months endedSeptember 30, 2022 , as compared to the same periods in 2021, is due to the aforementioned increase in oil, NGL and gas commodity prices. The change in ad valorem taxes per BOE for the three and nine months endedSeptember 30, 2022 , as compared to the same periods in 2021, is primarily due to an increase in prior year commodity prices that are used to determine current year ad valorem taxes.
Расходы на истощение, износ и амортизацию.
Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 Change 2022 2021 Change (in millions) Depletion, depreciation and amortization$ 641 $ 704 $ (63) $ 1,874 $ 1,825 $ 49 37
--------------------------------------------------------------------------------PIONEER NATURAL RESOURCES COMPANY
Общие расходы на DD&A в расчете на BOE следующие:
Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 % Change 2022 2021 % Change DD&A per BOE$ 10.61 $ 11.32 (6 %)$ 10.63 $ 11.26 (6 %) Depletion expense per BOE$ 10.43 $ 11.13 (6 %)$ 10.44 $ 10.95 (5 %) The change in depletion expense per BOE for the three and nine months endedSeptember 30, 2022 , as compared to the same periods in 2021, is primarily due to additions of proved reserves attributable to the aforementioned successful Spraberry/Wolfcamp drilling program and improved commodity prices (which has the effect of extending the economic life of producing wells).
Расходы на разведку и ликвидацию.
Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 Change 2022 2021 Change (in millions) Geological and geophysical $ 8$ 10 $ (2) $ 26$ 36 $ (10) Leasehold abandonments and other - - - 6 4 2 $ 8$ 10 $ (2) $ 32$ 40 $ (8) The change in geological and geophysical costs for the nine months endedSeptember 30, 2022 , as compared to the same period in 2021, is primarily due to the relicensing of certain Parsley seismic data in connection with the Parsley Acquisition during 2021. The change in leasehold abandonments costs for the nine months endedSeptember 30, 2022 , as compared to the same period in 2021, is primarily due to the abandonment of certain unproved properties during 2022 that the Company no longer planned to drill before the leases expired.
За девять месяцев, закончившихся
Дополнительную информацию см. в примечании 6 к консолидированной финансовой отчетности, включенном в «Статью 1. Финансовая отчетность».
Общие и административные расходы.
Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 Change 2022 2021 Change (in millions) Cash general and administrative expense $ 80$ 59 $ 21 $ 225 $ 179 $ 46 Noncash general and administrative expense 10 13 (3) 27 37 (10) $ 90$ 72 $ 18 $ 252 $ 216 $ 36
Общие общие и административные расходы на BOE следующие:
Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 % Change 2022 2021 % Change Cash general and administrative expense$ 1.32 $ 0.95 39 %$ 1.28 $ 1.10 16 % Noncash general and administrative expense 0.17 0.21 (19 %) 0.15 0.23 (35 %)$ 1.49 $ 1.16 28 %$ 1.43 $ 1.33 8 % 38
-------------------------------------------------------------------------------- PIONEER NATURAL RESOURCES COMPANY The change in cash general and administrative expense per BOE for the three and nine months endedSeptember 30, 2022 , as compared to the same periods in 2021, is primarily due to (i)$10 million and$20 million , respectively, of charitable contributions to variousUkraine humanitarian aid organizations in response to theRussia /Ukraine conflict and (ii) incremental general and administrative costs associated with an increase in headcount due to the Parsley Acquisition and DoublePoint Acquisition. The change in noncash general and administrative expense per BOE for the three and nine months endedSeptember 30, 2022 , as compared to the same periods in 2021, is primarily due to changes in the Company's deferred compensation obligation as a result of mark-to-market valuation changes attributable to the Company's deferred compensation plan assets. Interest expense. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 Change 2022 2021 Change (in millions) Cash interest expense $ 28$ 38 $ (10) $ 93 $ 116 $ (23) Noncash interest expense 2 3 (1) 7 6 1 $ 30$ 41 $ (11) $ 100 $ 122 $ (22) The change in cash interest expense for the three and nine months endedSeptember 30, 2022 , as compared to the same periods in 2021, is primarily due to (i) the early extinguishment of the Company's 0.750% Senior Notes due 2024 and the 4.450% Senior Notes due 2026 duringFebruary 2022 , having aggregate principal amounts of$750 million and$500 million , respectively, and (ii) the repayment of its 3.950% Senior Notes due 2022 that matured inJuly 2022 , partially offset by the issuance inMay 2021 of$750 million of 0.550% Senior Notes due 2023. The weighted average cash interest rate on the Company's indebtedness for the nine months endedSeptember 30, 2022 decreased to 1.7 percent, as compared to 1.9 percent for the same period in 2021.
Дополнительную информацию см. в примечании 7 к консолидированной финансовой отчетности, включенном в «Статью 1. Финансовая отчетность».
Other expense. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 Change 2022 2021 Change (in millions) Other expense $ 36$ 34 $ 2 $ 118 $ 384 $ (266) The change in other expense for the nine months endedSeptember 30, 2022 , as compared to the same period in 2021, is primarily due to$241 million of transaction costs related to the Parsley Acquisition and DoublePoint Acquisition and$80 million of costs related to covering firm gas commitments due to Winter Storm Uri during 2021, partially offset by$47 million in losses attributable to the early extinguishment of the Company's 0.750% Senior Notes due 2024 and 4.450% Senior Notes due 2026 duringFebruary 2022 .
См. Примечание 14 Примечаний к консолидированной финансовой отчетности, включенное в «Статью 1. Финансовая отчетность», для получения дополнительной информации.
Income tax provision. Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 Change 2022 2021 Change (in millions) Income tax provision $ (510)$ (291) $ (219) $ (1,719) $ (400) $ (1,319) Effective tax rate 20 % 22 % (2 %) 21 % 23 % (2 %) The change in income tax provision for the three and nine months endedSeptember 30, 2022 , as compared to the same periods in 2021, is primarily due to an increase of$1.2 billion and$6.3 billion , respectively, in income before income taxes. The Company evaluates and updates its annual effective income tax rate on an interim basis based on current and forecasted earnings and tax laws. The mix and timing of the Company's actual earnings compared to annual projections can cause interim 39 -------------------------------------------------------------------------------- PIONEER NATURAL RESOURCES COMPANY effective tax rate fluctuations. The Company's interim effective tax rate could differ from theU.S. statutory rate of 21 percent primarily due to forecasted state income taxes. The Company settled its state unrecognized tax benefits during the three and nine months endedSeptember 30, 2022 resulting in lower forecasted 2022 state income taxes. Based on the Company's forecasted earnings, the Company currently expects that its available tax attributes will not be sufficient to offset taxableU.S. federal income in 2022. As a result, the Company has made$425 million of quarterly estimatedU.S. federal cash payments in 2022. Forecasted cash taxes are expected to be paid from operating cash flows and cash on hand. OnAugust 16, 2022 ,President Biden signed into law the IRA. The IRA, among other tax provisions, imposes a 15 percent corporate alternative minimum tax based on financial statement income, effective for tax years beginning afterDecember 31, 2022 . The IRA also establishes a one percent excise tax on stock repurchases made by publicly tradedU.S. corporations, effective for stock repurchases afterDecember 31, 2022 . The IRA did not impact the Company's current year tax provision or the Company's consolidated financial statements but the new provisions could impact future periods.
См. Примечание 15 Примечаний к консолидированной финансовой отчетности, включенное в «Статью 1. Финансовая отчетность», для получения дополнительной информации.
Ликвидность и капитальные ресурсы
Liquidity. The Company's primary sources of short-term liquidity are (i) cash and cash equivalents, (ii) net cash provided by operating activities, (iii) sales of investments, (iv) unused borrowing capacity under its Credit Facility, (v) issuances of debt or equity securities and (vi) other sources, such as sales of nonstrategic assets. The Company's short-term and long-term liquidity requirements consist primarily of (i) capital expenditures, (ii) acquisitions of oil and gas properties, (iii) payments of contractual obligations, including debt maturities, (iv) dividends and share repurchases, (v) income taxes and (vi) working capital obligations. Funding for these requirements may be provided by any combination of the Company's sources of liquidity. Although the Company expects that its sources of funding will be adequate to fund its 2022 liquidity requirements, no assurance can be given that such funding sources will be adequate to meet the Company's future needs. 2022 revised capital budget. The Company's capital budget for 2022 was revised during the second quarter from an expected range of$3.3 billion to$3.6 billion to an expected range of$3.6 billion to$3.8 billion due to inflationary impacts related to steel, diesel and chemical prices. The Company's capital budget for 2022 consists of drilling and completion related activities, including additional tank batteries and saltwater disposal facilities, and$85 million for water infrastructure and vehicles. The 2022 capital budget excludes acquisitions, asset retirement obligations, capitalized interest, geological and geophysical general and administrative expense, information technology and corporate facilities. The 2022 capital budget is expected to be funded from operating cash flow, and, if necessary, from cash and cash equivalents on hand or borrowings under the Company's Credit Facility. Capital resources. As ofSeptember 30, 2022 , the Company had no outstanding borrowings under its Credit Facility, leaving$2.0 billion of unused borrowing capacity. The Credit Facility requires the maintenance of a ratio of total debt to book capitalization, subject to certain adjustments, not to exceed 0.65 to 1.0. The Company was in compliance with all of its debt covenants as ofSeptember 30, 2022 . The Company also had unrestricted cash on hand of$1.3 billion as ofSeptember 30, 2022 .
Источники и использование денежных средств в течение девяти месяцев, закончившихся
Nine Months Ended September 30, 2022 2021 Change (in millions) Net cash provided by operating activities$ 8,750 $ 3,825 $ 4,925 Net cash used in investing activities$ (2,911) $ (3,025) $ (114) Net cash used in financing activities$ (8,401)
Operating activities. The change in net cash flow provided by operating activities for the nine months endedSeptember 30, 2022 , as compared to the same period in 2021, is primarily due to (i) an increase in oil and gas revenues as a result of higher commodity prices and sales volumes attributable to the Company's successful Spraberry/Wolfcamp horizontal drilling program and incremental sales volumes from the DoublePoint Acquisition and (ii) a decrease in cash used in derivative 40 --------------------------------------------------------------------------------PIONEER NATURAL RESOURCES COMPANY
деятельности, что частично компенсируется (i) увеличением налогов на прибыль, (ii) увеличением производственных затрат, включая налоги на производство и адвалорные налоги, и (iii) сокращением денежных потоков, связанных с активами, проданными в рамках сделки по отчуждению активов в штате Делавэр.
Investing activities. The decrease in net cash flow used in investing activities for the nine months endedSeptember 30, 2022 , as compared to the same period in 2021, was primarily due to (i)$943 million of net cash used in the DoublePoint Acquisition in 2021, (ii) an increase in proceeds from the disposition of assets of$234 million and (iii) proceeds from the maturity of commercial paper investments of$652 million and proceeds from the sale of the Company's short-term investment inLaredo common stock of$75 million , partially offset by (i) the Company's purchase of commercial paper for$1.0 billion , net of$5 million of discounts, (ii) an increase in additions to oil and gas properties of$625 million and (iii)$117 million of cash acquired in the Parsley Acquisition in 2021.
Финансовая деятельность. Значительная финансовая деятельность Компании за девять месяцев, закончившихся
•2022: The Company (i) paid dividends of$4.9 billion , (ii) redeemed$1.3 billion of its outstanding 0.750% Senior Notes due 2024 and 4.450% Senior Notes due 2026, having aggregate principal amounts of$750 million and$500 million , respectively, (iii) repurchased$1.3 billion of its common stock, (iv) paid$561 million to settle exercised conversion options related to the Company's Convertible Notes, (v) repaid$244 million associated with the maturity of its 3.950% senior notes due inJuly 2022 , (vi) paid$183 million of other liabilities and (vii) received$71 million in Capped Call proceeds related to the aforementioned exercised conversion options. •2021: The Company (i) received proceeds from theMay 2021 issuance of 0.550% senior notes dueMay 2023 ("May 2021 Senior Notes Offering"), net of$4 million of issuance costs and discounts, of$746 million , (ii) received proceeds from theJanuary 2021 issuance of 0.750% senior callable notes dueJanuary 2024 , 1.125% senior notes dueJanuary 2026 and 2.150% senior notes dueJanuary 2031 ("January 2021 Senior Notes Offering"), net of$24 million of issuance costs and discounts, of$2.5 billion , (iii) borrowed and repaid$650 million on the Company's Credit Facility, (iv) repaid the Parsley and DoublePoint credit facilities, which had outstanding balances of$397 million and$240 million , respectively, (v) repaid$140 million associated with the maturity of its 3.450% senior notes due inJanuary 2021 , (vi) used proceeds from theMay 2021 Senior Notes Offering to pay$731 million to redeem DoublePoint's 7.750% senior notes due 2025, (vii) used proceeds from theJanuary 2021 Senior Notes Offering to pay$1.6 billion to redeem Parsley's 5.250% senior notes due 2025, Parsley's 5.375% senior notes due 2025 and Jagged Peak's 5.875% senior notes due 2026, (viii) paid$852 million to purchase a portion of Parsley's 5.625% senior notes due 2027 and Parsley's 4.125% senior notes due 2028 pursuant to a cash tender offer, (ix) paid$153 million of other liabilities and (x) paid dividends of$720 million .
Дивиденды/распределения. В течение девяти месяцев, закончившихся
In addition to its base dividend program, the Company has a variable dividend strategy whereby the Company pays a quarterly variable dividend of up to 75 percent of the prior quarter's free cash flow remaining after its base dividend. Free cash flow is a non-GAAP financial measure. As used by the Company, free cash flow is defined as net cash provided by operating activities, adjusted for changes in operating assets and liabilities, less capital expenditures. The Company believes this non-GAAP measure is a financial indicator of the Company's ability to internally fund acquisitions, debt maturities, dividends and share repurchases after capital expenditures. Capital expenditures exclude acquisitions, asset retirement obligations, capitalized interest, geological and geophysical general and administrative expenses, information technology capital investments and additions to corporate facilities. During the nine months endedSeptember 30, 2022 , the Company paid variable dividends of$4.1 billion , or$17.07 per common share, compared to$370 million , or$1.51 per common share, during the nine months endedSeptember 30, 2021 . OnOctober 27, 2022 , the board of directors of the Company declared a quarterly base dividend of$1.10 per share and a quarterly variable dividend of$4.61 per share for shareholders of record onNovember 30, 2022 , with a payment date ofDecember 15, 2022 . Future base and variable dividends are at the discretion of the Company's board of directors, and, if declared, the board of directors may change the dividend amount based on the Company's outlook for commodity prices, liquidity, debt levels, capital resources, free cash flow or other factors. The Company can provide no assurance that dividends will be authorized or declared in the future or as to the amount of any future dividends. Any future variable dividends, if declared and paid, will fluctuate based on the Company's free cash flow, which will depend on a number of factors beyond the Company's control, including commodity prices. 41 --------------------------------------------------------------------------------PIONEER NATURAL RESOURCES COMPANY Off-balance sheet arrangements. From time to time, the Company enters into arrangements and transactions that can give rise to material off-balance sheet obligations of the Company. As ofSeptember 30, 2022 , the material off-balance sheet arrangements and transactions that the Company had entered into included (i) firm purchase, transportation, storage and fractionation commitments, (ii) open purchase commitments and (iii) contractual obligations for which the ultimate settlement amounts are not fixed and determinable. The contractual obligations for which the ultimate settlement amounts are not fixed and determinable include (a) derivative contracts that are sensitive to future changes in commodity prices, or the Company's share price or interest rates, (b) gathering, processing and transportation commitments on uncertain volumes of future throughput and (c) indemnification obligations following certain divestitures. In connection with its divestiture transactions, the Company may retain certain liabilities and provide the purchaser certain indemnifications, subject to defined limitations, which may apply to identified pre-closing matters, including matters of litigation, environmental contingencies, royalties and income taxes. Also associated with its divestiture transactions, the Company has issued and received guarantees to facilitate the transfer of contractual obligations, such as firm transportation agreements or gathering and processing arrangements. The Company does not recognize a liability if the fair value of the obligation is immaterial or the likelihood of making payments under these guarantees is remote. Other than the off-balance sheet arrangements described above, the Company has no transactions, arrangements or other relationships with unconsolidated entities or other persons that are reasonably likely to materially affect the Company's liquidity or availability of or requirements for capital resources. The Company expects to enter into similar contractual arrangements in the future and additional firm purchase, transportation, storage and fractionation arrangements, in order to support the Company's business plans. See Note 10 of Notes to Consolidated Financial Statements included in "Item 1. Financial Statements" for additional information. Convertible senior notes. InMay 2020 , the Company issued$1.3 billion principal amount of convertible senior notes due 2025. The Convertible Notes bear a fixed interest rate of 0.250% per year, with interest payable onMay 15 andNovember 15 of each year. The Convertible Notes will mature onMay 15, 2025 , unless earlier redeemed, repurchased or converted. The Convertible Notes are unsecured obligations ranking equally in right of payment with all other senior unsecured indebtedness of the Company. The Convertible Notes are convertible into shares of the Company's common stock at an adjusted conversion rate of 10.0654 shares of the Company's common stock per$1,000 principal amount of the Convertible Notes (subject to further adjustment pursuant to the terms of the notes indenture), which represents an adjusted conversion price of$99.35 per share (subject to further adjustment pursuant to the terms of the notes indenture) as ofSeptember 30, 2022 . As a result of the quarterly base and variable dividends declared throughSeptember 30, 2022 , the Conversion Rate increased from the initial rate of 9.1098 shares of the Company's common stock per$1,000 principal amount of the Convertible Notes and the Conversion Price decreased from$109.77 . Future declarations of quarterly base and variable dividends in excess of$0.55 per common share will cause further adjustments to the Conversion Rate and the Conversion Price pursuant to the terms of the notes indenture. Upon conversion, the Convertible Notes may be settled in cash, shares of the Company's common stock or a combination thereof, at the Company's election.
Держатели Конвертируемых Облигаций могут конвертировать свои облигации по своему усмотрению до
•during the quarter following any quarter during which the last reported sales price of the Company's common stock for at least 20 of the last 30 consecutive trading days of such quarter exceeds 130 percent of the Conversion Price; •during the five-day period following any five consecutive trading day period when the trading price of the Convertible Notes is less than 98 percent of the product of the last reported sales price of the Company's common stock and the Conversion Rate; •upon notice of redemption by the Company; or •upon the occurrence of specified corporate events, including certain consolidations or mergers. On or afterFebruary 15, 2025 , until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their notes at any time. The Company may not redeem the Convertible Notes prior toMay 20, 2023 , and after such date, may redeem the Convertible Notes only if the last reported sale price of the Company's common stock has been at least 130 percent of the Conversion Price for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides the notice of redemption. The redemption price is equal to 100 percent of the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest. 42 -------------------------------------------------------------------------------- PIONEER NATURAL RESOURCES COMPANY During the last 30 consecutive trading days of the third quarter of 2022, the last reported sales prices of the Company's common stock exceeded 130 percent of the Conversion Price for at least 20 trading days, causing the Convertible Notes to become convertible at the option of the holders during the three month period endingDecember 31, 2022 . During the nine months endedSeptember 30, 2022 , certain holders of the Convertible Notes exercised their conversion option resulting in the Company redeeming$240 million of the outstanding principal amount of the Convertible Notes for total cash payments of$544 million . The Company reserves its right under the notes indenture to elect to settle the Convertible Notes in cash, shares of the Company's common stock or a combination of cash and common stock. See Note 7 and Note 17 of Notes to Consolidated Financial Statements included in "Item 1. Financial Statements" for additional information. Contractual obligations. The Company's contractual obligations include long-term debt, leases (primarily related to contracted drilling rigs, office facilities and other equipment), capital funding obligations, derivative obligations, firm transportation, storage and fractionation commitments, minimum annual gathering, processing and transportation commitments and other liabilities (including retained obligations associated with divestitures and postretirement benefit obligations). Other joint owners in the properties operated by the Company could incur portions of the costs represented by these commitments. Firm commitments. The Company has short-term and long-term firm purchase, gathering, processing, transportation, fractionation and storage commitments representing take-or-pay agreements, which include contractual commitments (i) to purchase sand, water and diesel for use in the Company's drilling and completion operations, (ii) with midstream service companies and pipeline carriers for future gathering, processing, transportation, fractionation and storage and (iii) with oilfield services companies that provide drilling and pressure pumping services. The Company does not expect to be able to fulfill all of its short-term and long-term firm transportation volume obligations from projected production of available reserves; consequently, the Company plans to purchase third party volumes to satisfy its firm transportation commitments if it is economic to do so; otherwise, it will pay demand fees for any commitment shortfalls. The Company also has open purchase commitments for inventories, materials and other property and equipment ordered, but not received, as of September 30, 2022. See Note 10 of Notes to Consolidated Financial Statements included in "Item 1. Financial Statements" for additional information. Derivative obligations. The Company's commodity, marketing and conversion option derivatives are periodically measured and recorded at fair value and continue to be subject to market and/or credit risk. As ofSeptember 30, 2022 , these contracts represented net liabilities of$224 million , which includes$84 million of obligations related to entering into equal and offsetting oil and gas commodity derivative trades during the fourth quarter of 2021 that had the net effect of eliminating future market risk related to certain of its 2022 derivatives. The ultimate liquidation value of the Company's commodity price derivatives will be dependent upon actual future commodity prices, which may differ materially from the inputs used to determine the derivatives' fair values as of September 30, 2022. See Note 4 and Note 5 of Notes to Consolidated Financial Statements included in "Item 1. Financial Statements" and "Item 3. Quantitative and Qualitative Disclosures About Market Risk" for additional information. 43 -------------------------------------------------------------------------------- PIONEER NATURAL RESOURCES COMPANY
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