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. In May 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 январь 2021 г., Компания завершила приобретение Parsley в обмен на 52 миллиона обыкновенных акций Pioneer. Справедливая стоимость переданного вознаграждения за акции Pioneer составила 6,9 миллиарда долларов.

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 декабрь 2021 г.Компания завершила продажу Делавэра компании Continental за денежную выручку в размере 3,1 миллиарда долларов. Компании Бассейн Делавэр активы были приобретены в рамках приобретения Parsley.

 In October 2021, the Company completed the sale of 20,000 net acres in western
Glasscock County to Laredo 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
30 сентября 2022 г. включал следующие основные моменты:

 •Net income attributable to common stockholders for the three months ended
September 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 against
Russia related to their invasion of Ukraine, 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 in December 2021; and 

• а 514 миллионов долларов снижение убытков по деривативам, в основном за счет сокращения позиций Компании по товарным деривативам и увеличения неденежных доходов от маркетинговых деривативов;

частично компенсируется:

• а 320 миллионов долларов увеличение производственных затрат, включая налоги, в основном связанное с увеличением (i) операционных расходов по аренде, в основном из-за инфляционного давления на электроэнергию, топливо и затраты на оплату труда, (ii) деятельность по капитальному ремонту и (iii) производственные налоги, адвалорные налоги и переработку сбора и транспортные расходы, которые напрямую связаны с ростом цен на товары, частично компенсированные снижением затрат в результате отделения Делавэра; а также

• а 219 миллионов долларов увеличение налога на прибыль, в первую очередь за счет увеличения доходов в 2022 году по сравнению с 2021 годом.

 •During the three months ended September 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's Delaware
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 ended
September 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
ended September 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 ended September 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 ended September 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 30 сентября 2022 г.Компания выкупила 2,3 млн акций за 500 миллионов долларов в рамках программы обратного выкупа акций Компании. Компания не выкупала акции в рамках программы обратного выкупа акций в течение трех месяцев, закончившихся 30 сентября 2021 г..

• По состоянию на 30 сентября 2022 г. а также 31 декабря 2021 г.отношение чистого долга Компании к балансовой капитализации составило 15 процентов и 12 процентов соответственно.

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 late
February 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 of OPEC and other oil producing nations to meet forecasted oil
demand growth in 2023, with many OPEC countries not able to produce at their
OPEC 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 on Russia have been implemented by various countries in response
to the war in Ukraine, 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 throughout Europe,
increasing prospects of recession in many countries throughout the continent.
During October 2022, OPEC announced a 2 MMBOPD production cut starting in
November 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 ended September 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 the Russia/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 of OPEC and other oil producing
nations to manage the global oil supply, (iii) the impact of sanctions and
import bans on production from Russia, (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 Ending December 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 the Gulf 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 to Gulf Coast refineries or exported to international markets. To the
extent that the Company's Gulf 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 Ended September 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 30 сентября 2022 г..

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 21 миллион долларов уменьшение понесенных недоказанных затрат на приобретение имущества.

 32
-------------------------------------------------------------------------------- PIONEER NATURAL RESOURCES COMPANY

Работы по разведке/расширению буровых работ представлены ниже:

Девять месяцев закончились 30 сентября 2022 г.

 Development Exploration/Extension
Beginning wells in progress 26 270
Wells spud 21 361 Successful wells (28) (378) Ending wells in progress 19 253 As of September 30, 2022, the Company's drilling and completions program
included operating 22 drilling rigs and six frac fleets in the Midland Basin.
The Company will continue to evaluate its drilling and completions program with
future activity levels assessed regularly. During the nine months ended September 30, 2022, the Company successfully
completed 324 horizontal wells and seven vertical wells in the northern portion
of the Midland Basin and 75 horizontal wells in the southern portion of the
Midland Basin. In the northern portion of the Midland 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 the Midland 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 ended
September 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 in December 2021, which had a higher oil production ratio
than the Company'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 ended September 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 in May 2021, partially offset by the reduced
production associated with the assets divested in the Company's Delaware
Divestiture in December 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 ended September 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 against Russia
related to their invasion of Ukraine. 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
the Gulf Coast to the Company's operations in the Midland 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 and West 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 the Permian 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 ended
September 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 the Gulf Coast or in Gulf Coast storage being sold in the following
month at lower oil prices. The change in net sales of purchased commodities for
the nine months ended September 30, 2022, as compared to the same period in
2021, is primarily due to improved margins on the Company's downstream Gulf
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 ended
September 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 in Laredo of $17 million
during the nine months ended September 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) $ (0,07) за баррель

 $ (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 ended September 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 ended September 30, 2021. 35
-------------------------------------------------------------------------------- PIONEER NATURAL RESOURCES COMPANY Marketing derivatives. The Company uses marketing derivatives to diversify its
oil pricing to Gulf Coast and international markets. In April 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
beginning May 1, 2022 and ending April 30, 2027 and (ii) 30 thousand barrels of
oil per day beginning August 1, 2022 and ending July 31, 2027 at an oil terminal
in Midland, 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 a Gulf 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
ended September 30, 2022, as compared to the same periods in 2021, was primarily
due to the divestment of certain undeveloped acres and producing wells in the
Midland 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 ended September 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 ended September 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
ended September 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 ended September 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 ended September 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
ended September 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 in February 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, Техас адвалорные налоги основаны на ценах на товары предыдущего года, тогда как налоги на производство основаны на ценах на товары текущего года.

 The change in production taxes per BOE for the three and nine months ended
September 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 ended September 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 ended
September 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 ended
September 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 ended
September 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 30 сентября 2022 г. и 2021 г. Компания пробурила и оценила 378 разведочных/расширительных скважин, 100% из которых были успешно завершены как открытые скважины.

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 ended September 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 various Ukraine humanitarian aid organizations in response to
the Russia/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 ended September 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 ended
September 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 during February 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 in July 2022,
partially offset by the issuance in May 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 ended September 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 ended September 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 during February 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 ended
September 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 the U.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 ended September 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 taxable U.S.
federal income in 2022. As a result, the Company has made $425 million of
quarterly estimated U.S. federal cash payments in 2022. Forecasted cash taxes
are expected to be paid from operating cash flows and cash on hand. On August 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 after
December 31, 2022. The IRA also establishes a one percent excise tax on stock
repurchases made by publicly traded U.S. corporations, effective for stock
repurchases after December 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 of September 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 of
September 30, 2022. The Company also had unrestricted cash on hand of $1.3
billion as of September 30, 2022. 

Источники и использование денежных средств в течение девяти месяцев, закончившихся 30 сентября 2022 г.по сравнению с аналогичным периодом 2021 года, составляют:

 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)

$ (1674)6 727 долларов США

 Operating activities. The change in net cash flow provided by operating
activities for the nine months ended September 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 ended September 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 in Laredo 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 30 сентября 2022 г. и 2021 следующие:

 •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 in July 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 the May 2021 issuance of 0.550%
senior notes due May 2023 ("May 2021 Senior Notes Offering"), net of $4 million
of issuance costs and discounts, of $746 million, (ii) received proceeds from
the January 2021 issuance of 0.750% senior callable notes due January 2024,
1.125% senior notes due January 2026 and 2.150% senior notes due January 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 in January 2021, (vi) used proceeds from the May 2021 Senior
Notes Offering to pay $731 million to redeem DoublePoint's 7.750% senior notes
due 2025, (vii) used proceeds from the January 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 30 сентября 2022 г.Компания выплатила базовые дивиденды в размере 794 миллиона долларовили же $3,28 на обыкновенную акцию по сравнению с 350 миллионов долларовили же 1,67 доллара США на одну обыкновенную акцию в течение девяти месяцев, закончившихся 30 сентября 2021 г..

 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 ended
September 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 ended September 30, 2021. On October 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 on November 30, 2022, with a payment date of
December 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 of September 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. In May 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 on May 15 and November
15 of each year. The Convertible Notes will mature on May 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 of September 30, 2022. As a
result of the quarterly base and variable dividends declared through
September 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 15 февраля 2025 г. при следующих обстоятельствах:

 •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 after February 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 to May 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
ending December 31, 2022. During the nine months ended September 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 of September 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

© Эдгар Онлайн, источник Проблески