Pioneer Natural Resources Company

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SKU: PXD Category:

Description

This is our first report on Pioneer Natural Resources, a major oil and natural gas exploration and production company that primarily conducts business in the Permian Basin. The company has had a strong financial performance off late and has been generating significant free cash flow during the recent quarters returning $2 billion to shareholders, thanks to its top-notch assets, top margins, and unhedged oil position. Pioneer also has a history of continuous operational improvements which should lessen the impact of inflation in 2022. Their history of steadily increasing average lateral length, which lowers drilling and completion cost per foot, is one aspect of their efficiency gains. As they continue to add 15,000-foot laterals to their program, the management anticipates gaining more lateral feet in the future. The company also anticipates putting approximately 50 wells with 15,000-foot laterals into production in 2022, and that number will rise to over 100 wells with laterals longer than 15,000 feet in 2023. Overall, they are well-positioned to earn high revenues from the increased productivity. We initiate coverage on the stock with a ‘Hold’ rating.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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