Pioneer Natural Resources Co (FRA:PNK) Beneish M-Score : -3.02 (As of Apr. 28, 2024)

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What is Pioneer Natural Resources Co Beneish M-Score?

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -3.02 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Pioneer Natural Resources Co's Beneish M-Score or its related term are showing as below:

FRA:PNK' s Beneish M-Score Range Over the Past 10 Years
Min: -7.81 Med: -2.87 Max: -1.66
Current: -3.02

During the past 13 years, the highest Beneish M-Score of Pioneer Natural Resources Co was -1.66. The lowest was -7.81. And the median was -2.87.

Pioneer Natural Resources Co Beneish M-Score Historical Data

The historical data trend for Pioneer Natural Resources Co's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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Pioneer Natural Resources Co Beneish M-Score Chart

Pioneer Natural Resources Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.46

-2.79

-1.66

-2.73

-3.02

Pioneer Natural Resources Co Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.73	-3.23	-3.26	-2.90	-3.02

Competitive Comparison of Pioneer Natural Resources Co's Beneish M-Score

For the Oil & Gas E&P subindustry, Pioneer Natural Resources Co's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Pioneer Natural Resources Co's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Pioneer Natural Resources Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Pioneer Natural Resources Co's Beneish M-Score falls into.

Pioneer Natural Resources Co Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Pioneer Natural Resources Co for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0763

0.528 * 1.2

0.404 * 1.0647

0.892 * 0.7744

0.115 * 0.9412

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.7325

4.679 * -0.09546

0.327 * 0.9502

-3.04

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was €1,458 Mil.
Revenue was 4654.692 + 4817.117 + 4208.88 + 4293.598 = €17,974 Mil.
Gross Profit was 1634.094 + 1857.134 + 1431.573 + 1667.19 = €6,590 Mil.
Total Current Assets was €2,389 Mil.
Total Assets was €33,574 Mil.
Property, Plant and Equipment(Net PPE) was €30,799 Mil.
Depreciation, Depletion and Amortization(DDA) was €2,654 Mil.
Selling, General, & Admin. Expense(SGA) was €426 Mil.
Total Current Liabilities was €2,727 Mil.
Long-Term Debt & Capital Lease Obligation was €4,635 Mil.
Net Income was 1163.673 + 1219.037 + 1017.146 + 1141.348 = €4,541 Mil.
Non Operating Income was 139.384 + -163.038 + -11.999 + -56.04 = €-92 Mil.
Cash Flow from Operations was 2154.033 + 1941.464 + 1581.099 + 2161.276 = €7,838 Mil.

Total Receivables was €1,749 Mil.
Revenue was 4884.256 + 6117.57 + 6626.73 + 5581.476 = €23,210 Mil.
Gross Profit was 1991.84 + 2652.26 + 3078.284 + 2488.828 = €10,211 Mil.
Total Current Assets was €3,517 Mil.
Total Assets was €33,739 Mil.
Property, Plant and Equipment(Net PPE) was €29,857 Mil.
Depreciation, Depletion and Amortization(DDA) was €2,410 Mil.
Selling, General, & Admin. Expense(SGA) was €318 Mil.
Total Current Liabilities was €3,669 Mil.
Long-Term Debt & Capital Lease Obligation was €4,117 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(1458.03 / 17974.287)	/	(1749.232 / 23210.032)
	=	0.081118	/	0.075365
	=	1.0763

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(10211.212 / 23210.032)	/	(6589.991 / 17974.287)
	=	0.439948	/	0.366634
	=	1.2

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (2388.785 + 30799.279) / 33574.121)	/	(1 - (3517.344 + 29856.832) / 33738.56)
	=	0.011499	/	0.0108
	=	1.0647

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	17974.287	/	23210.032
	=	0.7744

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(2409.696 / (2409.696 + 29856.832))	/	(2654.472 / (2654.472 + 30799.279))
	=	0.074681	/	0.079348
	=	0.9412

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(426.433 / 17974.287)	/	(317.84 / 23210.032)
	=	0.023725	/	0.013694
	=	1.7325

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((4635.435 + 2727.158) / 33574.121)	/	((4116.784 + 3669.328) / 33738.56)
	=	0.219294	/	0.230778
	=	0.9502

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(4541.204 - -91.693	-	7837.872)	/	33574.121
	=	-0.09546

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Pioneer Natural Resources Co has a M-score of -3.04 suggests that the company is unlikely to be a manipulator.

Pioneer Natural Resources Co Beneish M-Score Related Terms

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Pioneer Natural Resources Co (FRA:PNK) Business Description

Industry

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Comparable Companies

Traded in Other Exchanges

PXD:USA PXD:Mexico 1PXD:Italy P1IO34:Brazil

Address

777 Hidden Ridge, Irving, TX, USA, 75038

Website

https://www.pxd.com

Headquartered in Irving, Texas, Pioneer Natural Resources is an independent oil and gas exploration and production company focusing on the Permian Basin in Texas. At year-end 2022, Pioneer's proven reserves were 2.4 billion barrels of oil equivalent with net production for the year of 650 mboe per day. Oil and natural gas liquids represented 79% of production.