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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
______________________________
FORM 10-Q 
______________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
or 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from  ________ to ________
Commission File Number: 1-13245
______________________________ 
PIONEER NATURAL RESOURCES COMPANY
(Exact name of Registrant as specified in its charter)
______________________________
Delaware 75-2702753
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
777 Hidden Ridge
Irving, Texas 75038
(Address of principal executive offices and zip code)
(972) 444-9001
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $.01 per sharePXDNew York Stock Exchange
Not applicable
(Former name, former address and former fiscal year, if changed since last report) 
______________________________
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). 
Yes       No   
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.        
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes       No  
Number of shares of Common Stock outstanding as of November 3, 2021    244,133,701


Table of Contents
PIONEER NATURAL RESOURCES COMPANY
TABLE OF CONTENTS 

  Page
Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020

2

Table of Contents
PIONEER NATURAL RESOURCES COMPANY
Cautionary Statement Concerning Forward-Looking Statements
The information in this Quarterly Report on Form 10-Q (this "Report") contains forward-looking statements that involve risks and uncertainties. When used in this document, the words "believes," "plans," "expects," "anticipates," "forecasts," "models," "intends," "continue," "may," "will," "could," "should," "future," "potential," "estimate" or the negative of such terms and similar expressions as they relate to Pioneer Natural Resources Company ("Pioneer" or the "Company") are intended to identify forward-looking statements, which are generally not historical in nature. The forward-looking statements are based on the Company's current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. Although the Company believes that the expectations and assumptions reflected in the forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond the Company's control.
These risks and uncertainties include, among other things, volatility of commodity prices; product supply and demand; the impact of a widespread outbreak of an illness, such as the COVID-19 pandemic, on global and U.S. economic activity; competition; the ability to obtain environmental and other permits and the timing thereof; the effect of future regulatory or legislative actions on Pioneer or the industry in which it operates, including potential changes to tax laws and rates and the risk of new restrictions with respect to development activities; the ability to obtain approvals from third parties and negotiate agreements with third parties on mutually acceptable terms; potential liability resulting from pending or future litigation; the costs and results of drilling and operations; availability of equipment, services, resources and personnel required to perform the Company's drilling and operating activities; access to and availability of transportation, processing, fractionation, refining, storage and export facilities; Pioneer's ability to replace reserves, implement its business plans or complete its development activities as scheduled; the risk that the Company will not fully or timely realize the expected synergies and accretion metrics from the Parsley Energy, Inc. and Double Eagle III Midco 1 LLC acquisitions; access to and cost of capital; the financial strength of counterparties to Pioneer's credit facility, investment instruments and derivative contracts and purchasers of Pioneer's oil, NGL and gas production; uncertainties about estimates of reserves, identification of drilling locations and the ability to add proved reserves in the future; the Company's ability to achieve it's emissions reduction, flaring and other ESG goals; the assumptions underlying forecasts, including forecasts of production, capital expenditures, expenses, cash flow and cash flow from purchases and sales of oil and gas, net of firm transportation commitments; sources of funding; quality of technical data; environmental and weather risks, including the possible impacts of climate change; cybersecurity risks; the risks associated with the ownership and operation of the Company's water services business and acts of war or terrorism. These and other risks are described in Pioneer's Annual Report on Form 10-K for the year ended December 31, 2020, this and other Quarterly Reports on Form 10-Q and other filings with the United States Securities and Exchange Commission. In addition, the Company may be subject to currently unforeseen risks that may have a materially adverse effect on it.
Accordingly, no assurances can be given that the actual events and results will not be materially different than the anticipated results described in the forward-looking statements. See "Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations," "Part 1, Item 3. Quantitative and Qualitative Disclosures About Market Risk" and "Part II, Item 1A. Risk Factors" in this Report and "Part I, Item 1. Business — Competition," "Part I, Item 1. Business —Regulation," "Part I, Item 1A. Risk Factors," "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Part II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk" in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 for a description of various factors that could materially affect the ability of Pioneer to achieve the anticipated results described in the forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Pioneer undertakes no duty to publicly update these statements except as required by law.

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Table of Contents
PIONEER NATURAL RESOURCES COMPANY
Definitions of Certain Terms and Conventions Used Herein
Within this Report, the following terms and conventions have specific meanings:
"Bbl" means a standard barrel containing 42 United States gallons.
"Bcf" means one billion cubic feet and is a measure of gas volume.
"BOE" means a barrel of oil equivalent and is a standard convention used to express oil and gas volumes on a comparable oil equivalent basis. Gas equivalents are determined under the relative energy content method by using the ratio of six thousand cubic feet of gas to one Bbl of oil or natural gas liquid.
"BOEPD" means BOE per day.
"Brent" means Brent oil price, a major trading classification of light sweet oil that serves as a benchmark price for oil worldwide.
"Btu" means British thermal unit, which is a measure of the amount of energy required to raise the temperature of one pound of water one degree Fahrenheit.
"DD&A" means depletion, depreciation and amortization.
"Dutch TTF" means Title Transfer Facility and is a virtual trading hub for gas in the Netherlands and is the primary gas pricing hub for the European gas market.
"GAAP" means accounting principles generally accepted in the United States of America.
"HH" means Henry Hub, a distribution hub in Louisiana that serves as the delivery location for gas futures contracts on the NYMEX.
"Houston Ship Channel" is a benchmark pricing hub for South Texas gas.
"MBbl" means one thousand Bbls.
"MBOE" means one thousand BOEs.
"Mcf" means one thousand cubic feet and is a measure of gas volume.
"MEH" means Magellan East Houston, an oil index benchmark price of WTI in Houston, Texas.
"MMBtu" means one million Btus.
"NGLs" means natural gas liquids, which are the heavier hydrocarbon liquids that are separated from the gas stream; such liquids include ethane, propane, isobutane, normal butane and natural gasoline.
"NYMEX" means the New York Mercantile Exchange.
"OPEC" means the Organization of Petroleum Exporting Countries.
"Pioneer" or the "Company" means Pioneer Natural Resources Company and its subsidiaries.
"Proved reserves" mean those quantities of oil and gas, which, by analysis of geosciences and engineering data, can be estimated with reasonable certainty to be economically producible – from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations – prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time.
(i) The area of the reservoir considered as proved includes: (A) The area identified by drilling and limited by fluid contacts, if any, and (B) Adjacent undrilled portions of the reservoir that can, with reasonable certainty, be judged to be continuous with it and to contain economically producible oil or gas on the basis of available geoscience and engineering data.
(ii) In the absence of data on fluid contacts, proved quantities in a reservoir are limited by the lowest known hydrocarbons ("LKH") as seen in a well penetration unless geoscience, engineering or performance data and reliable technology establishes a lower contact with reasonable certainty.
(iii) Where direct observation from well penetrations has defined a highest known oil ("HKO") elevation and the potential exists for an associated gas cap, proved oil reserves may be assigned in the structurally higher portions of the reservoir only if geoscience, engineering or performance data and reliable technology establish the higher contact with reasonable certainty.
(iv) Reserves which can be produced economically through application of improved recovery techniques (including, but not limited to, fluid injection) are included in the proved classification when: (A) Successful testing by a pilot project in an area of the reservoir with properties no more favorable than in the reservoir as a whole, the operation of an installed program in the reservoir or an analogous reservoir, or other evidence using reliable technology establishes
the reasonable certainty of the engineering analysis on which the project or program was based; and (B) The project has been approved for development by all necessary parties and entities, including governmental entities.
(v) Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be determined. The price shall be the average during the 12-month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by contractual arrangements, excluding escalations based upon future conditions.
"SEC" means the United States Securities and Exchange Commission.
"SoCal" is a benchmark pricing hub for Southern California gas.
"U.S." means United States.
"WAHA" is a benchmark pricing hub for West Texas gas.
"WTI" means West Texas Intermediate, a light sweet blend of oil produced from fields in western Texas and is a grade of oil used as a benchmark in oil pricing.
With respect to information on the working interest in wells, drilling locations and acreage, "net" wells, drilling locations and acres are determined by multiplying "gross" wells, drilling locations and acres by the Company's working interest in such wells, drilling locations or acres. Unless otherwise specified, wells, drilling locations and acreage statistics quoted herein represent gross wells, drilling locations or acres.
All currency amounts are expressed in U.S. dollars.
4

Table of Contents
PART I. FINANCIAL INFORMATION
ITEM 1.FINANCIAL STATEMENTS

PIONEER NATURAL RESOURCES COMPANY
CONSOLIDATED BALANCE SHEETS
(in millions)
 
September 30,
2021
December 31,
2020
 (Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$581 $1,442 
Restricted cash46 59 
Accounts receivable, net1,680 695 
Income taxes receivable1 4 
Inventories340 224 
Derivatives4 5 
Investment in affiliate144 123 
Other45 43 
Total current assets2,841 2,595 
Oil and gas properties, using the successful efforts method of accounting:
Proved properties35,582 23,934 
Unproved properties8,498 576 
Accumulated depletion, depreciation and amortization(11,836)(10,071)
Total oil and gas properties, net32,244 14,439 
Other property and equipment, net1,726 1,584 
Operating lease right-of-use assets319 197 
Goodwill261 261 
Derivatives1 3 
Other assets157 150 
$37,549 $19,229 









The financial information included as of September 30, 2021 has been prepared by management
without audit by independent registered public accountants.
The accompanying notes are an integral part of these consolidated financial statements.
5

Table of Contents
PIONEER NATURAL RESOURCES COMPANY
CONSOLIDATED BALANCE SHEETS (continued)
(in millions, except share data) 
September 30, 2021December 31,
2020
 (Unaudited)
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable:
Trade$2,227 $928 
Due to affiliates168 102 
Interest payable30 35 
Income taxes payable29 4 
Current portion of long-term debt244 140 
Derivatives1,176 234 
Operating leases115 100 
Other546 363 
Total current liabilities4,535 1,906 
Long-term debt6,685 3,160 
Derivatives151 66 
Deferred income taxes1,833 1,366 
Operating leases220 110 
Other liabilities932 1,052 
Equity:
Common stock, $0.01 par value; 500,000,000 shares authorized; 244,122,575 and 175,525,268 shares issued as of September 30, 2021 and December 31, 2020, respectively
2 2 
Additional paid-in capital19,104 9,323 
Treasury stock at cost: 139 and 11,047,856 shares as of September 30, 2021 and December 31, 2020, respectively
 (1,234)
Retained earnings4,087 3,478 
Total equity23,193 11,569 
Commitments and contingencies
$37,549 $19,229 









The financial information included as of September 30, 2021 has been prepared by management
without audit by independent registered public accountants.
The accompanying notes are an integral part of these consolidated financial statements.
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PIONEER NATURAL RESOURCES COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
(Unaudited) 
 Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
Revenues and other income:
Oil and gas$3,282 $922 $7,787 $2,617 
Sales of purchased commodities1,679 935 4,507 2,391 
Interest and other income (loss), net2 13 42 (145)
Derivative loss, net(501)(141)(2,024)(41)
Gain on disposition of assets, net1 2 14 7 
4,463 1,731 10,326 4,829 
Costs and expenses:
Oil and gas production323 163 890 506 
Production and ad valorem taxes179 63 445 182 
Depletion, depreciation and amortization704 393 1,825 1,243 
Purchased commodities1,762 998 4,644 2,598 
Exploration and abandonments10 16 40 35 
General and administrative72 64 216 180 
Accretion of discount on asset retirement obligations2 2 5 7 
Interest41 34 122 94 
Other34 98 384 273 
3,127 1,831 8,571 5,118 
Income (loss) before income taxes1,336 (100)1,755 (289)
Income tax benefit (provision)(291)15 (400)46 
Net income (loss) attributable to common stockholders$1,045 $(85)$1,355 $(243)
Net income (loss) per share attributable to common stockholders:
Basic$4.27 $(0.52)$5.88 $(1.47)
Diluted$4.07 $(0.52)$5.60 $(1.47)
Weighted average shares outstanding:
Basic244 165 230 165 
Diluted257 165 242 165 
Dividends declared per share$2.07 $0.55 $3.19 $1.65 









The financial information included herein has been prepared by management
without audit by independent registered public accountants.
The accompanying notes are an integral part of these consolidated financial statements.
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PIONEER NATURAL RESOURCES COMPANY
CONSOLIDATED STATEMENTS OF EQUITY
(in millions, except share data and dividends per share)
(Unaudited)
 
  Equity Attributable To Common Stockholders 
 Shares
Outstanding
Common
Stock
Additional
Paid-in
Capital
Treasury
Stock
Retained
Earnings
Total Equity
(in thousands)
Balance as of December 31, 2020164,477 $2 $9,323 $(1,234)$3,478 $11,569 
Dividends declared ($0.56 per share)
— — — — (122)(122)
Cumulative effect of accounting change on convertible senior notes:
Equity component— — (230)— 28 (202)
Deferred tax component— — 50 — (6)44 
Exercise of long-term incentive stock options
55 — (2)8 — 6 
Purchases of treasury stock(99)— — (13)— (13)
Shares issued or reissued for Parsley Energy, Inc. ("Parsley") acquisition51,655 — 5,644 1,238 — 6,882 
Stock-based compensation costs:
Vested compensation awards, net623 — — — —  
Compensation costs included in net loss— — 19 — — 19 
Compensation costs included in net loss associated with Parsley acquisition— — 33 — — 33 
Net loss— — — — (70)(70)
Balance as of March 31, 2021216,711 $2 $14,837 $(1)$3,308 $18,146 
Dividends declared ($0.56 per share)
— — — — (138)(138)
Purchases of treasury stock(2)— — (1)— (1)
Shares issued or reissued for Double Eagle III Midco I LLC acquisition27,187 — 4,234 — — 4,234 
Stock-based compensation costs:
Vested compensation awards, net63 — — — —  
Compensation costs included in net income— — 17 — — 17 
Net income— — — — 380 380 
Balance as of June 30, 2021243,959 $2 $19,088 $(2)$3,550 $22,638 
Dividends declared ($2.07 per share)
— — — — (508)(508)
Employee stock purchases53 — (2)7 — 5 
Purchases of treasury stock(34)— — (5)— (5)
Stock-based compensation costs:
Vested compensation awards, net144 — — — —  
Compensation costs included in net income— — 18 — — 18 
Net income— — — — 1,045 1,045 
Balance as of September 30, 2021244,122 $2 $19,104 $ $4,087 $23,193 
The financial information included herein has been prepared by management
without audit by independent registered public accountants.
The accompanying notes are an integral part of these consolidated financial statements.
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PIONEER NATURAL RESOURCES COMPANY
CONSOLIDATED STATEMENTS OF EQUITY (continued)
(in millions, except share data and dividends per share)
(Unaudited)
  Equity Attributable To Common Stockholders 
 Shares
Outstanding
Common
Stock
Additional
Paid-in
Capital
Treasury
Stock
Retained
Earnings
Total Equity
(in thousands)
Balance as of December 31, 2019165,547 $2 $9,161 $(1,069)$4,042 $12,136 
Dividends declared ($0.55 per share)
— — — — (91)(91)
Exercise of long-term incentive stock options
8 — (1)1 —  
Purchases of treasury stock(1,007)— — (122)— (122)
Stock-based compensation costs:
Vested compensation awards, net316 — — — —  
Compensation costs included in net income— — 16 — — 16 
Net income— — — — 291 291 
Balance as of March 31, 2020164,864 $2 $9,176 $(1,190)$4,242 $12,230 
Dividends declared ($0.55 per share)
— — — — (91)(91)
Convertible senior notes:
Equity component— — 230 — — 230 
Capped call— — (113)— — (113)
Deferred tax provision— — (25)— — (25)
Purchases of treasury stock(592)— — (50)— (50)
Stock-based compensation costs:
Vested compensation awards, net4 — — — —  
Compensation costs included in net loss— — 17 — — 17 
Net loss— — — — (449)(449)
Balance as of June 30, 2020164,276 $2 $9,285 $(1,240)$3,702 $11,749 
Dividends declared ($0.55 per share)
— — — — (91)(91)
Employee stock purchases62 — (1)7 — 6 
Purchases of treasury stock(19)— — (2)— (2)
Stock-based compensation costs:
Vested compensation awards, net84 — — — —  
Compensation costs included in net loss— — 21 — — 21 
Net loss— — — — (85)(85)
Balance as of September 30, 2020164,403 $2 $9,305 $(1,235)$3,526 $11,598 

The financial information included herein has been prepared by management
without audit by independent registered public accountants.
The accompanying notes are an integral part of these consolidated financial statements.
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PIONEER NATURAL RESOURCES COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
 Nine Months Ended September 30,
 20212020
Cash flows from operating activities:
Net income (loss)$1,355 $(243)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depletion, depreciation and amortization1,825 1,243 
Exploration expenses3 8 
Deferred income taxes371 (36)
Gain on disposition of assets, net(14)(7)
Loss on early extinguishment of debt, net2 27 
Accretion of discount on asset retirement obligations5 7 
Interest expense19 34 
Derivative-related activity636 129 
Amortization of stock-based compensation87 54 
Investment in affiliate valuation adjustment(21)119 
South Texas contingent consideration valuation adjustment 42 
South Texas deficiency fee obligation 69 
Other116 94 
Change in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable(601)371 
Inventories(93)13 
Other assets24 24 
Accounts payable515 (164)
Interest payable(76)(37)
Other liabilities(318)(201)
Net cash provided by operating activities3,835 1,546 
Cash flows from investing activities:
Proceeds from disposition of assets59 58 
Cash used in acquisitions, net of cash acquired(826) 
Additions to oil and gas properties(2,191)(1,297)
Additions to other assets and other property and equipment(77)(103)
Net cash used in investing activities(3,035)(1,342)
Cash flows from financing activities:
Proceeds from issuance of senior notes, net of discount3,247 1,091 
Proceeds from issuance of convertible senior notes 1,323 
Purchase of derivatives related to issuance of convertible senior notes (113)
Borrowings under credit facility650 800 
Repayment of credit facilities(1,287)(800)
Repayment of senior notes, including tender offer premiums(3,371)(1,198)
Payments of other liabilities(153)(162)
Payments of financing fees(32)(36)
Purchases of treasury stock(19)(174)
Exercise of long-term incentive plan stock options and employee stock purchases11 6 
Dividends paid(720)(255)
Net cash provided by (used in) financing activities(1,674)482 
Net increase (decrease) in cash, cash equivalents and restricted cash(874)686 
Cash, cash equivalents and restricted cash, beginning of period1,501 705 
Cash, cash equivalents and restricted cash, end of period$627 $1,391 



The financial information included herein has been prepared by management
without audit by independent registered public accountants.
The accompanying notes are an integral part of these consolidated financial statements.
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PIONEER NATURAL RESOURCES COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2021
(Unaudited)

NOTE 1. Organization and Nature of Operations
Pioneer Natural Resources Company ("Pioneer" or the "Company") is a Delaware corporation whose common stock is listed and traded on the New York Stock Exchange (the "NYSE"). The Company is a large independent oil and gas exploration and production company that explores for, develops and produces oil, natural gas liquids ("NGLs") and gas in the Permian Basin in West Texas.
NOTE 2. Basis of Presentation
Presentation. In the opinion of management, the unaudited interim consolidated financial statements of the Company as of September 30, 2021 and for the three and nine months ended September 30, 2021 and 2020 include all adjustments and accruals, consisting only of normal, recurring adjustments and accruals necessary for a fair presentation of the results for the interim periods in conformity with generally accepted accounting principles in the United States ("GAAP"). The operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of results for a full year.
Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with the rules and regulations of the United States Securities and Exchange Commission (the "SEC"). These unaudited interim consolidated financial statements should be read together with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020.
Correction of previously issued financial statements. During the Company's review of its marketing contracts during the fourth quarter of 2020, the Company identified two long-term marketing contracts that should have been accounted for as derivative contracts. The contracts were entered in October 2019, each with a January 1, 2021 contract commencement date and a December 31, 2026 contract termination date. In accordance with Staff Accounting Bulletin ("SAB") No. 99, Materiality, and SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, the Company evaluated the misstatements and, based on an analysis of quantitative and qualitative factors, determined that the related impact of the misstatement was material to its consolidated financial statements for the interim period ended September 30, 2020. In accordance with Accounting Standards Codification 250, Accounting Changes and Error Corrections, the Company has corrected the misstatement for the three and nine months ended September 30, 2020 by restating the consolidated financial statements appearing herein. The net impact of these noncash corrections to the Company's previously reported consolidated financial statements for the three and nine months ended September 30, 2020 is as follows (in millions, except for per share data):
As ReportedAdjustmentsAs Restated
Three Months EndedNine Months EndedThree Months EndedNine Months EndedThree Months EndedNine Months Ended
Oil and gas revenues$922 $2,617 $ $ $922 $2,617 
Derivative gain (loss), net$(57)$60 $(84)$(101)$(141)$(41)
Total revenues and other income$1,815 $4,930 $(84)$(101)$1,731 $4,829 
Total costs and expenses1,831 5,118   1,831 5,118 
Loss before income taxes(16)(188)(84)(101)(100)(289)
Income tax benefit (provision)(4)18 19 28 15 46 
Net loss$(20)$(170)$(65)$(73)$(85)$(243)
Basic and diluted net loss per share attributable to common stockholders$(0.12)$(1.03)$(0.40)$(0.44)$(0.52)$(1.47)
Use of estimates in the preparation of financial statements. Preparation of the Company's unaudited interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Depletion of oil and gas properties is calculated using estimates of proved oil and gas reserves. There are numerous uncertainties inherent in the estimation of quantities of proved reserves, the projection of future rates of production and the timing of development
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PIONEER NATURAL RESOURCES COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2021
(Unaudited)
expenditures. Similarly, evaluations for impairment of goodwill and proved and unproved oil and gas properties are subject to numerous uncertainties including, among others, estimates of proved, probable and possible reserves and commodity price outlooks. Actual results could differ from the estimates and assumptions utilized.
Adoption of new accounting standards. In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-06, "Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity" ("ASU 2020-06"). ASU 2020-06 simplifies the accounting for certain convertible instruments by removing the separation models for convertible debt with a cash conversion feature or convertible instruments with a beneficial conversion feature. Additionally, ASU 2020-06 amends the diluted earnings per share calculation for convertible instruments by requiring the use of the if-converted method. The if-converted method assumes the conversion of convertible instruments occurs at the beginning of the reporting period and diluted weighted average shares outstanding includes the common shares issuable upon conversion of the convertible instruments. The Company early adopted ASU 2020-06 on January 1, 2021.
Upon issuance of the Company's $1.3 billion principal amount of 0.250% convertible senior notes due 2025 (the "Convertible Notes") in May 2020, the Company bifurcated the debt and equity components of the Convertible Notes to long-term debt and additional paid-in capital in its consolidated balance sheet. The amount recorded to additional paid-in capital represented a debt discount that was being amortized to interest expense over the life of the Convertible Notes. As part of the adoption of ASU 2020-06, the Company (i) reversed the debt discount and related deferred income tax liability recorded to additional paid-in capital of $230 million and $50 million, respectively, (ii) recorded a cumulative effect of the adoption of ASU 2020-06 of $22 million to retained earnings, representing a reversal of $28 million of the debt discount that was amortized to interest expense, net of an associated deferred income tax impact of $6 million, in 2020 and (iii) recorded the respective offsets for items (i) and (ii) above, representing the unamortized debt discount attributable to the Convertible Notes of $202 million to long-term debt and the associated deferred tax impact of $44 million to deferred income tax liabilities. See Note 7 for additional information.
Additionally, upon adoption of ASU 2020-06, the treasury stock method utilized by the Company to calculate earnings per share through December 31, 2020 is no longer allowed. As such, the Company has transitioned to the if-converted method utilizing the modified retrospective approach, resulting in 12 million incremental shares being included in the Company's weighted-average diluted shares outstanding for the three and nine months ended September 30, 2021. See Note 16 for additional information.
NOTE 3. Acquisitions, Divestitures and Restructuring Activities
Acquisitions
DoublePoint Acquisition. On May 4, 2021, the Company acquired Double Eagle III Midco 1 LLC ("DoublePoint") pursuant to a definitive membership interest purchase agreement to acquire DoublePoint dated April 1, 2021 (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.
Parsley Acquisition. On January 12, 2021, the Company acquired Parsley Energy, Inc., a Delaware corporation that previously traded on the NYSE under the symbol "PE" ("Parsley"), pursuant to the Agreement and Plan of Merger, dated as of October 20, 2020, among Pioneer, certain of its subsidiaries, Parsley and Parsley's subsidiary, Parsley Energy, LLC (the "Parsley Acquisition"). On the closing date of the Parsley Acquisition, Parsley merged into a newly formed wholly-owned subsidiary of the Company, and the subsidiaries of Parsley, including Jagged Peak Energy LLC ("Jagged Peak"), became indirect subsidiaries of the Company.
As part of the Parsley Acquisition, each eligible share of Parsley Class A common stock and each membership interest unit of Parsley Energy, LLC were automatically converted into the right to receive 0.1252 (the "Exchange Ratio") shares of Pioneer common stock. As a result, the Company issued 52 million shares of Pioneer common stock upon the consummation of the Parsley Acquisition, representing total stock consideration transferred of $6.9 billion.
Both the Parsley Acquisition and the DoublePoint Acquisition were accounted for using the acquisition method under ASC Topic 805, Business Combinations, which requires all assets acquired and liabilities assumed to be recorded at fair value at the acquisition date. Provisional fair value measurements were made for acquired assets and liabilities, and adjustments to
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PIONEER NATURAL RESOURCES COMPANY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2021
(Unaudited)
those measurements may be made in subsequent periods (up to one year from the acquisition date) as information necessary to complete the fair value analysis is obtained.
The following table summarizes the provisional fair values assigned to assets acquired and liabilities assumed (presented in millions):
Parsley AcquisitionDoublePoint Acquisition
As of January 12, 2021As of May 4, 2021
Cash and cash equivalents (a)$118 $58 
Accounts receivable253 131 
Derivatives8  
Proved properties5,110 3,929 
Unproved properties5,636 2,406 
Other property and equipment118 72 
Operating lease right-of-use assets201 2 
Other assets