Pioneer Natural Resources Co (NYSE:PXD) stock fell 0.60% (As on February 23, 11:32:31 AM UTC-4, Source: Google Finance) after the company posted mixed result for the fourth quarter of FY 22. Pioneer maintains a strong balance sheet, with unrestricted cash on hand as of December 31, 2022 of $1.0 billion and net debt of $3.9 billion. The Company had $3.0 billion of liquidity as of December 31, 2022, comprised of $1.0 billion of cash and a $2.0 billion unsecured credit facility (undrawn as of December 31, 2022). Cash flow from operating activities during the fourth quarter and full year 2022 was $2.6 billion and $11.3 billion, respectively, leading to free cash flow of $1.7 billion for the fourth quarter and $8.4 billion for the full year 2022. During the fourth quarter, the Company’s total capital expenditures, including drilling, completion, facilities and water infrastructure, totaled $1.1 billion. For the full year 2022, the Company’s total capital expenditures totaled $3.8 billion

Moreover, for the fourth quarter of 2022, the average realized price for oil was $83.53 per barrel. The average realized price for natural gas liquids (NGLs) was $27.67 per barrel, and the average realized price for gas was $4.98 per thousand cubic feet. These prices exclude the effects of derivatives. Production costs, including taxes, averaged $11.08 per barrel of oil equivalent (BOE). Pioneer continued to deliver strong operational performance in the Midland Basin, which led to the Company placing 483 horizontal wells on production during 2022, including 84 horizontal wells placed on production during the fourth quarter. Pioneer’s large and contiguous acreage position provides the opportunity to drive further operational enhancements. The development of wells with lateral lengths in excess of 15,000 feet provides significant capital savings on a per foot basis and generates returns that are on average 20% higher than a 10,000-foot lateral well. The Company is expanding the development of 15,000 foot laterals and expects to place more than 100 of these wells on production in 2023.

PXD in the fourth quarter of FY 22 has reported the adjusted earnings per share of $5.91, beating the analysts’ estimates for the adjusted earnings per share of $5.83, according to Zacks Investment Research. The company had reported the adjusted revenue growth of 18.3 percent to $5.11 billion in the fourth quarter of FY 22, missing the analysts’ estimates for revenue of $5.66 billion.