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Pioneer Natural Resources Company(PXD), a leading energy exploration and produ ction company, has released its consolidated financial results for the first quarter of 2023. The company reported a net income of $1.22 billion for the three-month period ending March 31, 2023. Alongside this impressive performance, the company generated total revenue of $4.54 billion during the same quarter.
The company's total assets as of March 31, 2023, amounted to $36.11 billion, showing a slight increase compared to the December 31, 2022, figure of $35.74 billion. Notably, current assets stood at $3.47 billion, a marginal decrease from the previous year's figure of $3.73 billion. The major components of current assets included cash and cash equivalents of $1.19 billion, accounts receivable, netting to $1.39 billion, and inventories amounting to $487 million.
In terms of long-term assets, Pioneer Natural Resources Company's oil and gas properties, net of accumulated depletion, depreciation, and amortization, accounted for a substantial portion at $30.22 billion, compared to $29.63 billion as of December 31, 2022. Other property and equipment, operating lease right-of-use assets, and goodwill made up the remaining long-term assets.
During the first quarter of 2023, Pioneer Natural Resources Company reported revenues and other income of $4.54 billion, showcasing a significant performance. The company's oil and gas revenues totaled $3.17 billion, while sales of purchased commodities contributed an additional $1.43 billion to the overall revenue figure. Interest and other income resulted in a net loss of $37 million, while the derivative loss amounted to $44 million. The company reported a gain on disposition of assets of $25 million.
On the expense side, the costs and expenses incurred during the quarter amounted to $2.98 billion. Major expenses included purchased commodities costing $1.49 billion, depletion, depreciation, and amortization expenses totaling $664 million, and oil and gas production expenses amounting to $455 million.
Despite challenging market conditions, Pioneer Natural Resources Company managed to achieve a net income of $1.22 billion during the first quarter of 2023. This translated to earnings per share of $5.19 on a basic basis and $5.00 on a diluted basis. The weighted average shares outstanding were 235 million on a basic basis and 244 million on a diluted basis.
Pioneer Natural Resources Company's financial results for the first quarter of 2023 exhibit solid performance with impressive revenue and net income figures. Despite the dynamic landscape of the energy sector, the company has maintained a strong position and continues to deliver value to its shareholders.