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Incentive Plans
 9 Months Ended
Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Incentive Plans Incentive Plans
Long-Term Incentive Plan. The Company's Amended and Restated 2006 Long-Term Incentive Plan ("LTIP") provides for the granting of various forms of awards, including stock options, stock appreciation rights, performance units, restricted stock and restricted stock units to directors, officers and employees of the Company.
In connection with the Parsley Acquisition, the Company assumed all rights and obligations under the Amended and Restated Parsley Energy, Inc. 2014 Long-Term Incentive Plan (the "2014 Parsley Plan") and the Jagged Peak Energy Inc. 2017 Long-Term Incentive Plan (the "Jagged Peak Plan") and together with the 2014 Parsley Plan, (the "Parsley Plans"). The awards outstanding under the Parsley Plans were assumed by the Company and were automatically converted into an award with the right to receive a number of shares of Pioneer common stock that is equal to the product of the number of shares of Parsley common stock subject to such award under the Parsley Plans as of the acquisition date and the Exchange Ratio (0.1252).
Shares available for future grant pursuant to awards under the LTIP are as follows:
As of September 30, 2022
Approved and authorized awards12,600,000 
2014 Parsley Plan awards available to the LTIP (a)
879,575 
Awards issued under plan(9,591,571)
3,888,004 
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(a)Under New York Stock Exchange rules, the Company added the shares that were available under the 2014 Parsley Plan to the LTIP. These shares can only be used for grants to employees who were not employed or engaged by Pioneer or any of its subsidiaries immediately before the Parsley Acquisition and such awards may only be granted through May 22, 2024, the date that the 2014 Parsley Plan would have otherwise expired.
Stock-based compensation expense is as follows:
 Three Months Ended September 30,
Nine Months Ended September 30,
 2022202120222021
 (in millions)
Restricted stock - equity awards$11 $11 $33 $32 
Restricted stock - liability awards (a)6 3 17 12 
Restricted stock and performance units - Parsley awards (b)
— — — 33 
Performance unit awards8 6 24 20 
Employee Stock Purchase Plan1 1 2 2 
$26 $21 $76 $99 
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(a)Liability Awards are expected to be settled on their vesting date in cash. As of September 30, 2022 and December 31, 2021, accounts payable – due to affiliates included $3 million and $9 million, respectively, of liabilities attributable to Liability Awards.
(b)Represents the accelerated vesting of Parsley restricted stock equity awards and performance units upon completion of the Parsley Acquisition, which was recorded to other expense in the consolidated statements of operations.
As of September 30, 2022, there is $114 million of unrecognized stock-based compensation expense related to unvested share-based compensation awards, including $23 million attributable to stock-based awards that are expected to be settled on their vesting date in cash, rather than in common stock. The unrecognized compensation expense will be recognized on a straight-line basis over the remaining vesting periods of the awards, which is a period of less than three years on a weighted average basis.
Activity for restricted stock awards, performance units and stock options is as follows:
Nine Months Ended September 30, 2022
Restricted Stock Equity AwardsRestricted Stock Liability AwardsPerformance UnitsStock Options
Beginning incentive compensation awards741,892 182,278 304,686 6,039 
Awards granted249,765 49,748 114,066 — 
Awards forfeited(40,521)(9,098)(6,226)— 
Awards vested (a)(455,408)(98,996)(25,659)— 
Options exercised— — — (6,039)
Ending incentive compensation awards495,728 123,932 386,867 — 
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(a)Per the terms of award agreements and elections, the issuance of common stock may be deferred for certain restricted stock equity awards that vest during the period.