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Pioneer Announces Conversion of Notes

DALLAS--(BUSINESS WIRE)--Dec. 20, 2006--Pioneer Natural Resources Company ("Pioneer") (NYSE:PXD) today announced that the holders of all of its outstanding 4.75% Senior Convertible Notes due 2021 (the "Notes") have exercised their conversion rights. An aggregate $27 million of the Notes was outstanding on November 29, 2006, the date on which the Company gave notice that it was calling the Notes for redemption on December 20, 2006 (the "Redemption Date"). Associated with the conversion prior to the Redemption Date of the remaining $27 million of the Notes, the Company paid $21.6 million in cash and issued 0.6 million shares of common stock (which shares have previously been included in reported diluted shares outstanding).

Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, with operations in the United States, Canada and Africa. For more information, visit Pioneer's website at www.pxd.com.

CONTACT: Pioneer Natural Resources Company
Investors:
Frank Hopkins or Scott Rice, 972-444-9001
or
Media and Public Affairs:
Susan Spratlen, 972-444-9001

SOURCE: Pioneer Natural Resources Company

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