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Pioneer Announces Management Change
Dallas, Texas, January 21, 2000 -- Pioneer Natural Resources Company (“Pioneer”)(NYSE:PXD) (TSE:PXD) today announced that effective February 1, 2000, Timothy L. Dove will assume the responsibilities of Chief Financial Officer for the Company to replace M. Garrett Smith who has resigned as CFO to accept a similar position with a private technology company.
Mr. Dove has served as an Executive Vice President of Pioneer since its formation in August 1997. He joined one of Pioneer's predecessors in 1994 and has been a member of the management committee for four years. He earned a Bachelor of Science degree in Mechanical Engineering from Massachusetts Institute of Technology and received his MBA from the University of Chicago Graduate School of Business with an emphasis in finance and marketing.
Scott D. Sheffield, Chairman and CEO, said, “Garrett and Tim have played integral parts in Pioneer's success in achieving its financial goals during 1999. Under their leadership, over $400 million of non-strategic assets were divested allowing us to significantly reduce debt and per unit operating costs. We also significantly reduced overhead. As a result of these efforts, interest and general and administrative costs were reduced by over $60 million on an annualized basis. I thank Garrett for his contribution and wish him well in his new endeavor.”
Pioneer is one of the largest independent exploration and production oil and gas companies in North America, with major operations in the United States, Canada, Argentina and South Africa. Pioneer's headquarters are in Dallas.
Except for historical information contained herein, the statements in this Press Release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, and the business prospects of Pioneer Natural Resources Company, are subject to a number of risks and uncertainties which may cause the Company's actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, volatility of oil and gas prices, product supply and demand, competition, government regulation or action, litigation, the costs and results of drilling and operations, the Company's ability to replace reserves or implement its business plans, access to and cost of capital, uncertainties about estimates of reserves, quality of technical data, and environmental risks. These and other risks are described in the Company's 10-K and 10-Q Reports and other filings with the Securities and Exchange Commission.
Investor Relations Contact: Susan Spratlen 972-444-9001
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