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Pioneer Announces Pricing of Offering of $450 Million of Senior Notes

DALLAS--(BUSINESS WIRE)--Nov. 9, 2009-- Pioneer Natural Resources Company (NYSE:PXD) today announced that it has priced an offering of $450 million of 7.5% Senior Notes that will mature January 15, 2020 (the “2020 Notes”) pursuant to a shelf registration statement that was previously filed with the Securities and Exchange Commission. The price to the public for the 2020 Notes is 99.142% of the principal amount. Net proceeds of approximately $439 million from the offering will be used to repay a portion of Pioneer’s outstanding bank debt and to pay certain related fees and expenses.

Interest on the 2020 Notes will be payable on January 15 and July 15 of each year. The first interest payment will be due on January 15, 2010, and will consist only of interest from closing to that date. The offering is expected to close on November 13, 2009, subject to customary closing conditions.

The offering was underwritten by Deutsche Bank Securities Inc., J.P. Morgan Securities Inc., Wells Fargo Securities, LLC, RBS Securities Inc., and UBS Securities LLC, as Joint Book-Running Managers, by Bank of America Securities LLC, BMO Capital Markets Corp., Citigroup Global Markets Inc., and Credit Suisse Securities (USA) LLC, as Senior Co-Managers, and by Goldman, Sachs & Co. and Morgan Stanley & Co. Incorporated, as Co-Managers. A copy of the prospectus supplement and prospectus relating to the offering may be obtained from Deutsche Bank Securities Inc., Attn: Prospectus Department, Harborside Financial Center, 100 Plaza One, Jersey City, NJ 07311-3988, 1-800-503-4611. An electronic copy of the prospectus supplement will be available on the website of the Securities and Exchange Commission at www.sec.gov.

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

Except for historical information contained herein, the statements in this News 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 are subject to a number of risks and uncertainties that may cause Pioneer’s actual results in future periods to differ materially from the forward-looking statements. These and other risks are described in Pioneer’s 10-K and 10-Q Reports and other filings with the Securities and Exchange Commission. In addition, Pioneer may be subject to currently unforeseen risks that may have a materially adverse impact on it. Pioneer undertakes no duty to publicly update these statements except as required by law.

Source: Pioneer Natural Resources Company

Pioneer Natural Resources Contacts:
Investors
Frank Hopkins, 972-969-4065
or
Matt Gallagher, 972-969-4017
or
Nolan Badders, 972-969-3955
or
Media and Public Affairs
Susan Spratlen, 972-969-4018
or
Suzanne Hicks, 972-969-4020

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