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Pioneer Establishes New $300 Million Share Repurchase Program

DALLAS--(BUSINESS WIRE)--Feb. 6, 2007--Pioneer Natural Resources Company (NYSE:PXD) today announced that its board of directors has approved a new share repurchase program authorizing the purchase of up to $300 million of its common stock.

During 2006, Pioneer repurchased 8.8 million shares of common stock at an average price of $39.16 per share essentially completing the $1 billion share repurchase program announced in September 2005. Including prior share repurchase authorizations, Pioneer has repurchased approximately 30 million shares in just over two years, or approximately 21% of shares outstanding.

Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, with operations in the United States, Canada, South Africa and Tunisia. 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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