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Pioneer Increases Share Repurchase Program
DALLAS--(BUSINESS WIRE)--April 23, 2007--Pioneer Natural Resources Company (NYSE:PXD) today announced that its board of directors has approved a $450 million increase in its existing share repurchase program, which now authorizes the purchase of up to $750 million of its common stock. Since acquiring Evergreen Resources in 2004, Pioneer has repurchased approximately 31 million shares which represents approximately 21% of the shares then outstanding, including 650,000 shares repurchased during the first quarter of 2007 at an average price of approximately $38.00 per share. The increased share repurchase program provides for further reduction in outstanding shares.
Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States, Canada, South Africa and Tunisia. 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 risks and uncertainties include, among other things, volatility of oil and gas prices, Pioneer's ability to implement its business plans (including its plan to repurchase stock) and access to and cost of capital. These and other risks are described in Pioneer's 10-K and 10-Q Reports and other filings with the Securities and Exchange Commission. Pioneer undertakes no duty to publicly update these statements except as required by law.
CONTACT: Pioneer Natural Resources Company
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