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Pioneer Natural Resources Announces Filing of Initial Public Offering for Pioneer Southwest Energy Partners L.P.

DALLAS--(BUSINESS WIRE)--July 26, 2007--Pioneer Natural Resources Company (NYSE:PXD) ("Pioneer") announced that Pioneer Southwest Energy Partners L.P. ("Pioneer Southwest Energy") filed a registration statement today on Form S-1 with the Securities and Exchange Commission related to the proposed initial public offering of Pioneer Southwest Energy common units.

Pioneer Southwest Energy anticipates offering 12,500,000 common units in the initial public offering representing a 44.4% limited partner interest in Pioneer Southwest Energy. Upon completion of this offering, Pioneer will own a 0.1% general partner interest and a 55.5% limited partner interest in Pioneer Southwest Energy. The underwriters are expected to be granted a 30-day option to purchase up to 1,875,000 additional common units. Pioneer's limited partner interest would be reduced to 52.0% if the underwriters exercise their over-allotment option in full. Pioneer Southwest Energy intends to apply to have its common units listed on the New York Stock Exchange under the ticker "PSE."

Assuming an initial public offering price of $20.00 per common unit and that the underwriters do not exercise their over-allotment option, estimated gross proceeds from the offering would be $250 million.

Pioneer Southwest Energy is a Delaware limited partnership formed by Pioneer to own producing oil and gas properties in the Spraberry field in the Permian Basin of West Texas, and to acquire producing oil and gas properties in its area of operations. This area includes onshore Texas (excluding 20 counties in the Texas Panhandle) and eight counties in the southeast region of New Mexico. Pioneer Southwest Energy will have interests in producing wells that had estimated proved reserves of 25.0 million barrels oil equivalent as of December 31, 2006 and average production of 4,611 barrels oil equivalent per day during 2006.

Citi, Deutsche Bank Securities and UBS Investment Bank will act as joint book-running managers and representatives of the underwriters. This offering of common units will be made only by means of a prospectus. A copy of the prospectus, when available, may be obtained by submitting requests to Citigroup Global Markets Inc., Attention: Prospectus Department, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, New York 11220, phone: 718-765-6732, fax: 718-765-6734; Deutsche Bank Securities Inc., Attention: Prospectus Department, 100 Plaza One, Jersey City, New Jersey 07311, phone: 800-503-4611, or email: prospectusrequest@list.db.com; or UBS Securities LLC, Attention: Prospectus Department, 299 Park Avenue, New York, New York 10171, phone: 212-821-3000.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This communication does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Pioneer Natural Resources Company 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 about Pioneer Natural Resources Company 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 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.

Except for historical information contained herein, the statements in this News Release about Pioneer Southwest Energy Partners L.P. are forward-looking statements that are subject to a number of risks and uncertainties that may cause Pioneer Southwest Energy's actual results in future periods to differ materially from the forward-looking statements. Risks related to an investment in Pioneer Southwest Energy, including risks relating to its business, are described in the registration statement filed with the Securities and Exchange Commission. No assurance can be given that the offering of Pioneer Southwest Energy will be completed or that it will be completed on the terms described in this News Release.

CONTACT: Pioneer Natural Resources Company, Dallas
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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