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Pioneer Natural Resources Announces New Executive Management
DALLAS, Jan 19, 2010 (BUSINESS WIRE) -- Pioneer Natural Resources Company (NYSE:PXD) today announced the formation of a new Eagle Ford Shale Asset Team and the realignment of responsibilities for certain Executive Vice Presidents (EVPs) who are members of Pioneer's Management Committee. These changes are effective immediately and will support the Company's plans to potentially accelerate development of its sizable acreage position in the Eagle Ford Shale, including active pursuit of a joint venture partner, and to ramp up Spraberry drilling and other Permian services.
William F. Hannes, formerly EVP Business Development, has been named EVP South Texas Operations. Two asset teams will report to Mr. Hannes, the existing South Texas Asset Team and the newly formed Eagle Ford Shale Asset Team. The new Eagle Ford Shale Asset Team will focus on executing Pioneer's Eagle Ford JV strategy while preparing to initiate an aggressive development drilling program in the play.
Danny L. Kellum, formerly EVP Domestic Operations, has been named EVP Permian Operations and will focus his attention on Pioneer's expanding Permian activities, with executive responsibility for the Permian Asset Team and Permian integrated services. Pioneer plans to drill 1,000 wells per year by 2012 in the Spraberry Trend, the Company's largest asset.
Jay P. Still, EVP Domestic Operations, will add executive responsibility for Pioneer's Mid-Continent operations to his current responsibilities for the Company's Rockies, Alaska and Barnett Shale assets.
Chris J. Cheatwood, formerly EVP Geoscience, has been named EVP Business Development and Technology and will have executive responsibility for business development and geoscience/engineering technology.
Scott D. Sheffield, Pioneer's Chairman and CEO, stated, "Considering the magnitude of opportunity we foresee in the Spraberry Trend and Eagle Ford Shale, we have realigned our executive team to optimize our ability to capture and accelerate the value of these strategic assets."
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 risks and uncertainties include, among other things, volatility of commodity prices, product supply and demand, competition, the ability to obtain environmental and other permits and the timing thereof, other government regulation or action, the ability to obtain approvals from third parties and negotiate agreements with third parties on mutually acceptable terms,litigation, the costs and results of drilling and operations, access to and availability of drilling equipment and transportation, processing and refining facilities, Pioneer's ability to implement its business plans or complete its development activities as scheduled, access to and cost of capital, the financial strength of counterparties to Pioneer's credit facility and derivative contracts and the purchasers of Pioneer's oil, NGL and gas production, uncertainties about estimates of reserves and resource potential and the ability to add proved reserves in the future, the assumptions underlying production forecasts, quality of technical data, and environmental and weather risks. 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
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