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Pioneer Natural Resources Announces Pricing of Offering of $600 Million of Senior Notes

DALLAS--(BUSINESS WIRE)--Jun. 21, 2012-- Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer” or “the Company”) today announced that it has priced an offering of $600 million of 3.95% Senior Notes that will mature July 15, 2022 (the “2022 Notes”) pursuant to a shelf registration statement that was previously filed with the Securities and Exchange Commission. The price to the public for the 2022 Notes is 99.44% of the principal amount.

Net proceeds of approximately $593 million from the offering will reduce indebtedness under Pioneer's credit facility and pay certain fees and expenses related to the offering. Capacity under the facility may be used for general corporate purposes, including to fund the purchase or redemption of Pioneer’s 2.875% Convertible Senior Notes due 2038 (the “Convertible Notes”) on or after January 15, 2013. It is the Company's current intent, based on market conditions, to exercise its right to call the Convertible Notes on or about January 15, 2013.

Interest on the 2022 Notes will be payable on January 15 and July 15 of each year. The first interest payment will be due on January 15, 2013, and will consist of interest from closing to that date. The offering is expected to close on June 26, 2012, subject to customary closing conditions.

The offering was underwritten by Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, UBS Securities LLC and Wells Fargo Securities, LLC, as Joint Book-Running Managers, by J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as Senior Co-Managers, and by Credit Agricole Securities (USA) Inc., Goldman, Sachs & Co., Mitsubishi UFJ Securities (USA), Inc. and RBS Securities Inc., as Co-Managers. A copy of the prospectus supplement and prospectus relating to the offering may be obtained from Citigroup Global Markets Inc., Attention: Prospectus Department, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, New York 11220, (877) 858-5407 or Deutsche Bank Securities Inc., Attn: Prospectus Department, 60 Wall Street, New York, NY 10005-2836, 1-800-503-4611, An electronic copy of the prospectus supplement will be available on the website of the Securities and Exchange Commission at

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

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
Frank Hopkins, 972-969-4065
Eric Pregler, 972-969-5756
Casey Edwards, 972-969-5759
Media and Public Affairs
Susan Spratlen, 972-969-4018
Suzanne Hicks, 972-969-4020

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