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Pioneer Natural Resources Company Receives Final $500 Million Payment from Enterprise for EFS Midstream

DALLAS--(BUSINESS WIRE)--Jul. 11, 2016-- Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer” or “the Company”) today announced that it has received the second, and final, installment payment of $500 million from Enterprise Products Partners L.P. for the sale of the Company’s interests in EFS Midstream LLC (Eagle Ford Shale midstream business). The Company agreed to sell its 50.1% interest in EFS Midstream to Enterprise in June 2015 for $1,030 million after debt repayment. The initial $530 million payment from Enterprise was received at the closing in July 2015. Pioneer expects to use the proceeds from the sale for general corporate purposes, including funding of the drilling program across the Company’s extensive acreage position in the Spraberry/Wolfcamp play in the Permian Basin of West Texas.

Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States. For more information, visit 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, the costs and results of drilling and operations, availability of equipment, services, resources and personnel required to perform the Company’s drilling and operating activities, access to and availability of transportation, processing, fractionation and refining facilities, Pioneer's ability to implement its business plans or complete its development activities as scheduled, quality of technical data, environmental and weather risks, including the possible impacts of climate change, and acts of war or terrorism. These and other risks are described in Pioneer's 10-K and 10-Q Reports and other filings with the U.S. Securities and Exchange Commission (SEC). 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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Frank Hopkins, 972-969-4065
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Michael Bandy, 972-969-4513
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Tadd Owens, 972-969-5760
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Robert Bobo, 972-969-4020

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