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Pioneer Offering $400 Million of 12-year Senior Notes to Refinance Existing Senior Debt

DALLAS--(BUSINESS WIRE)--April 26, 2006--Pioneer Natural Resources Company (NYSE:PXD) today announced that it intends to offer approximately $400 million of Senior Notes due 2018 (the "2018 Notes").

Proceeds from the offering of the 2018 Notes will be used, in part, to fund a tender offer for any and all of Pioneer's 6.50% Senior Notes due 2008, of which $350 million aggregate principal amount is currently outstanding. The tender offer is expected to be launched shortly after the pricing of the 2018 Notes. All remaining proceeds from the offering of the 2018 Notes will be used for general corporate purposes.

Deutsche Bank Securities will be the sole book-running joint lead manager and Morgan Stanley will be joint lead manager for the offering of the 2018 Notes.

The 2018 Notes will be sold by means of a prospectus relating to a shelf registration statement that was previously filed and declared effective. This press release shall not constitute an offer to sell or a solicitation of an offer to purchase the 2018 Notes. The prospectus shall not constitute an offer to sell or a solicitation of an offer to purchase, nor shall there be any sale of 2018 Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. A copy of the prospectus supplement and prospectus relating to the offering may be obtained from Deutsche Bank Securities Inc., 60 Wall Street, New York, New York 10005, (212) 250-6801.

Pioneer is a large independent oil and gas exploration and production company with operations in the United States, Canada and Africa. Pioneer's headquarters are in Dallas, Texas. For more information, visit Pioneer's website at www.pxd.com.

The information in this document includes 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 the Company are subject to a number of risks and uncertainties, which may cause the Company'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, government regulation or action, the costs and results of drilling and operations, the Company's ability to implement its business plans and access to and cost of capital. These and other risks are described in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q that are available from the Company or the United States Securities and Exchange Commission.


    CONTACT: Pioneer Natural Resources Company, Dallas
             Investors:
             Frank Hopkins, 972-444-9001
             or
             Media and Public Affairs:
             Susan Spratlen, 972-444-9001

    SOURCE: Pioneer Natural Resources Company

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