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Pioneer Announces $400 Million Senior Notes Offering and Commitments for a New $600 Million Senior Credit Facility

Dallas, Texas, March 23, 2000 -- Pioneer Natural Resources Company (“Pioneer”)(NYSE:PXD) (TSE:PXD) today announced that it has commenced an offering of $400 million of 10-year unsecured senior notes. The notes will be guaranteed, on an unsecured basis, by Pioneer's subsidiary, Pioneer Natural Resources USA, Inc. Anticipated proceeds from the note offering will be applied to existing bank debt.

Pioneer also announced that it has obtained commitments, subject to various conditions precedent, for a new fully underwritten five-year $600 million senior credit facility that will replace its existing $939.6 million credit facility. It is anticipated that the facility will be unsecured and guaranteed by Pioneer Natural Resources USA, Inc. and certain other subsidiaries.

Credit Suisse First Boston, Banc of America Securities LLC and Chase Securities Inc. will be arranging the senior note offering. Bank of America, N.A., Credit Suisse First Boston and The Chase Manhattan Bank have provided the bank commitments and will be arranging the senior credit facility.

Pioneer is a large independent exploration and production oil and gas company in North America, with major operations in the United States, Canada, Argentina and South Africa. Pioneer's headquarters are in Dallas.

The notes offering will be made only by means of the prospectus filed with the Securities and Exchange Commission. A copy of this prospectus may be obtained from the Company by contacting our Investor Relations department. This press release does not constitute an offer of any securities for sale.

Except for historical information contained herein, the statements in this Press 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 Natural Resources 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, product supply and demand, competition, government regulation or action, litigation, the costs and results of drilling and operations, the Company's ability to replace reserves or implement its business plans, access to and cost of capital, uncertainties about estimates of reserves, quality of technical data, and environmental risks. These and other risks are described in the Company's 10-K and 10-Q Reports and other filings with the Securities and Exchange Commission.

Investor Relations Contact: Susan Spratlen (972) 444-9001

Important Legal Information ©2000 Pioneer Natural Resources Company
This information was published Thursday, March 23, 2000
This page was last updated Thursday, March 23, 2000

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