> l \pThe Free Software Foundation B=PF0*8X@"1 Helvetica1Courier1Courier New1Courier New1 Helvetica$#,##0_);($#,##0)$#,##0_);[Red]($#,##0)$#,##0.00_);($#,##0.00)$#,##0.00_);[Red]($#,##0.00)**_($* #,##0_);_($* (#,##0);_($* ""_);_(@_)*)'_(* #,##0_);_(* (#,##0);_(* ""_);_(@_)5,2_($* #,##0.00_);_($* (#,##0.00);_($* ""??_);_(@_)2+/_(* #,##0.00_);_(* (#,##0.00);_(* ""??_);_(@_)2$#,##0.00;[Red]$#,##0.003$#,##0.00;[Red]($#,##0.00)4$#,##0;[Red]($#,##00)50.00%;[Red](0.00%)60%;[Red](0%)7#,##0.00;[Red](#,##0.00)8#,##0;[Red](#,##0) + ) , * Ј ~~ ؈ ~~#؈ ~~"؈ ~~ ؈ ~~9#܈ ~~8"܈ ~~8#܈ ~~"؈ ~~4#܈ ~~9"܈ ~~3#܈ ~~7#܈ ~~83ffff̙̙3f3fff3f3f33333f33&CUNITED STATES SECURITIES AND EX&1Pioneer Natural Resources Compa"HTABLE OF CONTENTSrTABLE OF CONTENTS (1)&Definitions of Certain Terms an&^Definitions of Certain Term (1)#Recent strategic initiatives& Estimates of reserves and futur&eEstimates of reserves and f (1)&K%Estimates of reserves and f (2);Commodity hedgesb]Proved Reserves Revisions
Revisions (1)
United StatesUnited States (1)United States (2):Gulf of Mexico areab
InternationalInternational (1)SInternational (2)%PRODUCTION PRICE AND COST DATA%
PRODUCTION PRICE AND COST (1)%KPRODUCTION PRICE AND COST (2)8PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESSDRILLING ACTIVITIES (1)"wDRILLING ACTIVITIES (2)&ؖSecurities Authorized for Issua&_Purchases of Equity Securities Income Statement6NO TITLEbStrategic Initiatives&Financial and Operating PerformOil and gas revenueszOil and gas revenues (1)bOil and gas revenues (2)#(Oil and gas production costs#fEOil and gas production c (1)&_Depletion depreciation and amor&xExploration abandonments geolog%gIncome tax benefits provisionsDiscontinued operationsQContractual obligationsc
NO TITLE (1)C8Proved reserve estimates$ONew Accounting Pronouncements 9pInterest rate sensitivity$Interest rate sensitivity (1)"Commodity hedge instrumentsNO TITLE (2)&Commodity hedge instruments (1)&8Commodity hedge instruments (2)[NO TITLE (3)&{Commodity hedge instruments (3)&iForeign currency operations and&CIndex to Consolidated Financial%
Balance Sheet Income Statement (1)$a Shareholders Equity
Cash Flows&u.
CONSOLIDATED STATEMENTS OF COMP&,N
Other property plant and equipmh
Revenue recognition
Stockbased compensation#
Foreign currency translation$
New accounting pronouncem (1)x
Falcon acquisitionsmFalcon acquisitions (1)Falcon acquisitions (2);Thunder Hawkfe
Longterm debtPrincipal maturitiesPrincipal maturities (1)WPrincipal maturities (2)
IncentivesRestricted stock awards"Restricted stock awards (1)"hKRestricted stock awards (2)"tRestricted stock awards (3)&9Postretirement Benefit ObligatiaLease agreements Transportation agreementsFair value hedges
Oil prices
Oil prices (1)73
Gas prices*_
Gas prices (1)w
Hedge ineffectiveness
Sales to major customers Ų
Derivative counterparties$_
Derivative counterparties (1)$
Hedge derivative divestitures$Hedge derivative divestit (1)$[;Hedge derivative divestit (2)$]Hedge derivative divestit (3)$wHedge derivative divestit (4)$bHedge derivative divestit (5)$Hedge derivative divestit (6)$Hedge derivative divestit (7)$Hedge derivative divestit (8)$eHedge derivative divestit (9)$XHedge derivative divesti (10)$Hedge derivative divesti (11)$Hedge derivative divesti (12)$Hedge derivative divesti (13)"Hurricanes Katrina and Ritam?Capitalized Costs&ZCosts Incurred for Oil and Gas #MReserve Quantity Information# Reserve Quantity Informa (1)&
FStandardized Measure of Discoun&xStandardized Measure of Dis (1)&Changes in Standardized Measure&Selected Quarterly Financial Re&dACCOUNTING FIRM ON INTERNAL CONr&Summary Compensation:Beneficial OwnershipPExhibitsVExhibits (1)\Exhibits (2)EExhibits (3)Exhibits (4)YExhibits (5)2
SIGNATURES
Exhibit Index9oExhibit Index (1)=Exhibit Index (2)Exhibit Index (3)HlExhibit Index (4)ݪExhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)#/13 No Guarantees of InterestfG22 Amendment"6bSUBSIDIARIES OF THE COMPANY&'CONSENT OF INDEPENDENT REGISTER&CHIEF EXECUTIVE OFFICER CERTIFI&[CHIEF EXECUTIVE OFFICER CER (1)&CHIEF FINANCIAL OFFICER CERTIFI&XCHIEF FINANCIAL OFFICER CER (1)
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!Pioneer Natural Resources CompaTABLE OF CONTENTSTABLE OF CONTENTS (1)!Definitions of Certain Terms an!Definitions of Certain Term (1)Recent strategic initiatives!Estimates of reserves and futur!Estimates of reserves and f (1)!Estimates of reserves and f (2)Commodity hedgesProved Reserves Revisions
Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
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02/17/200680UNITED STATES SECURITIES AND EXCHANGE COMMISSION ? / 'ANNUAL REPORT PURSUANT TO SECTION 13 OR
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!UNITED STATES SECURITIES AND EXTABLE OF CONTENTSTABLE OF CONTENTS (1)!Definitions of Certain Terms an!Definitions of Certain Term (1)Recent strategic initiatives!Estimates of reserves and futur!Estimates of reserves and f (1)!Estimates of reserves and f (2)Commodity hedgesProved Reserves Revisions
Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }6}$ }+
$PIONEER NATURAL RESOURCES CO10K
02/17/2006)!Pioneer Natural Resources Company Delaware
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*5205 N. O?Connor Blvd., Suite 900, Irving,
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Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }y
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$PIONEER NATURAL RESOURCES CO10K
02/17/2006TABLE OF CONTENTS Page
7/Cautionary Statement Concerning ForwardLooking~
Statements4
,Definitions of Certain Terms and Conventions
~
Used HereinPART IItem 1.Business~
General~
Available Information~
Evergreen Merger~
Mission and Strategies~
Business Activities~
%Operations by Geographic Area~
"Marketing of Production~
",$Competition, Markets and Regulations~
"Item 1A.Risk Factors~
*Item 1B.!Unresolved Staff Comments~
:Item 2.
Properties~
:Proved Reserves~
>!Description of Properties~
F( Selected Oil and Gas Information~
^Item 3.Legal Proceedings~
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*+Item 7.+,+$Management?s Discussion and Analysis+~
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..+.#Financial and Operating Performance.~
.///Current Events/~
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122#22006 Outlook and Activities2~
2333Results of Operations3~
344.4&Capital Commitments, Capital Resources4~
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:;;;Qualitative Disclosures;~
;<Item 8.<.<&Financial Statements and Supplementary<~
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!UNITED STATES SECURITIES AND EX!Pioneer Natural Resources CompaTABLE OF CONTENTS!Definitions of Certain Terms an!Definitions of Certain Term (1)Recent strategic initiatives!Estimates of reserves and futur!Estimates of reserves and f (1)!Estimates of reserves and f (2)Commodity hedgesProved Reserves Revisions
Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }y
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$PIONEER NATURAL RESOURCES CO10K
02/17/2006TABLE OF CONTENTS Page
)!Consolidated Financial Statements~
2*Notes to Consolidated Financial Statements~
+
#Unaudited Supplementary Information
~
Item 9.5Changes in and Disagreements With Accountants~
.&on Accounting and Financial DisclosureItem 9A.Controls and Procedures~
Item 9B.Other Information~
PART IIIItem 10./'Directors and Executive Officers of the~
RegistrantItem 11.Executive Compensation~
Item 12.0(Security Ownership of Certain Beneficial~
5Owners and Management and Related StockholderMattersItem 13.6.Certain Relationships and Related Transactions~
Item 14..&Principal Accounting Fees and Services~
PART IVItem 15./'Exhibits, Financial Statement Schedules~
Signatures~
Exhibit Index5 Amended and Restated Bylaws of the CompanyD*
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Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }$ }$}y<
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02/17/2006@8Definitions of Certain Terms and Conventions Used Herein ?0 (?Bbl? means a standard barrel containing
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42 United States gallons. ?+#?Bcf? means one billion cubic feet. ?2*?BOE? means a barrel of oil equivalent and
0
(is a standard convention used to express:2oil and gas volumes on a comparable oil equivalent%basis. Gas equivalents are determined0(under the relative energy content method7/by using the ratio of 6.0 Mcf of gas to 1.0 Bbl%of oil or natural gas liquid. ?"?BOEPD? means BOE per day. ?/'?Btu? means British thermal unit, which5is a measure of the amount of energy required0(to raise the temperature of one pound of$water one degree Fahrenheit. ?2*?field fuel? means gas consumed to operate/'field equipment (primarily compressors)3+prior to the gas being delivered to a salespoint. ?/'?GAAP? means accounting principles that3+are generally accepted in the United Statesof America. ?.&?LIBOR? means London Interbank OfferedD lbVJ>HWo.Rw,g !"#$%&'()*+,./0123456789:;<=> 1 )Rate, which is a market rate of interest.! !?'!?MBbl? means one thousand Bbls." "?'"?MBOE? means one thousand BOEs.# #?/#'?Mcf? means one thousand cubic feet and$$+$#is a measure of natural gas volume.% %?'%?MMBbl? means one million Bbls.& &?'&?MMBOE? means one million BOEs.' '?''?MMBtu? means one million Btus.( (?,($?MMcf? means one million cubic feet.) )?')?NGL? means natural gas liquid.* *?7*/?NYMEX? means the New York Mercantile Exchange.+ +?1+)?NYSE? means the New York Stock Exchange., ,?0,(?Pioneer? or the ?Company? means Pioneer7/Natural Resources Company and its subsidiaries.. .?7./?proved reserves? mean the estimated quantities//1/)of crude oil, natural gas and natural gas0000(liquids which geological and engineering1121*data demonstrate with reasonable certainty2242,to be recoverable in future years from known33.3&reservoirs under existing economic and4404(operating conditions, i.e. , prices and5525*costs as of the date the estimate is made.66/6'Prices include consideration of changes7777/in existing prices provided only by contractual8828*arrangements, but not on escalations based999upon future conditions.:;$<____________________________1=)Created by Morningstar Document Research.0>(http://documentresearch.morningstar.com/B
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!UNITED STATES SECURITIES AND EX!Pioneer Natural Resources CompaTABLE OF CONTENTSTABLE OF CONTENTS (1)!Definitions of Certain Terms anRecent strategic initiatives!Estimates of reserves and futur!Estimates of reserves and f (1)!Estimates of reserves and f (2)Commodity hedgesProved Reserves Revisions
Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }$ }$}I;
#
$PIONEER NATURAL RESOURCES CO10K
02/17/2006@8Definitions of Certain Terms and Conventions Used Herein ?0 (?SEC? means the United States Securities
and Exchange Commission. ?2*?Standardized Measure? means the aftertax6.present value of estimated future net revenues
4
,of proved reserves, determined in accordance2*with the rules and regulations of the SEC,91using prices and costs in effect at the specified,$date and a 10 percent discount rate. ?2*With respect to information on the working%interest in wells, drilling locations4,and acreage, ?net? wells, drilling locations/'and acres are determined by multiplying%?gross? wells, drilling locations and/'acres by the Company?s working interest3+in such wells, drilling locations or acres.3+Unless otherwise specified, wells, drilling/'locations and acreage statistics quoted.&herein represent gross wells, drillinglocations or acres. ?0(Unless otherwise indicated, all currency.&amounts are expressed in U.S. dollars.D lbVJ>BRf9P7 !"$ ____________________________1!)Created by Morningstar Document Research.0"(http://documentresearch.morningstar.com/
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!UNITED STATES SECURITIES AND EX!Pioneer Natural Resources CompaTABLE OF CONTENTSTABLE OF CONTENTS (1)!Definitions of Certain Terms an!Definitions of Certain Term (1)!Estimates of reserves and futur!Estimates of reserves and f (1)!Estimates of reserves and f (2)Commodity hedgesProved Reserves Revisions
Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }$ }$}:
'
$PIONEER NATURAL RESOURCES CO10K
02/17/2006%Recent strategic initiatives. ?. &A $1 billion share repurchase program,
7
/$650 million of which was immediately initiated/'and substantially completed during 20053+and $350 million of which is subject to the
0
(completion of the planned deepwater Gulf6.of Mexico and Argentina divestitures discussedbelow. ?0(A plan to divest the Company?s assets in80the Tierra del Fuego area in southern Argentina./'The plan was later broadened to include/'entertaining offers for a complete sale1)of all of the Company?s Argentine assets.1)During January 2006, Pioneer entered into4,an agreement to sell its assets in Argentinafor $675 million. ?0(A plan to divest the Company?s assets in6.the deepwater Gulf of Mexico. Bids to purchase/'the properties were received in January1)2006 and the Company is currently engaged5in negotiations for the sale of these assets.1)No assurance can be given that a sale canD l}qeY5L_5)=Xz( !"#$%& / 'be completed on terms acceptable to the!!!Company."#$$____________________________1%)Created by Morningstar Document Research.0&(http://documentresearch.morningstar.com/x}qI=PF0*8X>
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!UNITED STATES SECURITIES AND EX!Pioneer Natural Resources CompaTABLE OF CONTENTSTABLE OF CONTENTS (1)!Definitions of Certain Terms an!Definitions of Certain Term (1)Recent strategic initiatives!Estimates of reserves and f (1)!Estimates of reserves and f (2)Commodity hedgesProved Reserves Revisions
Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }$ }$}y<
$PIONEER NATURAL RESOURCES CO10K
02/17/20066.Estimates of reserves and future net revenues. ?4 ,historical production from the area compared
3
+with production from other producing areas, ?3+the quality and quantity of available data,
?( the interpretation of that data, ?:2the assumed effects of regulations by governmental agencies, ?%assumptions concerning future oil andgas prices and ?/'assumptions concerning future operating/'costs, severance, ad valorem and excise%taxes, development costs and workoverand remedial costs.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/ByXl`TH$x(tG;g\=PF0*8X>
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!UNITED STATES SECURITIES AND EX!Pioneer Natural Resources CompaTABLE OF CONTENTSTABLE OF CONTENTS (1)!Definitions of Certain Terms an!Definitions of Certain Term (1)Recent strategic initiatives!Estimates of reserves and futur!Estimates of reserves and f (2)Commodity hedgesProved Reserves Revisions
Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }$ }$}I;
$PIONEER NATURAL RESOURCES CO10K
02/17/20066.Estimates of reserves and future net revenues. ?9 1the quantities of oil and gas that are ultimately
recovered, ?4,the production and operating costs incurred,
?3+the amount and timing of future developmentexpenditures and ?( future oil and gas sales prices.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2l`TH$C7bVJ"=PF0*8X>
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!UNITED STATES SECURITIES AND EX!Pioneer Natural Resources CompaTABLE OF CONTENTSTABLE OF CONTENTS (1)!Definitions of Certain Terms an!Definitions of Certain Term (1)Recent strategic initiatives!Estimates of reserves and futur!Estimates of reserves and f (1)Commodity hedgesProved Reserves Revisions
Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }$ }$}$4
$PIONEER NATURAL RESOURCES CO10K
02/17/20066.Estimates of reserves and future net revenues. ?3 +the amount and timing of actual production,
?/'increases or decreases in the supply or!demand of oil and gas and
?.&changes in governmental regulations or taxation.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.l`TH$?3{=PF0*8X>
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!UNITED STATES SECURITIES AND EX!Pioneer Natural Resources CompaTABLE OF CONTENTSTABLE OF CONTENTS (1)!Definitions of Certain Terms an!Definitions of Certain Term (1)Recent strategic initiatives!Estimates of reserves and futur!Estimates of reserves and f (1)!Estimates of reserves and f (2)Proved Reserves Revisions
Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }$ }$}7
2
$PIONEER NATURAL RESOURCES CO10K
02/17/2006Commodity hedges. ?4 ,A reserve audit is an examination of reserve
5
information that is conducted for the purpose3+of expressing an opinion as to whether such.&reserve information, in the aggregate,
/
'is reasonable and has been presented in4,conformity with generally accepted petroleum.&engineering and evaluation principles. ?/'The estimation of proved reserves is an1)imprecise science due to the many unknown2*geologic and reservoir factors that cannot1)be estimated through sampling techniques./'Since reserves are only estimates, they6.cannot be audited for the purpose of verifying/'exactness. Instead, reserve information/'is audited for the purpose of reviewing5in sufficient detail the policies, procedures3+and methods used by a company in estimating1)its reserves so that the reserve auditors0(may express an opinion as to whether, in.&the aggregate, the reserve information0(furnished by a company is reasonable and6.has been estimated and presented in conformityD l}qeAPk!.D]u+ !"#$%&'()*+,./01 5 with generally accepted petroleum engineering!!"!and evaluation principles."# #?5#The methods and procedures used by a company,$$$%and the reserve information furnished%%4%,by a company, must be reviewed in sufficient&&0&(detail to permit the reserve auditor, in'''%its professional judgment, to express((2(*an opinion as to the reasonableness of the))4),reserve information. The auditing procedures**.*&require the reserve auditor to prepare++0+(its own estimates of reserve information,,#,for the audited properties..$/____________________________10)Created by Morningstar Document Research.01(http://documentresearch.morningstar.com/(Tqez.GrfZ2=PF0*8X>
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!UNITED STATES SECURITIES AND EX!Pioneer Natural Resources CompaTABLE OF CONTENTSTABLE OF CONTENTS (1)!Definitions of Certain Terms an!Definitions of Certain Term (1)Recent strategic initiatives!Estimates of reserves and futur!Estimates of reserves and f (1)!Estimates of reserves and f (2)Commodity hedges Revisions
Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }m}$ }
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$PIONEER NATURAL RESOURCES CO10K
02/17/2006Proved Reserves
Discoveries and
Production
Extensions
Acquisitions
Divestitures Revisions
Total
United States
~
~
Z
~
~
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~
:
~
Argentina~
zF~
v
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?~
~
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Z~
~
~
d~
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Africa~
~
6
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?~
~
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~
~
~
f~
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Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }m}$ }
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$PIONEER NATURAL RESOURCES CO10K
02/17/2006
Revisions.
2005 Average Daily
2*Proved Reserves as of December 31, 2005(a)Sales Volumes(b)Oil
Oil
? NGLsGas
Standardized? NGLsGas
(MBbls)(MMcf)
MBOE
Measure(Bbls)
(Mcf)BOE
(In thousands)
United States~
~
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~
^3
~
s~
F~
V~
Argentina~
~
~
0
~
fO1(c)~
v~
"]~
NCanada~
%~
J
~
y
~
~
&~
.9~
jAfrica~
j~
~
~
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~
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~
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!UNITED STATES SECURITIES AND EX!Pioneer Natural Resources CompaTABLE OF CONTENTSTABLE OF CONTENTS (1)!Definitions of Certain Terms an!Definitions of Certain Term (1)Recent strategic initiatives!Estimates of reserves and futur!Estimates of reserves and f (1)!Estimates of reserves and f (2)Commodity hedgesProved Reserves Revisions
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }U}$ }
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$PIONEER NATURAL RESOURCES CO10K
02/17/2006
Revisions.
Estimated
FutureFuture
Future
Future
Production
Cash
Production
Development
Future Net
Year Ended December 31,(MBOE)Inflows
Costs
Costs
Cash Flows($ in thousands)~
Z~
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 ~
~
(~
J2~
^~
~
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~
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~
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Z~
b~
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1
~
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~
~
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~
~
Ja~
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~
~
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Revisions (1)United States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }}$ }$}$ }U}
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$PIONEER NATURAL RESOURCES CO10K
02/17/2006
United States
Development Drilling
Beginning Wells
Wells
Successful
Unsuccessful
Ending Wells
in ProgressSpud
Wells
WellsIn Progress
Spraberry field~
6~
~
~
~
^
Hugoton field~
~
J
~
J
~
?West Panhandle field~
.~
~
~
?Raton field ?~
~
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Other~
~
~
~
~
Total United States~
~
v
~
f
~
~
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!UNITED STATES SECURITIES AND EX!Pioneer Natural Resources CompaTABLE OF CONTENTSTABLE OF CONTENTS (1)!Definitions of Certain Terms an!Definitions of Certain Term (1)Recent strategic initiatives!Estimates of reserves and futur!Estimates of reserves and f (1)!Estimates of reserves and f (2)Commodity hedgesProved Reserves Revisions
Revisions (1)
United StatesUnited States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }}$ }$}$ }$}
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$PIONEER NATURAL RESOURCES CO10K
02/17/2006
United States
& Exploration/Extension Drilling
Beginning Wells
Wells
Successful
Unsuccessful
Ending Wells
in ProgressSpud
Wells
WellsIn Progress
Raton field ?~
n
~
j
?~
Other~
&~
J
~
:
~
~
Total United States~
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~
~
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Revisions (1)
United StatesUnited States (1)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
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$PIONEER NATURAL RESOURCES CO10K
02/17/2006
United States
Property
~
Z
Acquisition Costs
Exploration
Development
Wells
Proved
Unproved
Costs
Costs
Total
Planned
(In thousands)United States:
Permian Basin~
r~
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~
~
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MidContinent~
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~
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J9
~
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~
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Z
~
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~
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(a)Onshore Gulf Coast~
^~
Z
~
~
~
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Alaska ?~
~
~
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Revisions (1)
United StatesUnited States (1)United States (2)
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }$ }$}:
D
$PIONEER NATURAL RESOURCES CO10K
02/17/2006Gulf of Mexico area. ?5 Falcon Corridor ? The Falcon Corridor project
/
'started with the Company?s Falcon field.&discovery during 2001, followed by the6.2003 Harrier, Raptor and Tomahawk discoveries.
7
/The Company owns a 100 percent working interest.&in the Falcon Corridor discoveries and0(surrounding areas. First production from/'Falcon occurred in March 2003, followed.&by production from Harrier, Raptor and3+Tomahawk in 2004. During 2005, the Harrier,7/Raptor and Tomahawk fields were fully depleted. ?1)Devils Tower Area ? The Dominionoperated7/Devils Tower development project was sanctioned2*in 2001 as a spar development project with4,the owners leasing a spar from a third party5for the life of the field. The spar has slots6.for eight dry tree wells and up to four subsea2*tieback risers and is capable of handling6.60 MBbls of oil per day and 60 MMcf of gas per/'day. Devils Tower production operations2*were initiated in 2004 prior to being shut0(in due to Hurricane Ivan. Production wasD
lznb>Wh88IW !"#$%&'()*+,./0123456789:;<=>? 0 (resumed in November 2004. In addition to!!5!the Devils Tower wells, three subsea tieback""4",wells in the Goldfinger and Triton satellite##1#)discoveries in the Devils Tower area were$$2$*jointly tied back to the Devils Tower spar%%0%(in November of 2005. The Company holds a&&4&,25 percent working interest in each of these''' projects.() )?1))Thunder Hawk ? The Murphy Exploration and**+*#Production Companyoperated Thunder++4+,Hawk discovery in 2004 encountered in excess,,6,.of 300 feet of net oil pay in two highquality%reservoir zones in Mississippi Canyon../.'Block 734. The third appraisal well was//1/)spudded during the fourth quarter of 20050010)and plans to complete the drilling of the111%previously spudded second well, which2212)was temporarily suspended due to weather.3303(These wells are expected to be completed4424*during the first half of 2006. The Company55/5'owns a 12.5 percent working interest in666this discovery.78 8?48,Clipper ? During the fourth quarter of 2005,9909(the Company announced a discovery on its::2:*Clipper prospect in the Green Canyon Block;;2;*299. The Company plans additional drilling<<3<+during 2006 to further delineate the field.==8=0The Company operates the block with a 55 percent>>>working interest.?Dlcx,Ul#>\3K@ABC@$A____________________________1B)Created by Morningstar Document Research.0C(http://documentresearch.morningstar.com/<=PF0*8X>
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!UNITED STATES SECURITIES AND EX!Pioneer Natural Resources CompaTABLE OF CONTENTSTABLE OF CONTENTS (1)!Definitions of Certain Terms an!Definitions of Certain Term (1)Recent strategic initiatives!Estimates of reserves and futur!Estimates of reserves and f (1)!Estimates of reserves and f (2)Commodity hedgesProved Reserves Revisions
Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico areaInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }}$ }}$ }$}
$ }$}$ }}$ }}$
$PIONEER NATURAL RESOURCES CO10K
02/17/2006
International
Development Drilling
Beginning Wells
Wells
Successful
Unsuccessful
Ending Wells
in ProgressSpud
Wells
WellsIn Progress
Argentina~
~
~
~
~
Canada~
~
n
~
n
?~
Total International~
&~
r
~
r
~
~
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!UNITED STATES SECURITIES AND EX!Pioneer Natural Resources CompaTABLE OF CONTENTSTABLE OF CONTENTS (1)!Definitions of Certain Terms an!Definitions of Certain Term (1)Recent strategic initiatives!Estimates of reserves and futur!Estimates of reserves and f (1)!Estimates of reserves and f (2)Commodity hedgesProved Reserves Revisions
Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }}$ }}$ }$}
$ }$}$ }$}$ }}$
$PIONEER NATURAL RESOURCES CO10K
02/17/2006
International
& Exploration/Extension Drilling
Beginning Wells
Wells
Successful
Unsuccessful
Ending Wells
in ProgressSpud
Wells
WellsIn Progress
Argentina~
"~
v
~
N
~
:~
Canada~
V~
~
^
~
~
Nigeria ?~
?
~
?South Africa~
?
~
?~
Tunisia~
~
~
~
~
Total International~
~
b
~
~
b~
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!UNITED STATES SECURITIES AND EX!Pioneer Natural Resources CompaTABLE OF CONTENTSTABLE OF CONTENTS (1)!Definitions of Certain Terms an!Definitions of Certain Term (1)Recent strategic initiatives!Estimates of reserves and futur!Estimates of reserves and f (1)!Estimates of reserves and f (2)Commodity hedgesProved Reserves Revisions
Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }}$ }
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$PIONEER NATURAL RESOURCES CO10K
02/17/2006
International
Property
~
Z
Acquisition Costs
Exploration
Development
Wells
Proved
Unproved
Costs
Costs
Total
Planned
(In thousands) Argentina
$?~
~
:@
~
j<~
?Canada~
(~
r
~
~
*~
"~
Africa:
Equatorial Guinea ? ?
~
5
?~
5~
Nigeria ?~
~
Z
?~
v~
South Africa ?~
~
~
~
~
Tunisia ? ?
~
n
~
~,~
K~
&
Other ? ?
~
:l
~
~
p ?
Total International~
(~
] ~
~
~
S~
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Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }0}$ }
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4
$PIONEER NATURAL RESOURCES CO10K
02/17/2006'PRODUCTION, PRICE AND COST DATA
$ Year Ended December 31, 2005
United
States Argentina
Canada
Africa
Total
Production information:
Annual sales volumes:
Oil (MBbls)~
~
,
~
6
~
j9~
rNGLs (MBbls)~
>c~
j
~
?~
p
Gas (MMcf)~
~
~
?~
Total (MBOE)~
~
~
&
~
j9~
N$Average daily sales volumes:
Oil (Bbls)~
^~
z
~
J
~
F~
ްNGLs (Bbls)~
~
~
?~
F4 Gas (Mcf)~
V~
"]
~
.9
?~
(Total (BOE)~
~
N
~
j
~
F~
N
0(Average prices, including hedge results:
Oil (per Bbl) ףp=
?@ q=
ףpB@
(\J@
~
\(B@NGLs (per Bbl) Q?@ (\@@
QF@
$? \(@@
Gas (per Mcf) RQ@ )\(?
Gz@
$? p=
ף@Revenue (per BOE) GzB@ @
ףp=
G@
~
)\HA@0(Average prices, excluding hedge results:
Oil (per Bbl) fffffK@ q=
ףpB@
(\J@
~
Q^I@Dl{ocW[I%E9&{Wp !"#$%&'()*+,./0123 NGLs (per Bbl) Q?@ (\@@
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$? \(@@ !
Gas (per Mcf)!! (\@!!! )\(?!! !
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!$?!!! (\@!"Revenue (per BOE)"" p=
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!UNITED STATES SECURITIES AND EX!Pioneer Natural Resources CompaTABLE OF CONTENTSTABLE OF CONTENTS (1)!Definitions of Certain Terms an!Definitions of Certain Term (1)Recent strategic initiatives!Estimates of reserves and futur!Estimates of reserves and f (1)!Estimates of reserves and f (2)Commodity hedgesProved Reserves Revisions
Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }0}$ }
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4
$PIONEER NATURAL RESOURCES CO10K
02/17/2006'PRODUCTION, PRICE AND COST DATA
$ Year Ended December 31, 2004
United
States Argentina
Canada
Africa
Total
Production information:
Annual sales volumes:
Oil (MBbls)~
F~
0
~
j
~
B~
BNGLs (MBbls)~
p~
~
n
?~
{
Gas (MMcf)~
~
~
r
?~
Total (MBOE)~
~
~
>
~
B~
$Average daily sales volumes:
Oil (Bbls)~
~
Z
~
"
~
r~
ھNGLs (Bbls)~
z3~
*
~
?~
FR Gas (Mcf)~
~
l
~
?~
(Total (BOE)~
~
R
~
rJ
~
r~
"
0(Average prices, including hedge results:
Oil (per Bbl) q=
ף=@ (\<@
(\/H@
(\C@ ?@NGLs (per Bbl) 9@ )\=@
p=
@@
$?
ףp=9@
Gas (per Mcf) (\@ Q?
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Revisions (1)
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InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
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Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
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SIGNATURES
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$PIONEER NATURAL RESOURCES CO10K
02/17/2006'PRODUCTION, PRICE AND COST DATA
$ Year Ended December 31, 2003
United
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Africa
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Production information:
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Revisions (1)
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InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)LEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
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SIGNATURES
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$PIONEER NATURAL RESOURCES CO10K
02/17/2006PRODUCTIVE WELLS(a)
Gross Productive Wells
Net Productive Wells
Oil
Gas
Total
Oil
Gas
Total
As of December 31, 2005:
United States
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~
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Revisions (1)
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InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
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Developed Acreage
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Revisions (1)
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NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
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Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
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NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!UNITED STATES SECURITIES AND EX!Pioneer Natural Resources CompaTABLE OF CONTENTSTABLE OF CONTENTS (1)!Definitions of Certain Terms an!Definitions of Certain Term (1)Recent strategic initiatives!Estimates of reserves and futur!Estimates of reserves and f (1)!Estimates of reserves and f (2)Commodity hedgesProved Reserves Revisions
Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
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Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
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Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
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Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for IssuaIncome Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
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02/17/2006NFPurchases of Equity Securities by the Issuer and Affiliated Purchasers
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Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
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Oil pricesOil prices (1)
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!UNITED STATES SECURITIES AND EX!Pioneer Natural Resources CompaTABLE OF CONTENTSTABLE OF CONTENTS (1)!Definitions of Certain Terms an!Definitions of Certain Term (1)Recent strategic initiatives!Estimates of reserves and futur!Estimates of reserves and f (1)!Estimates of reserves and f (2)Commodity hedgesProved Reserves Revisions
Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income StatementStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }}$ }@
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$PIONEER NATURAL RESOURCES CO10K
02/17/2006NO TITLE (a) 7 /Certain amounts for periods prior to January 1,
5
2005 have been reclassified (i) in accordance.&with Statement of Financial Accounting/'Standards (?SFAS?) No. 144, ?Accounting
4
,for the Impairment or Disposal of LongLived3+Assets? (?SFAS 144?) to reflect the results7/of operations of certain oil and gas properties/'disposed of during 2005 as discontinued.&operations, rather than as a component1)of continuing operations. See Notes B and7/V of Notes to Consolidated Financial Statements1)included in ?Item 8. Financial Statements.&and Supplementary Data? for additional/'discussion and (ii) to conform with the"current year presentation.(b)2*Interest and other income in 2005 and 2004/'include $73.6 million and $7.6 million,/'respectively, of income associated with/'various business interruption insurance3+claims. See Note U of Notes to Consolidated1)Financial Statements included in ?Item 8..&Financial Statements and SupplementaryD lznJYo:Pj: !"#$%&'()*+,./0123456789:;<=>? Data?.!"(c)"2"*During 2005 and 2004, the Company recorded##3#+$.6 million and $39.7 million of impairment$$/$'charges for its Gabonese Olowi field as%%1%)development of the discovery was canceled&&1&)due to significant increases in projected''4',field development costs. See Note S of Notes((,($to Consolidated Financial Statements))1))included in ?Item 8. Financial Statements** *and Supplementary Data?.+,(d),3,+Other expense for 2005, 2003, 2002 and 20013+includes losses on the early extinguishment../.'of debt of $26.0 million, $1.5 million,//5/$22.3 million and $3.8 million, respectively.0030+Other expense for 2005, 2004, 2003 and 2002111%includes $54.8 million, $4.3 million,2242,$2.8 million and $1.7 million, respectively,33.3&of derivative ineffectiveness charges.44/4'Other expense for 2001 includes noncash555%marktomarket charges for changes in66.6&the fair values of nonhedge financial7707(instruments of $11.5 million. See Note O8858of Notes to Consolidated Financial Statements9919)included in ?Item 8. Financial Statements:: :and Supplementary Data?.;<(e)<=<5Income tax benefit for 2003 includes a $197.7 million==3=+adjustment to reduce United States deferred>>2>*tax asset valuation allowances. See Note P??5?of Notes to Consolidated Financial StatementsD1ly*E`$w,C^.=@ABCDEFGHIJKLMNO@@1@)included in ?Item 8. Financial StatementsAA Aand Supplementary Data?.BC(f)C1C)Cumulative effect of change in accountingDD2D*principle for 2003 relates to the adoptionEE8E0of SFAS No. 143 ?Accounting for Asset RetirementFF/F'Obligations? (?SFAS 143?) on January 1,GG8G02003. See Notes B and L of Notes to ConsolidatedHH1H)Financial Statements included in ?Item 8.II.I&Financial Statements and SupplementaryJJJData?.KL$M____________________________1N)Created by Morningstar Document Research.0O(http://documentresearch.morningstar.com/$,wky.C
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!UNITED STATES SECURITIES AND EX!Pioneer Natural Resources CompaTABLE OF CONTENTSTABLE OF CONTENTS (1)!Definitions of Certain Terms an!Definitions of Certain Term (1)Recent strategic initiatives!Estimates of reserves and futur!Estimates of reserves and f (1)!Estimates of reserves and f (2)Commodity hedgesProved Reserves Revisions
Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLE!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }$ }$}:
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$PIONEER NATURAL RESOURCES CO10K
02/17/2006Strategic Initiatives ?1 )Approval of a $1 billion share repurchase
6
.program, $650 million of which was immediately%initiated and substantially completed/'during 2005. The remaining $350 million
3
+is subject to the completion of the planned.&deepwater Gulf of Mexico and Argentine$divestments discussed below. ?0(A plan to divest the Company?s assets in80the Tierra del Fuego area in southern Argentina./'The plan was later broadened to include/'entertaining offers for a complete sale1)of all of the Company?s Argentine assets.1)During January 2006, Pioneer entered into4,an agreement to sell its assets in Argentinafor $675 million. ?0(A plan to divest the Company?s assets in6.the deepwater Gulf of Mexico. Bids to purchase/'the properties were received in January1)2006 and the Company is currently engaged5in negotiations for the sale of these assets.1)No assurance can be given that a sale can/'be completed on terms acceptable to theCompany.D lyma=T p0D_;R !"#$ !$"____________________________1#)Created by Morningstar Document Research.0$(http://documentresearch.morningstar.com/
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!UNITED STATES SECURITIES AND EX!Pioneer Natural Resources CompaTABLE OF CONTENTSTABLE OF CONTENTS (1)!Definitions of Certain Terms an!Definitions of Certain Term (1)Recent strategic initiatives!Estimates of reserves and futur!Estimates of reserves and f (1)!Estimates of reserves and f (2)Commodity hedgesProved Reserves Revisions
Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic InitiativesOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }$ }$}:
;
$PIONEER NATURAL RESOURCES CO10K
02/17/2006+#Financial and Operating Performance ?2 *Average daily sales volumes on a BOE basis
1
)decreased one percent in 2005 as comparedto 2004. ?1)Oil and gas revenues increased 25 percent
0
(in 2005 as compared to 2004 primarily as2*a result of increases in worldwide oil and0(Argentine and North American gas prices. ?.&Interest and other income increased by2*$83.0 million in 2005 as compared to 2004,2*primarily due to $73.6 million of business%interruption insurance claims related1)to (a) the Hurricane Ivan disruptions and$(b) the Fain gas plant fire. ?0(Other expense increased by $79.1 million2*in 2005 as compared to 2004, primarily due7/to increases of $50.5 million and $26.0 million1)in losses associated with commodity hedge1)ineffectiveness and debt extinguishments,
respectively. ?0(Income from continuing operations before4,income taxes and cumulative effect of change7/in accounting principle increased by 54 percent5to $715.5 million in 2005 from $463.1 millionD
lwk_S/g3Lv);p !"#$%&'()*+,./0123456789: in 2004.! !?.!&Net income increased to $534.6 million""7"/($3.80 per diluted share) for 2005, as compared##3#+to $312.9 million ($2.46 per diluted share)$$$ for 2004.% %?7%/The Company recognized income from discontinued&&.&&operations of $110.8 million ($.78 per''/''diluted share) during 2005 attributable((3(+to the sale of certain Gulf of Mexico shelf)) )and Canadian properties.* *?5*Outstanding debt decreased by $327.5 million,++1+)or 14 percent, as of December 31, 2005 as,,7,/compared to debt outstanding as of December 31,~
!R. .?1.)Net cash provided by operating activities//8/0increased by 23 percent to a record $1.3 billion0040,in 2005 as compared to $1.1 billion in 2004.1 1?51The Company declared $.22 per share of common222dividends during 2005.3 3?13)The Company repurchased 20 million shares44840of the Company?s common stock for $949.3 million555during 2005.67$8____________________________19)Created by Morningstar Document Research.0:(http://documentresearch.morningstar.com/:6fFT.
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!UNITED STATES SECURITIES AND EX!Pioneer Natural Resources CompaTABLE OF CONTENTSTABLE OF CONTENTS (1)!Definitions of Certain Terms an!Definitions of Certain Term (1)Recent strategic initiatives!Estimates of reserves and futur!Estimates of reserves and f (1)!Estimates of reserves and f (2)Commodity hedgesProved Reserves Revisions
Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }m}$ }}$ }}
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$PIONEER NATURAL RESOURCES CO10K
02/17/2006Oil and gas revenues.
Year Ended December 31,
~
V
~
R
~
N
Oil (Bbls):
United States
~
^
~
~
_
Argentina~
z~
Z
~
Canada~
J~
"
~
Africa~
F~
r
~
Worldwide~
ް~
ھ
~
NGLs (Bbls):
United States~
~
z3
~
J= Argentina~
~
*
~
Canada~
~
~
f
Worldwide~
F4~
FR
~
FY
Gas (Mcf):
United States~
V~
~
҂ Argentina~
"]~
l
~
¾Canada~
.9~
~
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!
"
#
$
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Worldwide ~
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United States##~
####~
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~
#r#$ Argentina$$~
$N$$$~
$R$$ $
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$z$%Canada%%~
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!UNITED STATES SECURITIES AND EX!Pioneer Natural Resources CompaTABLE OF CONTENTSTABLE OF CONTENTS (1)!Definitions of Certain Terms an!Definitions of Certain Term (1)Recent strategic initiatives!Estimates of reserves and futur!Estimates of reserves and f (1)!Estimates of reserves and f (2)Commodity hedgesProved Reserves Revisions
Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }m}$ }
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$PIONEER NATURAL RESOURCES CO10K
02/17/2006Oil and gas revenues.
Year Ended December 31,
~
V
~
R
~
N
Oil (Bbls):
United States
~
~
F
~
Canada~
r~
~
2
Worldwide~
n~
J
~
NGLs (Bbls):
United States~
~
~
Canada~
~
~
Worldwide~
~
~
F
Gas (Mcf):
United States~
@~
V
~
NCanada~
fe~
~
Worldwide~
~
T
~
n7
Total (BOE):
United States~
~

~
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#
$
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!UNITED STATES SECURITIES AND EX!Pioneer Natural Resources CompaTABLE OF CONTENTSTABLE OF CONTENTS (1)!Definitions of Certain Terms an!Definitions of Certain Term (1)Recent strategic initiatives!Estimates of reserves and futur!Estimates of reserves and f (1)!Estimates of reserves and f (2)Commodity hedgesProved Reserves Revisions
Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }}$
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$PIONEER NATURAL RESOURCES CO10K
02/17/2006Oil and gas revenues.
Year Ended December 31,
~
V
~
R
~
N
Average reported prices:
Oil (per Bbl):
United States ףp=
?@ q=
ף=@
ףp=
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!UNITED STATES SECURITIES AND EX!Pioneer Natural Resources CompaTABLE OF CONTENTSTABLE OF CONTENTS (1)!Definitions of Certain Terms an!Definitions of Certain Term (1)Recent strategic initiatives!Estimates of reserves and futur!Estimates of reserves and f (1)!Estimates of reserves and f (2)Commodity hedgesProved Reserves Revisions
Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }}$ }U}$ }U}
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02/17/2006%Oil and gas production costs.
Year Ended December 31,
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!UNITED STATES SECURITIES AND EX!Pioneer Natural Resources CompaTABLE OF CONTENTSTABLE OF CONTENTS (1)!Definitions of Certain Terms an!Definitions of Certain Term (1)Recent strategic initiatives!Estimates of reserves and futur!Estimates of reserves and f (1)!Estimates of reserves and f (2)Commodity hedgesProved Reserves Revisions
Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costs!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }m}$
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02/17/2006%Oil and gas production costs.
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!UNITED STATES SECURITIES AND EX!Pioneer Natural Resources CompaTABLE OF CONTENTSTABLE OF CONTENTS (1)!Definitions of Certain Terms an!Definitions of Certain Term (1)Recent strategic initiatives!Estimates of reserves and futur!Estimates of reserves and f (1)!Estimates of reserves and f (2)Commodity hedgesProved Reserves Revisions
Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
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02/17/200691Depletion, depreciation and amortization expense.
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!UNITED STATES SECURITIES AND EX!Pioneer Natural Resources CompaTABLE OF CONTENTSTABLE OF CONTENTS (1)!Definitions of Certain Terms an!Definitions of Certain Term (1)Recent strategic initiatives!Estimates of reserves and futur!Estimates of reserves and f (1)!Estimates of reserves and f (2)Commodity hedgesProved Reserves Revisions
Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }'}$ }}$ }
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$PIONEER NATURAL RESOURCES CO10K
02/17/2006D<Exploration, abandonments, geological and geophysical costs.
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!UNITED STATES SECURITIES AND EX!Pioneer Natural Resources CompaTABLE OF CONTENTSTABLE OF CONTENTS (1)!Definitions of Certain Terms an!Definitions of Certain Term (1)Recent strategic initiatives!Estimates of reserves and futur!Estimates of reserves and f (1)!Estimates of reserves and f (2)Commodity hedgesProved Reserves Revisions
Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geologDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }$ }$}I;
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$PIONEER NATURAL RESOURCES CO10K
02/17/2006)!Income tax benefits (provisions). ?8 0The second quarter reversal of the $26.9 million
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'to exit Gabon. The Company reversed the7/tax benefit as a result of signing an agreement91in June 2005 to sell its shares in the subsidiary1)that owns the interest in the Olowi block3+which made it more likely than not that the0(Company would not realize the originallyrecorded tax benefit, ?6.The Company recognized a gain of approximately3+$47.5 million in the fourth quarter of 20056.relating to the sale of shares in a subsidiary1)that owns the interest in the Olowi Block0(located in Gabon. There is no associated0(income tax effect either in Gabon or the/'United States associated with the gain,.&which partially offsets the effects ofthe previous item, ?2*Recording $6.8 million of taxes associatedD lymaU1FWf3Hg1 !"#$%&'()*+,./0 1 )with the repatriation of foreign earnings!!.!&pursuant to the American Jobs Creation"""Act of 2004 (?AJCA?),#$ $?/$'Expenses for unsuccessful well costs in%%4%,foreign locations where the Company receives&&(& no expected income tax benefits,'( (?*("Foreign tax rate differentials and)* *?/*'Foreign statutes that differ from those+++in the United States.,$.____________________________1/)Created by Morningstar Document Research.00(http://documentresearch.morningstar.com/&@i0$D8`TH =PF0*8X>
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!UNITED STATES SECURITIES AND EX!Pioneer Natural Resources CompaTABLE OF CONTENTSTABLE OF CONTENTS (1)!Definitions of Certain Terms an!Definitions of Certain Term (1)Recent strategic initiatives!Estimates of reserves and futur!Estimates of reserves and f (1)!Estimates of reserves and f (2)Commodity hedgesProved Reserves Revisions
Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }$ }$}:
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$PIONEER NATURAL RESOURCES CO10K
02/17/2006 Discontinued operations. ?. &A United States deferred tax provision
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'of $17.1 million being triggered by the2*gain recorded on the Canadian divestiture.7/The Canadian gain caused the recharacterization
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Revisions (1)
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InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
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Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
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Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
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SIGNATURES
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Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsProved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
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SIGNATURES
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Revisions (1)
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NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)New Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
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Oil pricesOil prices (1)
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SIGNATURES
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Revisions (1)
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InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!UNITED STATES SECURITIES AND EX!Pioneer Natural Resources CompaTABLE OF CONTENTSTABLE OF CONTENTS (1)!Definitions of Certain Terms an!Definitions of Certain Term (1)Recent strategic initiatives!Estimates of reserves and futur!Estimates of reserves and f (1)!Estimates of reserves and f (2)Commodity hedgesProved Reserves Revisions
Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)NO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }0.}$ }}$ }}
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$PIONEER NATURAL RESOURCES CO10K
02/17/2006$Commodity hedge instruments.
Liability
Fair Value at
Year Ending December 31,
December 31,
~
Z~
^ ~
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(In thousands)Oil Hedge Derivatives:
.&Average daily notional Bbl volumes(a):
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$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/BX~rfZ5`^Rp~;^RF=PF0*8X>
@
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!UNITED STATES SECURITIES AND EX!Pioneer Natural Resources CompaTABLE OF CONTENTSTABLE OF CONTENTS (1)!Definitions of Certain Terms an!Definitions of Certain Term (1)Recent strategic initiatives!Estimates of reserves and futur!Estimates of reserves and f (1)!Estimates of reserves and f (2)Commodity hedgesProved Reserves Revisions
Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instruments!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }}$ }:
+
$PIONEER NATURAL RESOURCES CO10K
02/17/2006NO TITLE (a) 5 See Note J of Notes to Consolidated Financial
1
)Statements included in ?Item 8. Financial.&Statements and Supplementary Data? for1)hedge volumes and weighted average prices
by calendar quarter.(b)4,Subsequent to December 31, 2005, the Company6.reduced its oil hedge positions by terminating4,the following oil swap and collar contracts:/'(i) 2,000 BPD of March through December1)2006 swap contracts with a fixed price of2*$26.29 per Bbl; 1,000 BPD of calendar 20073+swap contracts with a fixed price of $31.004,per Bbl; and 2,000 BPD of calendar 2008 swap2*contracts with a fixed price of $30.00 per80Bbl and (ii) 2,000 BPD of March through December2*2006 collar contracts having a floor price7/of $50.00 per Bbl and a ceiling price of $96.255per Bbl and 2,500 BPD of calendar 2007 collar0(contracts having a floor price of $50.001)and ceiling prices of $91.18 per Bbl. The.&aggregate fair value of the terminated1)oil swap and collar contracts representedD lznJ_{)ATdt' !"#$%&'()* 1 )a liability of $63.5 million on the dates!!!of termination."#(c)#0#(The average forward NYMEX oil prices are$$1$)based on February 15, 2006 market quotes.%%%&'$(____________________________1))Created by Morningstar Document Research.0*(http://documentresearch.morningstar.com/t%t=PF0*8X>
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!UNITED STATES SECURITIES AND EX!Pioneer Natural Resources CompaTABLE OF CONTENTSTABLE OF CONTENTS (1)!Definitions of Certain Terms an!Definitions of Certain Term (1)Recent strategic initiatives!Estimates of reserves and futur!Estimates of reserves and f (1)!Estimates of reserves and f (2)Commodity hedgesProved Reserves Revisions
Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }0.}$ }}$ }}
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%%%%%%%%%%%%%%%%%%$PIONEER NATURAL RESOURCES CO10K
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!UNITED STATES SECURITIES AND EX!Pioneer Natural Resources CompaTABLE OF CONTENTSTABLE OF CONTENTS (1)!Definitions of Certain Terms an!Definitions of Certain Term (1)Recent strategic initiatives!Estimates of reserves and futur!Estimates of reserves and f (1)!Estimates of reserves and f (2)Commodity hedgesProved Reserves Revisions
Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }0}$ }}$ }}
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$PIONEER NATURAL RESOURCES CO10K
02/17/2006$Commodity hedge instruments.
Liability
Fair Value at
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!UNITED STATES SECURITIES AND EX!Pioneer Natural Resources CompaTABLE OF CONTENTSTABLE OF CONTENTS (1)!Definitions of Certain Terms an!Definitions of Certain Term (1)Recent strategic initiatives!Estimates of reserves and futur!Estimates of reserves and f (1)!Estimates of reserves and f (2)Commodity hedgesProved Reserves Revisions
Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }}$ }:
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$PIONEER NATURAL RESOURCES CO10K
02/17/2006NO TITLE (a) 2 *To minimize basis risk, the Company enters
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contracts.(b)5See Note J of Notes to Consolidated Financial1)Statements included in ?Item 8. Financial.&Statements and Supplementary Data? for1)hedge volumes and weighted average pricesby calendar quarter.(c)4,Subsequent to December 31, 2005, the Company6.reduced its gas hedge positions by terminating0(the following gas collar contracts which6.were included in the table above: 65,000 MMBtu2*per day of April through December 2006 gasD~ lznJ`}.In$@ !"#$%&'()*+,. / 'sales at a weighted average floor price!!1!)per MMBtu of $6.74 and a weighted average""8"0ceiling price per MMBtu of $14.01. The aggregate##/#'fair value of the terminated gas collar$$6$.contracts represented an asset of $4.1 million%%$%on the dates of termination.&'(d)'0'(The average forward NYMEX gas prices are((1()based on February 15, 2006 market quotes.)))*+$,____________________________1)Created by Morningstar Document Research.0.(http://documentresearch.morningstar.com/"jhw7+k_S+=PF0*8X>
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Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }0}$ }
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!UNITED STATES SECURITIES AND EX!Pioneer Natural Resources CompaTABLE OF CONTENTSTABLE OF CONTENTS (1)!Definitions of Certain Terms an!Definitions of Certain Term (1)Recent strategic initiatives!Estimates of reserves and futur!Estimates of reserves and f (1)!Estimates of reserves and f (2)Commodity hedgesProved Reserves Revisions
Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }$ }$}:
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$PIONEER NATURAL RESOURCES CO10K
02/17/20064,Foreign currency, operations and price risk. ?1 )local political and economic developments
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!UNITED STATES SECURITIES AND EX!Pioneer Natural Resources CompaTABLE OF CONTENTSTABLE OF CONTENTS (1)!Definitions of Certain Terms an!Definitions of Certain Term (1)Recent strategic initiatives!Estimates of reserves and futur!Estimates of reserves and f (1)!Estimates of reserves and f (2)Commodity hedgesProved Reserves Revisions
Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }7}$ }$}$
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$PIONEER NATURAL RESOURCES CO10K
02/17/20062*Index to Consolidated Financial Statements Page
,$Consolidated Financial Statements of*"Pioneer Natural Resources Company:/
'Report of Independent Registered Public
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!UNITED STATES SECURITIES AND EX!Pioneer Natural Resources CompaTABLE OF CONTENTSTABLE OF CONTENTS (1)!Definitions of Certain Terms an!Definitions of Certain Term (1)Recent strategic initiatives!Estimates of reserves and futur!Estimates of reserves and f (1)!Estimates of reserves and f (2)Commodity hedgesProved Reserves Revisions
Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated FinancialIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
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Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
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Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
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Revisions (1)
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InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
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Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
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Oil pricesOil prices (1)
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NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
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IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
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SIGNATURES
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Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
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Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
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Oil pricesOil prices (1)
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Revisions (1)
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InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
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Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
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$PIONEER NATURAL RESOURCES CO10K
02/17/2006Fair value hedges.
Year Ending December 31,
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!UNITED STATES SECURITIES AND EX!Pioneer Natural Resources CompaTABLE OF CONTENTSTABLE OF CONTENTS (1)!Definitions of Certain Terms an!Definitions of Certain Term (1)Recent strategic initiatives!Estimates of reserves and futur!Estimates of reserves and f (1)!Estimates of reserves and f (2)Commodity hedgesProved Reserves Revisions
Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedgesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }a/}$ }}$ }}
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$PIONEER NATURAL RESOURCES CO10K
02/17/2006Oil prices.
First Second
Third
Fourth Outstanding
QuarterQuarter
Quarter
QuarterAverage/
'Average daily oil production hedged(a):
2006 ? Swap Contracts
Volume (Bbl)~
B~
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~
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~
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Price per Bbl q=
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Volume (Bbl)~
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Price per Bbl
$43.82$73.43
$44.17$74.63
$44.47$75.70
$44.47$75.70
$44.25$74.922007 ? Swap Contracts
Volume (Bbl)~
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~
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$50.00$90.43
$50.00$90.43
$50.00$90.43
$50.00$90.43
$50.00$90.432008 ? Swap Contracts
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!UNITED STATES SECURITIES AND EX!Pioneer Natural Resources CompaTABLE OF CONTENTSTABLE OF CONTENTS (1)!Definitions of Certain Terms an!Definitions of Certain Term (1)Recent strategic initiatives!Estimates of reserves and futur!Estimates of reserves and f (1)!Estimates of reserves and f (2)Commodity hedgesProved Reserves Revisions
Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil prices
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }1}$
$PIONEER NATURAL RESOURCES CO10K
02/17/2006Oil prices.
Year Ended December 31,
~
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!UNITED STATES SECURITIES AND EX!Pioneer Natural Resources CompaTABLE OF CONTENTSTABLE OF CONTENTS (1)!Definitions of Certain Terms an!Definitions of Certain Term (1)Recent strategic initiatives!Estimates of reserves and futur!Estimates of reserves and f (1)!Estimates of reserves and f (2)Commodity hedgesProved Reserves Revisions
Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)Gas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }a/}$ }}$ }}
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$PIONEER NATURAL RESOURCES CO10K
02/17/2006Gas prices.
First Second
Third
Fourth Outstanding
QuarterQuarter
Quarter
QuarterAverage/
'Average daily gas production hedged(a):
2006 ? Swap Contracts
Volume (MMBtu)~
~
~
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~
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~
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6Index price per MMBtu$6.72$13.17$6.58$13.90
$6.58$13.90
$6.58$14.11$6.62$13.762007 ? Swap Contracts
Volume (MMBtu)~
>~
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~
~
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~
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~
b
~
b
~
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Index price per MMBtu$6.57$11.84$6.57$11.84
$6.57$11.84
$6.57$11.84$6.57$11.842008 ? Swap Contracts
Volume (MMBtu)~
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~
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!UNITED STATES SECURITIES AND EX!Pioneer Natural Resources CompaTABLE OF CONTENTSTABLE OF CONTENTS (1)!Definitions of Certain Terms an!Definitions of Certain Term (1)Recent strategic initiatives!Estimates of reserves and futur!Estimates of reserves and f (1)!Estimates of reserves and f (2)Commodity hedgesProved Reserves Revisions
Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesHedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }1}$
$PIONEER NATURAL RESOURCES CO10K
02/17/2006Gas prices.
Year Ended December 31,
~
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Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Sales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }0.}$ }}$
$PIONEER NATURAL RESOURCES CO10K
02/17/2006Hedge ineffectiveness.
First Second
Third
Fourth
QuarterQuarter
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Total(In thousands)
&2006 net deferred hedge losses~
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Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
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02/17/2006!Sales to major customers.
Year Ended December 31,
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Revisions (1)
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Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!UNITED STATES SECURITIES AND EX!Pioneer Natural Resources CompaTABLE OF CONTENTSTABLE OF CONTENTS (1)!Definitions of Certain Terms an!Definitions of Certain Term (1)Recent strategic initiatives!Estimates of reserves and futur!Estimates of reserves and f (1)!Estimates of reserves and f (2)Commodity hedgesProved Reserves Revisions
Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
ExhibitsExhibits (1)Exhibits (2)Exhibits (3)Exhibits (4)Exhibits (5)
SIGNATURES
Exhibit IndexExhibit Index (1)Exhibit Index (2)Exhibit Index (3)Exhibit Index (4)Exhibit Index (5)NO TITLE (4)NO TITLE (5)NO TITLE (6)13 No Guarantees of Interest22 AmendmentSUBSIDIARIES OF THE COMPANY!CONSENT OF INDEPENDENT REGISTER!CHIEF EXECUTIVE OFFICER CERTIFI!CHIEF EXECUTIVE OFFICER CER (1)!CHIEF FINANCIAL OFFICER CERTIFI!CHIEF FINANCIAL OFFICER CER (1)U }U5}$ }}$ }
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02/17/2006&Hedge derivative divestitures. December 31,
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Revisions (1)
United StatesUnited States (1)United States (2)Gulf of Mexico area
InternationalInternational (1)International (2) PRODUCTION PRICE AND COST DATA PRODUCTION PRICE AND COST (1) PRODUCTION PRICE AND COST (2)PRODUCTIVE WELLSaLEASEHOLD ACREAGELEASEHOLD ACREAGE (1)DRILLING ACTIVITIESDRILLING ACTIVITIES (1)DRILLING ACTIVITIES (2)!Securities Authorized for Issua!Purchases of Equity Securities Income Statement
NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
Balance SheetIncome Statement (1)Shareholders Equity
Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
Longterm debtPrincipal maturitiesPrincipal maturities (1)Principal maturities (2)
IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
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NO TITLEStrategic Initiatives!Financial and Operating PerformOil and gas revenuesOil and gas revenues (1)Oil and gas revenues (2)Oil and gas production costsOil and gas production c (1)!Depletion depreciation and amor!Exploration abandonments geolog Income tax benefits provisionsDiscontinued operationsContractual obligationsNO TITLE (1)Proved reserve estimatesNew Accounting PronouncementsInterest rate sensitivityInterest rate sensitivity (1)Commodity hedge instrumentsNO TITLE (2)!Commodity hedge instruments (1)!Commodity hedge instruments (2)NO TITLE (3)!Commodity hedge instruments (3)!Foreign currency operations and!Index to Consolidated Financial
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Cash Flows!CONSOLIDATED STATEMENTS OF COMP!Other property plant and equipmRevenue recognitionStockbased compensationForeign currency translationNew accounting pronouncem (1)Falcon acquisitionsFalcon acquisitions (1)Falcon acquisitions (2)Thunder Hawk
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IncentivesRestricted stock awardsRestricted stock awards (1)Restricted stock awards (2)Restricted stock awards (3)!Postretirement Benefit ObligatiLease agreementsTransportation agreementsFair value hedges
Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (8)Hedge derivative divestit (9)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
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Oil pricesOil prices (1)
Gas pricesGas prices (1)Hedge ineffectivenessSales to major customersDerivative counterpartiesDerivative counterparties (1)Hedge derivative divestituresHedge derivative divestit (1)Hedge derivative divestit (2)Hedge derivative divestit (3)Hedge derivative divestit (4)Hedge derivative divestit (5)Hedge derivative divestit (6)Hedge derivative divestit (7)Hedge derivative divestit (8)Hedge derivative divesti (10)Hedge derivative divesti (11)Hedge derivative divesti (12)Hedge derivative divesti (13)Hurricanes Katrina and RitaCapitalized Costs!Costs Incurred for Oil and Gas Reserve Quantity InformationReserve Quantity Informa (1)!Standardized Measure of Discoun!Standardized Measure of Dis (1)!Changes in Standardized Measure!Selected Quarterly Financial Re!ACCOUNTING FIRM ON INTERNAL CONSummary CompensationBeneficial Ownership
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dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??!UNITED STATES SECURITIES AND EX!Pioneer Natural Resources CompaTABLE OF CONTENTSTABLE OF CONTENTS (1)!Definitions of Certain Terms an!Definitions of Certain Term (1)Recent strategic initiatives!Estimates of reserves and futur!Estimates of reserves and f (1)!Estimates of reserves and f (2)Commodity hedgesProved Reserves Revisions
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02/17/2006&Hedge derivative divestitures.
January VPPs
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