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Pioneer Natural Resources Company Announces Pricing of Common Stock Offering

DALLAS, Nov 08, 2011 (BUSINESS WIRE) -- Pioneer Natural Resources Company (NYSE:PXD) ("Pioneer" or "the Company") today announced that it has priced a public offering of 5,500,000 shares of its common stock for total gross proceeds (before underwriters' compensation and estimated expenses) of approximately $489.5 million. BofA Merrill Lynch and J.P. Morgan are acting as joint book-running managers and have offered the shares at prevailing market prices or otherwise from time to time through the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise. The Company has granted the underwriters an option for 30 days to purchase up to an additional 825,000 shares of the Company's common stock to cover over-allotments, if any. The offering is expected to close on or about November 14, 2011.

The Company expects to use the net proceeds from this offering for general corporate purposes, including expansion of its drilling program in the horizontal Wolfcamp Shale play in the Spraberry oil field located in West Texas. Pending such use, a portion of the net proceeds will be used to repay the outstanding borrowings under the Company's credit facility with the remaining proceeds to be invested in money-market funds or U.S. treasuries.

The offering is being made pursuant to an effective shelf registration statement. The offering may be made only by means of a prospectus supplement and the accompanying prospectus, copies of which may be obtained by sending a request to: (i) BofA Merrill Lynch at 4 World Financial Center, New York, NY 10080, Attn: Prospectus Department or email dg.prospectus_requests@baml.com or (ii) J.P. Morgan, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by calling toll-free at 1-866-803-9204.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations primarily in the United States.

Except for historical information contained herein, the statements in this news release related to Pioneer's public offering of common stock and the anticipated closing date of the offering are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements of Pioneer are subject to a number of risks and uncertainties that may cause Pioneer's actual results in future periods to differ materially from the forward-looking statements. These and other risks are described in Pioneer's 10-K and 10-Q Reports and other filings with the Securities and Exchange Commission. In addition, Pioneer may be subject to currently unforeseen risks that may have a materially adverse impact on it. Pioneer undertakes no duty to publicly update these statements except as required by law.

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SOURCE: Pioneer Natural Resources Company
 

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