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Pioneer Natural Resources Company Announces Upsizing And Pricing Of Common Stock Offering

Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer” or “the Company”) today announced that it has priced a public offering of its common stock at $128.00 per share. The size of the offering has been upsized from 8 million shares to 9 million shares. Pioneer will receive total gross proceeds (before underwriters’ discounts and commissions and estimated expenses) of approximately $1.152 billion. Citigroup, Goldman, Sachs & Co., J.P. Morgan and RBC Capital Markets are joint book-running managers for the offering . The Company has also granted the underwriters an option for 30 days to purchase up to an additional 1.35 million shares of the Company’s common stock. The offering is expected to close on or about February 21, 2013.

Pioneer expects to use the net proceeds from this offering for general corporate purposes, including the acceleration of horizontal appraisal drilling in the northern portion of the Company’s highly prospective Wolfcamp/Spraberry acreage position 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 filed with the Securities and Exchange Commission (the "SEC"). 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)    

Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Ave., Edgewood, NY 11717; by email at batprospectusdept@citi.com; or Toll-Free: (800) 831-9146, or

(ii)

Goldman, Sachs & Co., Attention: Prospectus Department, 200 West Street, New York, NY 10282; by email at prospectus-ny@ny.email.gs.com; or (866) 471-2526, or

(iii)

J.P. Morgan, c/o Broadridge Financial Solutions, 1155 Long Island Ave., Edgewood, NY 11717; or Toll-Free: (866) 803-9204, or

(iv)

RBC Capital Markets, Attention: Equity Syndicate, Three World Financial Center, 200 Vesey Street, 8th Floor, New York, NY 10281-8098; or (877) 822-4089.

These documents will be filed with the SEC and made available at http://www.sec.gov.

This news release is for informational purposes only and 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.

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