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Pioneer Natural Resources Reports Third Quarter 2013 Financial And Operating Results

“Although third quarter production was slightly below our guidance range as a result of delays in bringing new wells on production in the Eagle Ford Shale related to increased pad drilling, we expect fourth quarter production to grow significantly as these delayed wells and a substantial number of new pad wells from the Eagle Ford Shale and the Spraberry/Wolfcamp areas are placed on production. We are forecasting 2013 production growth of 14% compared to 2012.”

“Based on the strong production results from our initial Wolfcamp B and Wolfcamp A interval wells across our northern Midland Basin acreage, we believe that EURs for these wells will exceed 800 MBOE. We also believe that EURs for our initial Wolfcamp D interval wells will equal or exceed average industry Wolfcamp D results to date. As a result of this strong performance, we expect to increase our rig count in the northern Spraberry/Wolfcamp Shale from 5 rigs currently to 10+ rigs in 2014.”

Mark-To-Market Derivative Losses and Unusual Items Included in Third Quarter 2013 Earnings

Pioneer’s third quarter earnings included unrealized mark-to-market losses on derivatives of $85 million after tax, or $0.60 per diluted share.

Third quarter earnings also included unusual items that netted a loss of $0.01 per diluted share. Unusual items included Alaska Petroleum Production Tax credit recoveries that were offset by charges associated with the abandonment of unproved dry gas leaseholds in the Eagle Ford Shale area, merger-related costs related to the Pioneer Southwest transaction and adjustments to the previously announced net gain on the southern Wolfcamp joint venture transaction.

Operations Update and Drilling Program

Pioneer is the largest acreage holder in the Spraberry Trend Area field, where the Company believes it has greater than 4.6 billion barrels oil equivalent (BBOE) of estimated resource potential from horizontal drilling based on its extensive geologic data and its successful drilling results to date. Of this amount, 3.0 BBOE is in the northern Spraberry/Wolfcamp portion of Pioneer’s acreage and 1.6 BBOE is in the southern Wolfcamp joint venture area.

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