Pioneer Natural Resources Company Announces Public Offering of Common Stock

DALLAS--(BUSINESS WIRE)--

Pioneer Natural Resources Company PXD (“Pioneer” or the “Company”) today announced that it has agreed to sell 5,750,000 shares of its common stock in an underwritten public offering. Citigroup and BofA Merrill Lynch are acting as joint book-running managers and may offer 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 offering is expected to close on or about November 10, 2014.

The Company expects to use the net proceeds from this offering for general corporate purposes, including continuing to develop its industry-leading position in the Spraberry/Wolfcamp play in West Texas and construction of front-end loaded infrastructure, which is expected to provide significant future cost savings and support for Pioneer's long-term growth plans in the Spraberry/Wolfcamp play.

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) Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717; or Toll-Free at (800) 831-9146, or (ii) BofA Merrill Lynch, Attn: Prospectus Department, 222 Broadway, New York, NY 10038; by e-mail at dg.prospectus_requests@baml.com.

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 Natural Resources Company is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations 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.