UPDATE: Pioneer Natural Resources Prices 5.75M Shares for Expected Proceeds of ~$1B

Pioneer Natural Resources Company

(“Pioneer” or the “Company”) today announced that it has priced a public offering of 5,750,000 shares of its common stock for proceeds of approximately $1 billion. Citigroup and BofA Merrill Lynch are acting as joint book-running managers and have offered the shares from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market or through negotiated transactions at prevailing market prices or at negotiated prices. 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.