Market Overview

Pioneer Natural Resources Company Announces Sale of West Panhandle Assets for $201 Million


Pioneer Natural Resources Company (NYSE:PXD) ("Pioneer" or "the
Company") today announced that it has signed a purchase and sale
agreement with an undisclosed buyer to sell all of its assets in the
West Panhandle field in Texas for $201 million, before normal closing
adjustments. The transaction is expected to close during the third
quarter, subject to the satisfaction of customary closing conditions and
receipt of specified regulatory approvals.

Timothy L. Dove, president and CEO, stated, "Throughout Pioneer's
history, the West Panhandle field has been a core asset that has added
significant value for our shareholders and consistently generated excess
cash flow for reinvestment. I want to personally recognize and thank the
West Panhandle field employees for their dedication and all of their
efforts in making this field an important part of Pioneer's success."

The assets being sold represent all of Pioneer's interests in the field,
including all of its producing wells and the associated infrastructure.
The sale of Pioneer's West Panhandle assets is expected to result in a
pretax gain of $155 million to $170 million, which is expected to be
recorded during the third quarter of 2018. Net production from West
Panhandle field averaged approximately 6,000 barrels of oil equivalent
per day during the first quarter of 2018.

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

Except for historical information contained herein, the statements in
this news release 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 and the business
prospects 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 risks and
uncertainties include, among other things, volatility of commodity
prices, government regulation or action, the ability to obtain approvals
from third parties and negotiate agreements with third parties on
mutually acceptable terms, completion of planned divestitures and
litigation, These and other risks are described in the Company's Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings
with the Securities and Exchange Commission. In addition, the Company
may be subject to currently unforeseen risks that may have a materially
adverse impact on it. Accordingly, no assurances can be given that the
actual events and results will not be materially different than the
anticipated results described in the forward-looking statements.
undertakes no duty to publicly update these statements except as
required by law.

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