Pioneer Natural Resources Announces Amendment to Sale Agreement for Alaska Subsidiary

DALLAS--()--Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer” or “the Company”) today announced that the Company has entered into an amendment to its purchase and sale agreement with Caelus Energy Alaska LLC, under which it is selling 100% of the equity in Pioneer’s subsidiary, Pioneer Natural Resources Alaska, Inc. As a result of the amendment, at closing the Company will receive cash in the amount of $300 million, subject to normal closing adjustments, plus other consideration. The transaction, as amended, will have an effective date of January 1, 2014, and it is expected to close during the second quarter. The sale continues to be subject to certain conditions, including governmental approvals. As a result of the amendment, the Company expects to recognize an additional noncash loss of approximately $30 million, which will be recorded in the first quarter of 2014.

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 Pioneer’s website at www.pxd.com.

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, 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 Pioneer's ability to implement its business plans as scheduled. 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.

Contacts

Pioneer Natural Resources
Investors
Frank Hopkins, 972-969-4065
or
Josh Jones, 972-969-5822
or
Mike Bandy, 972-969-4513
or
Media and Public Affairs
Susan Spratlen, 972-969-4018
or
Suzanne Hicks, 972-969-4020

Release Summary

Pioneer Natural Resources Announces Amendment to Sale Agreement for Alaska Subsidiary

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Contacts

Pioneer Natural Resources
Investors
Frank Hopkins, 972-969-4065
or
Josh Jones, 972-969-5822
or
Mike Bandy, 972-969-4513
or
Media and Public Affairs
Susan Spratlen, 972-969-4018
or
Suzanne Hicks, 972-969-4020