Pioneer Natural Resources Company Announces Upsizing and Pricing of Common Stock Offering

Thu Feb 14, 2013 6:35pm EST

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DALLAS--(Business Wire)--
Pioneer Natural Resources Company (NYSE:PXD) ("Pioneer" or "the Company") today
announced that it has priced a public offering of its common stock at $128.00
per share. The size of the offering has been upsized from 8 million shares to 9
million shares. Pioneer will receive total gross proceeds (before underwriters`
discounts and commissions and estimated expenses) of approximately $1.152
billion. Citigroup, Goldman, Sachs & Co., J.P. Morgan and RBC Capital Markets
are joint book-running managers for the offering. The Company has also granted
the underwriters an option for 30 days to purchase up to an additional 1.35
million shares of the Company`s common stock. The offering is expected to close
on or about February 21, 2013. 

Pioneer expects to use the net proceeds from this offering for general corporate
purposes, including the acceleration of horizontal appraisal drilling in the
northern portion of the Company`s highly prospective Wolfcamp/Spraberry acreage
position in West Texas. Pending such use, a portion of the net proceeds will be
used to repay the outstanding borrowings under the Company`s credit facility,
with the remaining proceeds to be invested in money-market funds or U.S.
treasuries. 

The offering is being made pursuant to an effective shelf registration statement
filed with the Securities and Exchange Commission (the "SEC"). 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 Ave., Edgewood, NY 11717; by email at batprospectusdept@citi.com; or Toll-Free: (800) 831-9146, or  
   (ii)       Goldman, Sachs & Co., Attention: Prospectus Department, 200 West Street, New York, NY 10282; by email at prospectus-ny@ny.email.gs.com; or (866) 471-2526, or       
   (iii)      J.P. Morgan, c/o Broadridge Financial Solutions, 1155 Long Island Ave., Edgewood, NY 11717; or Toll-Free: (866) 803-9204, or                                        
   (iv)       RBC Capital Markets, Attention: Equity Syndicate, Three World Financial Center, 200 Vesey Street, 8th Floor, New York, NY 10281-8098; or (877) 822-4089.            


These documents will be filed with the SEC and made available at
http://www.sec.gov. 

This news release is for informational purposes only and 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 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, the anticipated
closing date and the expected use of proceeds are forward-looking statements
that are made in reliance on 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 annual, quarterly
and other reports filed with the Securities and Exchange Commission. In
addition, Pioneer may be subject to currently unforeseen risks that may have a
materially adverse effect on it. Pioneer undertakes no duty to publicly update
these statements except as required by law.

Pioneer Natural Resources
Investors
Frank Hopkins, 972-969-4065
or
Eric Pregler, 972-969-5756
or
Josh Jones, 972-969-5822
or
Media and Public Affairs
Susan Spratlen, 972-969-4018
or
Suzanne Hicks, 972-969-4020 



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