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Pioneer Natural Resources Co Announces Closing Of Common Stock Offering

Thursday, 21 Feb 2013 09:25am EST 

Pioneer Natural Resources Co announced the closing of the previously announced public offering of 10,350,000 shares of the Company's common stock (which includes 1.35 million shares resulting from the underwriter's exercise of their option to purchase additional shares) at a price to the public of $128.00 per share. Pioneer received total gross proceeds (before underwriter's discounts and commissions and estimated expenses) of $1.32 billion from the entire transaction. 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. Citigroup, Goldman, Sachs & Co., J.P. Morgan and RBC Capital Markets acted as joint book-running managers for the offering.