Pioneer Prices $600M in Senior Notes

Pioneer Natural Resources Company has priced an offering of $600 million of 3.95 percent Senior Notes that will mature July 15, 2022 pursuant to a shelf registration statement that was previously filed with the Securities and Exchange Commission. The price to the public for the 2022 Notes is 99.44 percent of the principal amount.

Net proceeds of approximately $593 million from the offering will reduce indebtedness under Pioneer's credit facility and pay certain fees and expenses related to the offering. Capacity under the facility may be used for general corporate purposes, including to fund the purchase or redemption of Pioneer's 2.875 percent Convertible Senior Notes due 2038 on or after January 15, 2013. It is the Company's current intent, based on market conditions, to exercise its right to call the Convertible Notes on or about January 15, 2013.

Interest on the 2022 Notes will be payable on January 15 and July 15 of each year. The first interest payment will be due on January 15, 2013, and will consist of interest from closing to that date. The offering is expected to close on June 26, 2012, subject to customary closing conditions.


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