Pioneer Announces Results for Debt Exchange Offers

Pioneer Natural Resources Company announced results for its previously announced offers to exchange any or all of three series of its outstanding senior notes for a like principal amount of Pioneer's new 5.875% Senior Notes due 2016 and cash. The Exchange Offers also included a solicitation of consents to proposed amendments to the supplemental indentures governing the 9-5/8% Senior Notes due April 1, 2010 and the 7.50% Senior Notes due 2012.

As of 12:00 midnight, New York City time, on Friday, July 9, 2004 (the "Expiration Date"), Pioneer had received tenders for the Old Notes in the following amounts, all of which will be accepted for exchange by Pioneer:

                                                         Percentage of
                                             Principal   Outstanding  
                                Cusip         Amount     Principal 
      Series                    Number       Tendered      Amount
8 1/4% Senior Notes due 2007  701018 AB 9   $117,925,000     78.6%
9-5/8% Senior Notes due         
 April 1, 2010                723787 AC 1   $275,125,000     81.1%
7.50% Senior Notes due 2012   723787 AD 9   $133,825,000     89.2%

As a result, Pioneer has received sufficient tenders of Old Notes to satisfy the conditions to each of the Exchange Offers and to execute the proposed amendments. Settlement for the exchange price will be on Thursday, July 15, 2004 (the "Settlement Date") for holders of Old Notes tendered before the Expiration Date. Pioneer will execute the proposed amendments prior to settlement.

The Bank of New York was the exchange agent for the Exchange Offers and will be the trustee under the New Notes. D.F. King & Co., Inc. was the information agent for the Exchange Offers. Deutsche Bank Securities Inc. was Pioneer's lead financial advisor for the Exchange Offers, and Citigroup Global Markets Inc. and Credit Suisse First Boston LLC were co-financial advisors.

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