Pioneer Amends Stockholder Rights Plan

Pioneer Natural Resources Company (NYSE: PXD) announced that its Board of Directors has authorized an amendment to its previously-adopted stockholder rights plan. As a result of the amendment, each right that is attached to each share of Pioneer common stock will become exercisable only if a person or group acquires 20% or more of Pioneer's outstanding voting stock or announces a tender or exchange offer that would result in ownership of 20% or more of Pioneer's voting stock. The ownership threshold before this amendment in each case was 15%. The amendment will also make certain technical modifications to the plan to delete provisions that are no longer relevant.

Pioneer's Board adopted the amendment to its rights plan following requests received by the Company from time to time to increase the ownership threshold. The plan was originally adopted in 2001 and includes safeguards against partial or two-tiered tender offers, squeeze-out mergers and other abusive takeover tactics that limit the ability of all stockholders to realize the long-term value of their investment in Pioneer. The rights expire on July 31, 2011.

Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, with operations in the United States, Canada and Africa.


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