Pioneer Establishes $300M Share Repurchase Program

The board of Pioneer Natural Resources Co. has approved a new share repurchase program authorizing the purchase of up to $300 million of the company's common stock.

During 2006, Pioneer repurchased 8.8 million shares of common stock at an average price of $39.16 per share essentially completing the $1 billion share repurchase program announced in September 2005. Including prior share repurchase authorizations, Pioneer has repurchased approximately 30 million shares in just over two years, or approximately 21% of shares outstanding.

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

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