Pioneer Repurchases 3.74 Million Shares During 1Q05

Pioneer Natural Resources Company (NYSE:PXD) repurchased approximately 3.74 million shares of its common stock outstanding at a total cost of approximately $152 million during the quarter ended March 31, 2005. The shares were repurchased under a $300 million program approved by the board of directors in January.

"We were aggressive in buying shares during the first quarter as the stock price allowed us to buy our own proved reserves at well below the industry average finding and acquisition cost and below our assessment of Pioneer's net asset value. We see this as a very low-risk strategy that offers a great return on investment and a direct means to return capital to shareholders," stated Scott Sheffield, Pioneer's Chairman and CEO.