Pioneer Closes Acquisitions of Two Onshore U.S. Core Assets

Pioneer Natural Resources has closed the previously announced purchase of assets in two of its U.S. onshore core areas, the Permian Basin and South Texas, for a combined purchase price of $177 million. The Permian Basin assets were purchased from an affiliate of Occidental Petroleum Corporation, which recently acquired these assets in a larger transaction from an affiliate of Exxon Mobil Corporation. The South Texas assets were acquired from an undisclosed seller.

These purchases add approximately 70 million barrels of substantially undeveloped proved oil equivalent reserves with daily production of approximately 1,800 barrels of oil equivalent (BOE) and an estimated 800 undrilled locations. The Company expects to accelerate the pace of drilling in each of these low-risk core areas beginning later this year and anticipates that production from the acquired assets could exceed 10,000 BOE per day upon full development of the proved reserves.