Pioneer Increases Share Repurchase Program

The board of Pioneer Natural Resources Co. has approved a $450 million increase in its existing share repurchase program, which now authorizes the purchase of up to $750 million of its common stock.

Since acquiring Evergreen Resources in 2004, Pioneer has repurchased approximately 31 million shares which represents approximately 21% of the shares then outstanding, including 650,000 shares repurchased during the first quarter of 2007 at an average price of approximately $38.00 per share. The increased share repurchase program provides for further reduction in outstanding shares.

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