Pioneer Natural Resources Announces Closing of Sale of South Africa Business to PetroSA for $52 Million

Pioneer Natural Resources Company (NYSE:PXD) ('Pioneer? or 'the
Company?) today announced that the Company closed its previously
announced sale of its South Africa business to The Petroleum Oil and Gas
Corporation of South Africa (SOC) Ltd. (PetroSA) for net consideration
of $52 million.

The transaction was effective January 1, 2012. Since that date, Pioneer
has received cash of $37.5 million from ongoing operations. The
remaining cash proceeds from the sale of $14.5 million were received at
closing. Pioneer does not expect any cash tax obligation on this
remaining amount. The Company expects to recognize a pre-tax gain in
discontinued operations from the sale of $29 million to $35 million when
it reports earnings for the third quarter of 2012.

Pioneer Natural Resources Company is a large independent oil and gas
exploration and production company, headquartered in Dallas, Texas, with
operations in the United States. For more information, visit Pioneer′s
website at www.pxd.com.

Pioneer Natural Resources

Investors

Frank
Hopkins, 972-969-4065

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Eric Pregler, 972-969-5756

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and Public Affairs

Susan Spratlen, 972-969-4018

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Suzanne
Hicks, 972-969-4020