Pioneer Natural Resources Company Announces Closing of Common Stock Offering
Pioneer Natural Resources Company (NYSE:PXD) ('Pioneer? or 'the
Company?) today announced the closing of the previously announced public
offering of 10,350,000 shares of the Company′s common stock (which
includes 1.35 million shares resulting from the underwriters′ exercise
of their option to purchase additional shares) at a price to the public
of $128.00 per share. Pioneer received total gross proceeds (before
underwriters′ discounts and commissions and estimated expenses) of $1.32
billion from the entire transaction.
Pioneer expects to use the net proceeds from this offering for general
corporate purposes, including the acceleration of horizontal appraisal
drilling in the northern portion of the Company′s highly prospective
Wolfcamp/Spraberry acreage position in West Texas. Pending such use, a
portion of the net proceeds will be used to repay the outstanding
borrowings under the Company′s credit facility, with the remaining
proceeds to be invested in money-market funds or U.S. treasuries.
Citigroup, Goldman, Sachs & Co., J.P. Morgan and RBC Capital Markets
acted as joint book-running managers for the offering. A copy of the
final prospectus supplement and prospectus relating to the offering may
be obtained from the following addresses:
? | ? | (i) | ? | ? |
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(ii) |
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(iii) | J.P. Morgan, c/o Broadridge Financial Solutions, 1155 Long Island Ave., Edgewood, NY 11717; or Toll-Free: (866) 803-9204, or | ||||
(iv) | RBC Capital Markets, Attention: Equity Syndicate, Three World Financial Center, 200 Vesey Street, 8th Floor, New York, NY 10281-8098; or (877) 822-4089. |
You may also obtain these documents at no cost under EDGAR on the SEC
web site at www.sec.gov.
This news release is for informational purposes only and shall not
constitute an offer to sell or the solicitation of an offer to buy, nor
shall there be any sale of these securities, in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities
laws of any such state or jurisdiction. The offering may be made only by
means of a prospectus and related prospectus supplement meeting the
requirements of Section 10 of the Securities Act of 1933, as amended.
Pioneer is a large independent oil and gas exploration and production
company, headquartered in Dallas, Texas, with operations in the United
States.
Except for historical information contained herein, the statements in
this news release related to Pioneer's expected use of proceeds from the
public stock offering are forward-looking statements that are made in
reliance on the Safe Harbor Provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements of Pioneer are
subject to a number of risks and uncertainties that may cause Pioneer's
actual results in future periods to differ materially from the
forward-looking statements. These and other risks are described in
Pioneer's annual, quarterly and other reports filed with the Securities
and Exchange Commission. In addition, Pioneer may be subject to
currently unforeseen risks that may have a materially adverse effect on
it. Pioneer undertakes no duty to publicly update these statements
except as required by law.
Pioneer Natural Resources
Investors
Frank
Hopkins, 972-969-4065
or
Eric Pregler, 972-969-5756
or
Josh
Jones, 972-969-5822
or
Media and Public Affairs
Susan
Spratlen, 972-969-4018
or
Suzanne Hicks, 972-969-4020
