Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer” or “the Company”) today announced that severe winter weather in West Texas has significantly impacted production and drilling operations in the Spraberry/Wolfcamp area. At the beginning of January, the Spraberry/Wolfcamp area experienced heavy icing and freezing temperatures that has resulted in extensive power outages, facility freeze-ups, trucking curtailments and limited access to production and drilling facilities. An extensive recovery period is expected, and it is likely to be several weeks before the full impact of this event can be determined.
The Company expects to provide an update on the impacts of this severe weather event on production and costs for the first quarter of 2015 as part of its fourth quarter 2014 earnings release on February 10, 2015. Spraberry/Wolfcamp production during the fourth quarter of 2014 was not impacted.
Pioneer 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.
Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995.Forward-looking statements and the business prospects 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 10-K and 10-Q Reports and other filings with the Securities and Exchange Commission. In addition, Pioneer may be subject to currently unforeseen risks that may have a materially adverse impact on it.Pioneer undertakes no duty to publicly update these statements except as required by law.
Contact
Pioneer Natural Resources Investors: Frank Hopkins, 972-969-4065 or Michael Bandy, 972-969-4513 or Steven Cobb, 972-969-5679 or Media and Public Affairs: Tadd Owens, 972-969-5760 or Suzanne Hicks, 972-969-4020
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