Pioneer Natural Resources Announces Public Offering of Common Stock

Pioneer Natural Resources (NYSE:PXD) ('Pioneer? or 'the Company?)
today announced that it is commencing a public offering of 8 million
shares of its common stock. Citigroup, Goldman, Sachs & Co., J.P. Morgan
and RBC Capital Markets are acting as the joint book-running managers on
the offering. The Company also expects to grant the underwriters an
option for 30 days to purchase up to an additional 1.2 million shares of
the Company′s common stock.

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.

The offering is being made pursuant to an effective shelf registration
statement filed with the Securities and Exchange Commission (the 'SEC').
The offering may be made only by means of a prospectus supplement and
the accompanying prospectus. A copy of the preliminary prospectus
supplement and the accompanying prospectus may be obtained by sending a
request to:

These documents will be filed with the SEC and are available at

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 offer, solicitation or sale of these
securities would be unlawful prior to registration or qualification
under the securities laws of any such state or jurisdiction.

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 public offering of common stock
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.