Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer” or “the
Company”) today announced that it has priced a public offering of its
common stock at $128.00 per share. The size of the offering has been
upsized from 8 million shares to 9 million shares. Pioneer will receive
total gross proceeds (before underwriters’ discounts and commissions and
estimated expenses) of approximately $1.152 billion. Citigroup, Goldman,
Sachs & Co., J.P. Morgan and RBC Capital Markets are joint book-running
managers for the offering. The Company has also granted the
underwriters an option for 30 days to purchase up to an additional 1.35
million shares of the Company’s common stock. The offering is expected
to close on or about February 21, 2013.
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, copies of which may be obtained by sending
a request to:
Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island
Ave., Edgewood, NY 11717; by email at email@example.com;
or Toll-Free: (800) 831-9146, or
Goldman, Sachs & Co., Attention: Prospectus Department, 200 West
Street, New York, NY 10282; by email at firstname.lastname@example.org;
or (866) 471-2526, or
J.P. Morgan, c/o Broadridge Financial Solutions, 1155 Long Island
Ave., Edgewood, NY 11717; or Toll-Free: (866) 803-9204, or
RBC Capital Markets, Attention: Equity Syndicate, Three World
Financial Center, 200 Vesey Street, 8th Floor, New York, NY
10281-8098; or (877) 822-4089.
These documents will be filed with the SEC and made available at http://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 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
Except for historical information contained herein, the statements in
this news release related to Pioneer's public offering of common stock,
the anticipated closing date and the expected use of proceeds 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.