Pioneer Natural Resources Divests of $105 Million in Properties.
"As an aggressive growth company, we are continually upgrading our portfolio of properties and divesting marginal and non-core assets so we can focus on opportunities with the highest potential," Pioneer's CEO, Scott Sheffield said. "In 1998 we will offer a similarly sized divestiture package and again redeploy capital into higher growth properties," Sheffield added.
Proceeds from these divestitures are anticipated by year end and will be used to retire bank debt. Pioneer's 1998 production estimates already reflect the effects of this divestiture.
Pioneer was formed in August of this year through the merger of Parker & Parsley Petroleum Company and MESA Inc. With the expected year-end acquisition of Chauvco Resources, Pioneer will be the second largest independent oil and gas exploration and production company in the U.S., with approximate reserves of 4.6 trillion cubic feet of gas equivalents.
This announcement includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, without limitation, estimates with respect to production levels, cash flows, capital expenditures and revenue potential. Among other things, such forward-looking statements assume limited changes in oil and gas prices and the accuracy of engineering studies on reserves. Although Pioneer believes that the expectations and assumptions reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. Such forward-looking statements and assumptions are qualified as may be provided in Pioneer's annual, quarterly, and current reports, and registration statements filed with the Securities and Exchange Commission.
CONTACT: Pioneer Natural Resources
Susan Spratlen, 972/444-9001 (Investor Relations)
Marsha Sheffield, 972-444-9001 (Media Relations)
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|Date:||Nov 14, 1997|
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