Printer Friendly

Pioneer Natural Resources Divests of $105 Million in Properties.

DALLAS--(BUSINESS WIRE)--Nov. 14, 1997--Pioneer Natural Resources Company (NYSE:PXD) announces the signing of two purchase and sale agreements to divest of approximately $105 million in non-strategic properties. These divestitures involve approximately 800 properties, represent less than 3% of Pioneer's total reserve base and about 1% of Pioneer's daily production. These all-cash deals are expected to close mid-December 1997.

"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)
COPYRIGHT 1997 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1997, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Nov 14, 1997
Previous Article:GMP Announces Third Quarter Earnings.
Next Article:UNIFI Communications, Inc. Reports Revenues And Other Operating Results For The 1997 Third Quarter.

Related Articles
Tarragon and Paramount Announce Property Exchange and Purchase.
Northrock Resources Ltd. Announces 1996 Operating and Financial Results.
MESA and Parker & Parsley Petroleum to merge.
Northrock Resources Ltd. announces first quarter results.
Pioneer Announces East Texas Acquisition; Gains Critical Mass in Heart of Cotton Valley Reef Play.
Pioneer Reports Third Quarter and Nine Month Results.
Pioneer Announces Tender Offer by Its Subsidiary for 10 5/8% Senior Subordinated Notes Due 2006 and 11 5/8% Senior Subordinated Discount Notes Due...
Pioneer Reports Results and Announces Fourth Quarter Non-Cash Charge of $863 Million.
Pioneer Reports a First Quarter Loss of $0.27 Per Share Which Includes a Previously Announced Reorganization Charge of $0.11 Per Share.

Terms of use | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters