Pioneer Natural Resources Company (“Pioneer”)
(NYSE:PXD) today announced that Pioneer Southwest Energy Partners
L.P. (“Pioneer Southwest Energy”)
has commenced an initial public offering of 8,250,000 common units
representing limited partner interests pursuant to a registration
statement on Form S-1 previously filed with the Securities and Exchange
Commission. The underwriters will be granted a 30-day option to purchase
up to an additional 1,237,500 common units to cover over-allotments. The
Pioneer Southwest Energy common units will be listed on the New York
Stock Exchange and traded under the symbol "PSE."
The common units offered to the public will represent approximately
28.7% of the limited partner interest of Pioneer Southwest Energy, or
approximately 31.6% if the underwriters exercise their over-allotment
option in full. Pioneer will own a 0.1% general partner interest and a
71.3% limited partner interest in Pioneer Southwest Energy. Pioneer´s
limited partner interest would be reduced to 68.4% if the underwriters
exercise their over-allotment option in full.
Pioneer Southwest Energy is a Delaware limited partnership formed by
Pioneer to own producing oil and gas properties in the Spraberry field
in the Permian Basin of West Texas and to acquire oil and gas assets in
its area of operations. This area includes onshore Texas and eight
counties in the southeast region of New Mexico.
Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and UBS
Securities LLC will act as joint book-running managers for the offering.
This offering of common units will be made only by means of a
prospectus. A copy of the prospectus may be obtained by submitting
requests to Citigroup Global Markets Inc., Attention: Prospectus
Department, Brooklyn Army Terminal, 140 58th Street, 8th Floor,
Brooklyn, New York 11220, phone: 718-765-6732, fax: 718-765-6734;
Deutsche Bank Securities Inc., Attn: Prospectus Department, 100 Plaza
One, 2nd Floor, Jersey City, NJ, 07311, or by telephone at (800)
503-4611, or by email at prospectus.cpdg@db.com;
or UBS Securities LLC, Attention: Prospectus Department, 299 Park
Avenue, New York, New York 10171, phone: 212-821-3000.
A registration statement relating to these securities has been filed
with the Securities and Exchange Commission but has not yet become
effective. These securities may not be sold, nor may offers to buy be
accepted, prior to the time the registration statement becomes
effective. This communication does 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 in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities
laws of any such state or jurisdiction.
Pioneer Natural Resources Company is a large independent oil and gas
exploration and production company, headquartered in Dallas, Texas, with
operations in the United States, South Africa and Tunisia. For more
information, visit Pioneer´s website at www.pxd.com.
Except for historical information contained herein, the statements in
this News Release about Pioneer Natural Resources Company 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 Natural
Resources Company 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.
Pioneer Natural Resources
Investors
Frank
Hopkins, 972-969-4065
or
James Meier, 972-969-3931
or
Media
and Public Affairs
Susan Spratlen, 972-969-4018