EXHIBIT 99.1
NEWS RELEASE
Investor Relations Contact: Susan Spratlen (972) 444-9001
Pioneer Announces Results for Debt Exchange Offers
Dallas, Texas, July 12, 2004 -- Pioneer Natural Resources Company ("Pioneer")
(NYSE:PXD) today announced results for its previously announced offers to
exchange (the "Exchange Offers") any or all of three series of its outstanding
senior notes (the "Old Notes") for a like principal amount of Pioneer's new
5.875% Senior Notes due 2016 (the "New Notes") and cash. The Exchange Offers
also included a solicitation of consents to proposed amendments to the
supplemental indentures governing the 9-5/8% Senior Notes due April 1, 2010 and
the 7.50% Senior Notes due 2012.
As of 12:00 midnight, New York City time, on Friday, July 9, 2004 (the
"Expiration Date"), Pioneer had received tenders for the Old Notes in the
following amounts, all of which will be accepted for exchange by Pioneer:
Principal Percentage of
Cusip Amount Outstanding
Series Number Tendered Principal Amount
------ ----------- ------------ ----------------
8 1/4% Senior Notes due 2007 701018 AB 9 $117,925,000 78.6%
9-5/8% Senior Notes due April 1, 2010 723787 AC 1 $275,125,000 81.1%
7.50% Senior Notes due 2012 723787 AD 9 $133,825,000 89.2%
As a result, Pioneer has received sufficient tenders of Old Notes to satisfy the
conditions to each of the Exchange Offers and to execute the proposed
amendments. Settlement for the exchange price will be on Thursday, July 15, 2004
(the "Settlement Date") for holders of Old Notes tendered before the Expiration
Date. Pioneer will execute the proposed amendments prior to settlement.
The Bank of New York was the exchange agent for the Exchange Offers and will be
the trustee under the New Notes. D.F. King & Co., Inc. was the information agent
for the Exchange Offers. Deutsche Bank Securities Inc. was Pioneer's lead
financial advisor for the Exchange Offers, and Citigroup Global Markets Inc. and
Credit Suisse First Boston LLC were co-financial advisors.
Pioneer is a large independent oil and gas exploration and production company
with operations in the United States, Argentina, Canada, Gabon, South Africa and
Tunisia. Pioneer's headquarters are in Dallas, Texas. For more information,
visit Pioneer's website at www.pioneernrc.com.
Except for historical information contained herein, the statements in this News
Release 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 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
risks and uncertainties include, among other things, volatility of oil and gas
prices, product supply and demand, competition, government regulation or action,
international operations and associated international political and economic
instability, litigation, the costs and results of drilling and operations,
Pioneer's ability to replace reserves, implement its business plans, or complete
its development projects as scheduled, access to and cost of capital,
uncertainties about estimates of reserves, quality of technical data,
environmental and weather risks, acts of war or terrorism. These and other risks
are described in Pioneer's 10-K and 10-Q Reports and other filings with the
Securities and Exchange Commission.