UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 19, 2004
Pioneer Natural Resources Company
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(Exact name of Registrant as specified in its charter)
Delaware 1-13245 75-2702753
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
5205 N. O'Connor Blvd., Suite 900, Irving, Texas 75039
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(Address of principal executive offices) (Zip Code)
(972) 444-9001
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(Registrant's telephone number, including area code)
Not applicable
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
| | Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
| | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
| | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
| | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
PIONEER NATURAL RESOURCES COMPANY
TABLE OF CONTENTS
Page
Item 2.06. Material Impairments.............................. 3
Signature..................................................... 4
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PIONEER NATURAL RESOURCES COMPANY
Item 2.06. Material Impairments
On October 19, 2004, the officers of Pioneer Natural Resources Company (the
"Company") concluded that a material charge for impairment was required under
Statement of Financial Accounting Standards No. 144, "Accounting for the
Impairment or Disposal of Long-Lived Assets" for its assets in the Gabonese
Olowi field as development has been postponed indefinitely. As a result of
significant increases in projected field development costs, primarily due to
recent increases in steel costs, the project does not offer competitive
projected returns. The Company has recorded an associated impairment charge in
the third quarter of 2004 with an after-tax effect of approximately $10 million.
The impairment charge eliminates the carrying value of the Company's Gabonese
Olowi field. Additionally, the Company does not expect to have any material
future cash expenditures associated with the Olowi field project.
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PIONEER NATURAL RESOURCES COMPANY
S I G N A T U R E
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PIONEER NATURAL RESOURCES COMPANY
Date: October 22, 2004 By: /s/ Richard P. Dealy
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Richard P. Dealy
Vice President and Chief Accounting Officer
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