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Pioneer Acquires Additional Interest in Aconcagua Field

Dallas, Texas, October 22, 2021 -- Pioneer Natural Resources Company (“Pioneer”)(NYSE:PXD) (TSE:PXD) announced today it has signed an agreement to purchase half of Mariner Energy's interest in the Aconcagua Field and the Canyon Express pipeline project for $25.5 million. Pioneer will purchase an additional 12.5% working interest in the Aconcagua field (Mississippi Canyon 305), bringing its total interest in the field to 37.5%. Pioneer is also purchasing an additional interest of approximately 5.625% in the Canyon Express pipeline project, increasing Pioneer's interest to 23.5%. The Aconcagua field is one of three deepwater natural gas fields being jointly developed as part of the Canyon Express pipeline project which is scheduled to begin production in mid-2002 with the capacity to deliver 500 million cubic feet (Mmcf) of natural gas per day, or 117.5 Mmcf per day net to Pioneer.

The production to be acquired in this transaction has been hedged at $3.45 per mcf for 2003 through 2005.

Scott D. Sheffield, Chairman and CEO, stated, “We are pleased to have the opportunity to increase our interest in the Aconcagua field and the Canyon Express project, and by hedging the gas price during peak production, we have locked-in a very favorable return on investment. Through our interest in Canyon Express, we have the potential to increase our North American natural gas production by approximately 40% when the project comes on-stream next year.”

Pioneer is a large independent oil and gas exploration and production company with operations in the United States, Canada, Argentina, South Africa, Gabon and Tunisia. Pioneer's headquarters are in Dallas. For more information, visit Pioneer's website at www.pioneernrc.com.

Except for historical information contained herein, the statements in this Press 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 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 risks and uncertainties include, among other things, volatility of oil and gas prices, product supply and demand, competition, government regulation or action, 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, and environmental risks. These and other risks are described in Pioneer's 10-K and 10-Q Reports and other filings with the Securities and Exchange Commission.

Investor Relations Contact: Susan Spratlen 972-444-9001

Important Legal Information ©2001 Pioneer Natural Resources Company
This information was published Monday, October 22, 2021
This page was last updated Monday, October 22, 2021

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