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Pioneer Announces Successful Aconcagua Appraisal in Deepwater Gulf of Mexico and Provides Update on Exploration Program

Dallas, Texas, March 30, 2022 -- Pioneer Natural Resources Company (“Pioneer”)(NYSE:PXD) (TSE:PXD) announces that the Aconcagua appraisal well is successful and confirms the deep offshore discovery made on Mississippi Canyon 305 in March 1999, in the Gulf of Mexico, approximately 75 miles southeast of New Orleans.

The appraisal well was drilled to a total-measured depth of 14,113 feet and encountered over 250 net feet of gas pay. The well confirms that the reservoirs found in the discovery well extend approximately 2 miles to the northeast. The partners in Aconcagua, Elf Exploration, Inc. (Operator - 50%), Pioneer (25%) and Mariner Energy, Inc. (25%) expect to sanction the development project in June.

Aconcagua is one of several deepwater natural gas fields to be included in the recently announced Canyon Express joint subsea development project. It is anticipated that production will flow to the Elf-operated Virgo platform in Viosca Knoll 823 with first production anticipated in late 2001.

Exploration Program Update

Pioneer has participated in its third appraisal well on the Sable oil field project in Block 9, offshore South Africa encountering a thin oil column in an accumulation separate from the main Sable field pay. SOEKOR E and P (PTY) LTD, the South African national oil company, the operator of the field, Pioneer (35% working interest) and Petroleum Ltd. (5%) plan to sidetrack the well updip where additional oil pay is expected to be encountered. Pioneer also plans to drill two high-potential exploration prospects in Block 9 by the end of the year.

In the U.S. Gulf Basin where Pioneer plans to drill five prospects this year, the Company is currently drilling one prospect and plans to be drilling two additional prospects within 30 days. In other Deepwater Gulf of Mexico activity, the first appraisal well on the Devil's Tower discovery (16% working interest) in Mississippi Canyon 773 is scheduled to be spud in May.

Pioneer is a large independent exploration and production oil and gas company in North America, with major operations in the United States, Canada, Argentina and South Africa. Pioneer's headquarters are in Dallas.

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 which may cause the Company'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, the Company's ability to replace reserves or implement its business plans, 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 the Company'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 ©2000 Pioneer Natural Resources Company
This information was published Thursday, March 30, 2022
This page was last updated Thursday, March 30, 2022

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