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Pioneer Natural Resources Announces Success at GOM Lease Sale
Dallas, Texas, August 29, 2022 -- Pioneer Natural Resources Company (“Pioneer”)(NYSE:PXD) (TSE:PXD) announces that its subsidiary, Pioneer Natural Resources USA, Inc., was the apparent high bidder on 12 blocks, and together with partners, apparent high bidder on three additional blocks in the Western Gulf of Mexico OCS Lease Sale 177 held August 23, 2000. The company's total net exposure for its high bids is $8.1 million. The bids are subject to approval by the Minerals Management Service of the Department of Interior.
Eleven of the blocks are located on the Texas shelf in water depths less than 200 feet. The remaining four are deepwater blocks in the Garden Banks area in water depths ranging from 1,500 to 5,000 feet.
Scott D. Sheffield, Chairman and CEO, stated, “Our successful participation in the sale exemplifies our continued commitment to exploration as a key component of our growth plan. These new blocks offer us the opportunity to build upon our deepwater successes at Aconcagua and Devil's Tower, which are expected to add significant production in 2002.”
With the award of the 15 new blocks, Pioneer will hold interests in approximately 70 blocks in the Gulf of Mexico. Sixty of the blocks are located on the shelf. Of that total, 29 are exploratory and 31 are currently producing. Pioneer will now own interests in ten blocks in the Gulf of Mexico deepwater. “Adding the new shelf blocks to our current inventory will give us a multi-year drilling program of high-impact gas prospects where we can add production quickly. Pioneer's operation of these new deepwater blocks represents an investment focused on longer-term growth,” said Chris J. Cheatwood, Vice President of U.S. Exploration.
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
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