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Pioneer Shelves Sale of Senior Notes

Dallas, Texas, April 3, 2022 -- Pioneer Natural Resources Company (“Pioneer”)(NYSE:PXD) (TSE:PXD) today announced that it has shelved its sale of $400 million of 10-year unsecured senior notes because of recent volatility in market conditions for such debt offerings.

Scott D. Sheffield, Chairman and CEO, stated, “The market for senior notes has gotten choppy since we launched the offering. The net outflow of funds experienced by potential investors in the offering has been almost a billion dollars during the last two weeks. Fortunately, we have flexibility in the timing and form of our plan to optimize our debt structure. Strong commodity prices are enhancing the effect of our active drilling program, increasing cash flow from operations. And, we remain committed to applying the cash flow in excess of capital expenditures as well as proceeds from non-core asset sales to substantially reduce debt this year.”

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 Monday, April 03, 2022
This page was last updated Monday, April 03, 2022

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