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Pioneer Announces Exploration Results

Dallas, Texas, July 26, 2022 – Pioneer Natural Resources Company (“Pioneer”) (NYSE:PXD) (TSE:PXD) today announced test results on the Stirrup discovery located on Mustang Island block 861 in Texas state waters of the Gulf of Mexico. Pioneer has a 25% working interest (WI) in the prospect which is operated by Spinnaker Exploration Company (NYSE:SKE) with a 42% WI. Dominion Exploration and Production, Inc., a subsidiary of Dominion (NYSE:D), has a 33% WI.

The Mustang Island 861 #1 (MU 861 #1) well was drilled to a depth of 17, 123 feet, tested middle Frio sands and established the geologically oldest production on the Gulf of Mexico shelf west of the Mississippi River. The discovery is located 25 miles south of Corpus Christi, Texas in approximately 54 feet of water.

The MU 861 #1 well found gas-bearing sands in four major sequences. Three of those sequences have tested gas and the fourth was not tested. The S-3 sand is currently being tested at approximately 21 million cubic feet of gas per day with 130 barrels of condensate at flowing pressures exceeding 11,000 pounds per square inch following stimulation. The well will be shut in pending design and fabrication of a production platform, related facilities and flow line.

The discovery well is on a large faulted anticline and additional drilling will be required to fully delineate its size. Additional drilling will commence immediately following the temporary abandonment of the MU 861 #1 well. Pioneer and partners own identical interests in 5,600 acres related to the Stirrup discovery.

Pioneer also announced that it has completed drilling on the Argo prospect in Alaminos Canyon 13. The well was drilled to a total depth of 7,873 feet. The test was unsuccessful and has been plugged and abandoned. Plans for the independent development of the Falcon discovery in East Breaks 579 are proceeding with detailed geologic, reservoir and economic evaluations required for project sanction expected to be completed during the third quarter.

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 Wednesday, July 25, 2022
This page was last updated Thursday, July 26, 2022

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