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Pioneer Announces Five-Year Bank Credit Facility

DALLAS--(BUSINESS WIRE)--Dec. 16, 2003--Pioneer Natural Resources Company ("Pioneer") (NYSE:PXD) today announced the closing of a new $700 million five-year unsecured revolving senior credit facility, replacing its existing $575 million unsecured facility scheduled to mature in March of 2005. The new credit facility has terms consistent with investment grade rated companies, and will be utilized to refinance Pioneer's existing credit facility and for ongoing working capital and general corporate purposes.

A banking syndicate Co-Arranged by J.P. Morgan Securities Inc. and Wachovia Capital Markets, LLC will finance the new credit facility. Other agent titled roles include JPMorgan Chase Bank as Administrative Agent, Wachovia Bank National Association as Syndication Agent, and Bank of America, N.A., Bank One, N.A., Fleet National Bank, and Wells Fargo Bank, N.A. as Co-Documentation Agents. The facility was significantly oversubscribed and was syndicated to 26 banks.

Timothy L. Dove, Executive Vice President and CFO, said, "We are delighted to have such overwhelming support from the financial community. All 26 of the financial institutions that were contacted participated in this transaction. The 100% success rate of our syndication reflects our strong financial condition, our successful track record in terms of operational performance and confidence in our plan going forward. This credit facility coupled with significant excess cash flow over normal capital requirements during the next few years provide us with substantial liquidity and flexibility as we execute our strategy to deliver value-adding growth for Pioneer."

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 Document 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, foreign currency valuation changes, foreign government tax and regulation changes, 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, environmental and weather risks, acts of war or terrorism. These and other risks are described in Pioneer's 10-K and 10-Q Reports and other filings with the Securities and Exchange Commission.

    CONTACT: Pioneer Natural Resources Company
             Investor Relations Contact
             Susan Spratlen, 972-444-9001
    SOURCE: Pioneer Natural Resources Company

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