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Pioneer Announces Success in Bajo Barda Gonzalez Field in Argentina

Dallas, Texas, January 9, 2022 -- Pioneer Natural Resources Company (“Pioneer”)(NYSE:PXD) (TSE:PXD) announces that its subsidiary, Pioneer Natural Resources (Argentina) S.A., has recently completed testing its BBG-21 well in the Bajo Barda Gonzalez field in the Neuquen Basin in Argentina. The well flowed at a daily rate of 785 barrels of oil and 440 thousand cubic feet (Mcf) of natural gas from a depth of 5,100 feet. Pioneer owns a 100% interest in the Bajo Barda Gonzalez field. Pioneer has drilled a total of 18 extension and development wells in this field of which 17 were productive. Average initial daily production from these wells is 372 barrels oil equivalent (BOE), while the most prolific well, BBG-12, yielded an initial daily rate of 1,033 BOE.

In 2000, the Bajo Barda Gonzalez drilling program added an estimated 2.5 million BOE of net proven producing reserves at an estimated finding and development cost of $2.73 per BOE. Development and extension of the field is expected to continue in 2001 with the drilling of another 10 to 20 wells.

“We continue to be very pleased with the success of our drilling program in Argentina and expect that this area will continue to provide significant growth for Pioneer,” stated Scott D. Sheffield, Chairman and CEO. “Third quarter 2000 production was up 40% from the first quarter of 1998, the first full quarter reported after we acquired this division in 1997.”

The success of the Bajo Barda Gonzalez discovery and subsequent development is attributed to Pioneer's extensive use of 3-D seismic data and a new geologic model to optimize its exploitation of otherwise mature producing areas in the Neuquen Basin, where the Company owns and operates a total of 19 blocks and 3 gas plants.

During 2001, Pioneer expects to drill a total of 82 net wells in Argentina, concentrating primarily on oil development. This program is expected to result in an increase in operated oil and liquids production of over 25% above 2000 levels.

Also included in Pioneer's 2001 capital program is the construction of a new LPG recovery plant at the Company's gas processing complex at Loma Negra (Neuquen). This plant will commence production late in the year and is expected to yield initial liquids production (ethane, propane and butane) of 3,150 barrels per day processing 75 MMcf of gas per day. In addition, the company is proposing a new gas sales line with initial daily capacity of up to 100 Mmcf to directly connect the Loma Negra complex with a major gas transportation line increasing access to growing Southern Cone gas markets. The new gas sales line is expected to begin operation before the end of 2001.

Pioneer is a large independent oil and gas exploration and production company with 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 ©2001 Pioneer Natural Resources Company
This information was published Tuesday, January 09, 2022
This page was last updated Tuesday, January 09, 2022

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