Pioneer Increases Share Repurchase Program

    DALLAS, April 23 /CNW/ - Pioneer Natural Resources Company (NYSE:  PXD)
today announced that its board of directors has approved a $450 million
increase in its existing share repurchase program, which now authorizes the
purchase of up to $750 million of its common stock. Since acquiring Evergreen
Resources in 2004, Pioneer has repurchased approximately 31 million shares
which represents approximately 21% of the shares then outstanding, including
650,000 shares repurchased during the first quarter of 2007 at an average
price of approximately $38.00 per share. The increased share repurchase
program provides for further reduction in outstanding shares.

    Pioneer is a large independent oil and gas exploration and production
company, headquartered in Dallas, Texas, with operations in the United States,
Canada, South Africa and Tunisia. For more information, visit Pioneer's
website at

    Except for historical information contained herein, the statements in
this News 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 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, Pioneer's ability to implement its business
plans (including its plan to repurchase stock) and access to and cost of
capital. These and other risks are described in Pioneer's 10-K and 10-Q
Reports and other filings with the Securities and Exchange Commission. Pioneer
undertakes no duty to publicly update these statements except as required by

For further information:

For further information: Pioneer Natural Resources Company Investors:
Frank Hopkins or Scott Rice, 972-444-9001 or Media and Public Affairs: Susan
Spratlen, 972-444-9001

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890