PIONEER NATURAL RESOURCES COMPANY
NYSE : PXD

PIONEER NATURAL RESOURCES COMPANY

August 29, 2005 15:36 ET

Hurricane Katrina Forces Pioneer to Shut in Portion of Gulf of Mexico Production

DALLAS--(CCNMatthews - Aug 29, 2005) -

Pioneer Natural Resources Company ("Pioneer") (NYSE:PXD) today announced that daily net production of approximately 65 million cubic feet of gas and 5,000 barrels of oil has been shut in as a result of Hurricane Katrina.

The Canyon Express gas gathering system and the Devils Tower field facilities were evacuated on Saturday, and production from several other fields along the Gulf Coast has also been impacted.

Production from the Pioneer-operated Falcon Corridor in the western Gulf of Mexico, which represents approximately 60% of the Company's Gulf of Mexico production, is not expected to be affected by the storm.

Three drilling rigs that were active on wells in which Pioneer owns an interest were also evacuated and activity was suspended.

Depending on local conditions and helicopter availability, it is anticipated that personnel will begin returning to offshore platforms to assess damage later this week.

Pioneer is a large independent oil and gas exploration and production company with operations in the United States, Argentina, Canada, Equatorial Guinea, Nigeria, Sao Tome and Principe, South Africa 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 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 which 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, availability of equipment and weather 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.

Contact Information

  • Pioneer Natural Resources Company, Dallas
    Investors:
    Frank Hopkins or Chris Paulsen, 972-444-9001
    or
    Media and Public Affairs:
    Susan Spratlen, 972-444-9001