PIONEER NATURAL RESOURCES COMPANY
NYSE : PXD

PIONEER NATURAL RESOURCES COMPANY

August 31, 2005 20:34 ET

Pioneer Provides Update on Gulf of Mexico Operations Impacted by Hurricane Katrina

DALLAS--(CCNMatthews - Aug 31, 2005) -

Pioneer Natural Resources Company (NYSE:PXD) today announced the results of the initial assessment of damage to its production and drilling facilities in the Gulf of Mexico caused by Hurricane Katrina.

Initial inspections of the Canyon Station platform and the Devils Tower spar indicate that minimal damage was incurred during the storm. Crews are returning to the facilities to complete the assessment of the condition of the subsea systems at both locations. The condition of downstream pipelines and facilities has not yet been fully determined.

Pioneer-operated production at the Vermillion 397 platform was restarted Tuesday afternoon and production from Eugene Island 208, East Cameron 322 and South Pelto 13 will be restarted upon authorization from the operators of export pipelines.

Pioneer maintains business interruption insurance to limit the impact of production interruptions extending beyond 45 days.

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, was not affected by the storm.

Start-up crews are back on board the three offshore drilling rigs that were active on projects in which Pioneer owns an interest. All rigs appear to be secure with no damage noted.

Pioneer is a large independent oil and gas exploration and production company with operations in the United States, Argentina, Canada and Africa. 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