Current report in accordance with section 13 or 15 (d) – Form 8-K
Pioneer Natural Resources Completes Sale of Delaware Basin Assets
Dallas, Texas, December 21, 2021 ?? Pioneer Natural Resources Company (NYSE: PXD) (?? Pioneer ?? or the ?? Company ??) announced today that it has completed the previously announced divestiture of its Delaware Basin assets to Continental Resources (NYSE: CLR) for cash proceeds of $ 3.1 billion dollars after normal closing adjustments.
Pioneer’s guidance for the fourth quarter and full year assumed that Delaware Basin assets would be included in the company’s financial results for the full quarter. However, with the completion of the divestiture today, Pioneer will not include any operating or financial results attributable to the Delaware Basin assets after December 20, 2021 in its fourth quarter results.
Pioneer is a large independent oil and gas exploration and production company headquartered in Dallas, Texas, with operations in the United States. For more information, visit the Pioneer website at www.pxd.com.
Caution regarding forward-looking information
Except for historical information contained herein, the statements contained in this press release are forward-looking statements that are made in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements and Pioneer’s business prospects are subject to a number of risks and uncertainties which may cause Pioneer’s actual results for future periods to differ materially from forward-looking statements. These risks and uncertainties include, among others, the volatility of commodity prices; product supply and demand; the impact of a generalized epidemic of a disease, such as COVID-19[female[feminine pandemic, on global and American economic activity; competetion; the ability and timing of environmental and other permits; the effect of future regulatory or legislative actions on Pioneer or the industry in which it operates, including the risk of further restrictions on development activities; the ability to obtain third party approvals and negotiate agreements with third parties on mutually acceptable terms; potential liability resulting from ongoing or future litigation; the costs and results of drilling and operations; the availability of equipment, services, resources and personnel required to carry out the Company’s drilling and operations activities; access and availability of transportation, processing, fractionation, refining, storage and export facilities; Pioneer’s ability to replace reserves, execute business plans, or complete development activities as planned; access and cost of capital; the financial strength of the counterparties to Pioneer’s credit facility, investment instruments and derivative contracts and to buyers of Pioneer’s oil, natural gas liquids and gas production; uncertainties regarding reserve estimates, identification of drilling locations and the ability to add proven reserves in the future; the