January 17, 2013 at 16:30 PM EST
Pioneer Natural Resources Notifies Holders of 2.875% Convertible Senior Notes due 2038 of Reduced Interest Rate

Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer” or “the Company”) announced that, pursuant to the terms of the Company’s 2.875% Convertible Senior Notes due 2038 (the “Notes”), the annual interest rate for the Notes has been reduced from 2.875% to 2.375% per annum for the six-month period from January 15, 2013 to July 14, 2013 due to the Notes having met certain trading price conditions.

This press release is for informational purposes only and is not an offer to purchase, or the solicitation of an offer to purchase, the Notes.

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 Pioneer's website at www.pxd.com.

Contacts:

Pioneer Natural Resources
Investors
Frank Hopkins, 972-969-4065
or
Eric Pregler, 972-969-5756
or
Josh Jones, 972-969-5822
or
Media and Public Affairs
Susan Spratlen, 972-969-4018
or
Suzanne Hicks, 972-969-4020
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