DALLAS -- (Business Wire)
Pioneer Natural Resources Company (NYSE: PXD) (“Pioneer”) and Pioneer
Southwest Energy Partners L.P. (NYSE: PSE) (“Pioneer Southwest”) today
jointly announced the completion of the merger of Pioneer Southwest with
a wholly-owned subsidiary of Pioneer, with Pioneer Southwest surviving
the merger as an indirect wholly-owned subsidiary of Pioneer, effective
today, December 17, 2013. Under the merger agreement, each Pioneer
Southwest unitholder eligible to receive the merger consideration will
receive 0.2325 of a share of Pioneer common stock for each Pioneer
Southwest common unit owned by such unitholder, plus, after aggregating
all fractions of shares to which such unitholder would be entitled, a
whole share of Pioneer common stock in lieu of any fractional share of
Pioneer common stock otherwise issuable to such unitholder in the
merger. As a result of the completion of the merger, common units of
Pioneer Southwest will cease trading at the close of business today.
Shares of Pioneer common stock will continue to be traded on the New
York Stock Exchange under the ticker symbol “PXD.”
The consolidation of the properties of Pioneer and Pioneer Southwest in
the Midland Basin in West Texas pursuant to the merger is expected to
facilitate Pioneer’s plans to fully and optimally develop the area
utilizing horizontal drilling and is expected to provide organizational,
operational and administrative efficiencies.
Pioneer is a large independent oil and gas exploration and production
company, headquartered in Dallas, Texas, with operations in the United
Except for historical information contained herein, the statements
contained herein related to the merger and expected outcomes relating
thereto are forward-looking statements that are made in reliance on the
Safe Harbor Provisions of the Private Securities Litigation Reform Act
of 1995.Forward-looking statements of Pioneer and Pioneer
Southwest are subject to a number of risks and uncertainties that may
cause Pioneer's or Pioneer Southwest’s actual results in future periods
to differ materially from the forward-looking statements. These and
other risks are described in Pioneer's and Pioneer Southwest’s annual,
quarterly and other reports filed with the Securities and Exchange
Commission.In addition, Pioneer and Pioneer Southwest may be
subject to currently unforeseen risks that may have a materially adverse
effect on them.Neither Pioneer nor Pioneer Southwest undertakes
any duty to publicly update these statements except as required by law.
Pioneer Natural Resources Company and
Energy Partners L.P.
Josh Jones, 972-969-5822
Media and Public Affairs:
Suzanne Hicks, 972-969-4020
Source: Pioneer Natural Resources Company and Pioneer Southwest Energy Partners L.P.
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