PIONEER SOUTHWST ENRG PRTNR
			Symbol			PSE

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Pioneer Southwest Energy Partners L.P. Reports Third Quarter 2009 Results

2009-11-03 17:12 ET - News Release

DALLAS -- (Business Wire)

Pioneer Southwest Energy Partners L.P.(“Pioneer Southwest” or “the Partnership”)(NYSE:PSE) today announced financial and operating results for the quarter ended September 30, 2009. The Partnership acquired assets and liabilities from a subsidiary of Pioneer Natural Resources Company in August 2009, which represents a transaction between entities under common control under generally accepted accounting standards. As a result, the following financial and operating results of the Partnership for the third quarter and nine-month periods include the results of the acquired assets as if the Partnership had acquired the assets at the beginning of the periods presented.

Net income for the third quarter was $25 million, of which $29 million, or $.96 per common unit, was attributable to the Partnership, offset by a loss of $4 million attributable to the acquired assets prior to the acquisition date of August 31, 2009. Net income attributable to the Partnership included noncash mark-to-market derivative gains of $7 million. Without the effect of this item, adjusted income applicable to the Partnership for the third quarter would have been $22 million, or $.74 per common unit. Cash flow from operating activities for the period was $25 million.

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