Pioneer Natural Resources Company Announces Production Shut In at West Panhandle Field Due to Compression Station Incident

DALLAS–(BUSINESS WIRE)–Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer” or “the
Company”) today announced that a fire occurred at a compressor station
on March 6in Pioneer’s West Panhandle field in the panhandle
region of Texas. There were no injuries associated with the incident and
the fire was contained within the compressor station.

The fire resulted in extensive damage to the facility. As a result,
production from the West Panhandle field, which averages approximately 8
thousand barrels oil equivalent per day (MBOEPD), had to be shut in.
West Panhandle production consists of approximately 20% oil, 55% NGLs
and 25% gas. The Company expects that several idle compressors can be
utilized to reinitiate production from the field in late March or early
April at approximately 80% to 90% of prior levels.

The Company expects the West Panhandle field production interruption to
negatively impact first quarter 2018 production by approximately 2
MBOEPD. Despite this impact, the Company continues to expect total
production in the first quarter of 2018 to be within its previously
announced guidance range of 304 MBOEPD to 314 MBOEPD. Permian Basin
production for the first quarter also continues to be forecasted within
its previously announced guidance range of 252 MBOEPD to 260 MBOEPD.

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 www.pxd.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
that 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, volatility of commodity
prices, product supply and demand, competition, the ability to obtain
environmental and other permits and the timing thereof, other government
regulation or action, the ability to obtain approvals from third parties
and negotiate agreements with third parties on mutually acceptable
terms, litigation, the costs and results of drilling and operations,
availability of equipment, services, resources and personnel required to
perform the Company’s drilling and operating activities, access to and
availability of transportation, processing, fractionation, refining and
export facilities, Pioneer’s ability to implement its business plans or
complete its development activities as scheduled, access to and cost of
capital, the financial strength of counterparties to Pioneer’s credit
facility, investment instruments and derivative contracts and purchasers
of Pioneer’s oil, natural gas liquids and gas production, uncertainties
about estimates of reserves and resource potential, identification of
drilling locations, the assumptions underlying production forecasts,
quality of technical data, environmental and weather risks,
cybersecurity risks, the risks associated with the ownership and
operation of the Company’s industrial sand mining and oilfield services
businesses and acts of war or terrorism. These and other risks are
described in the Company's Annual Report on Form 10-K, Quarterly Reports
on Form 10-Q and other filings with the Securities and Exchange
Commission. In addition, the Company may be subject to currently
unforeseen risks that may have a materially adverse impact on it.
Accordingly, no assurances can be given that the actual events and
results will not be materially different than the anticipated results
described in the forward-looking statements. Pioneer undertakes
no duty to publicly update these statements except as required by law.

Contacts

Pioneer Natural Resources
Investors
Frank
Hopkins, 972-969-4065
or
Neal Shah, 972-969-3900
or
Trey
Muir, 972-969-3674
or
Tom Fitter, 972-969-1821
or
Media
and Public Affairs
Tadd Owens, 972-969-5760
or
Robert
Bobo, 972-969-4020