Pioneer Natural Resources Company Announces Sale of Raton Assets for $79 Million

Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer” or “the
Company”) today announced that it has signed a purchase and sale
agreement with Evergreen Natural Resources LLC to sell all of its assets
in the Raton Basin in southeastern Colorado for $79 million, subject to
normal closing adjustments. The transaction is expected to close by the
end of July 2018, subject to the satisfaction of customary closing
conditions.

Timothy L. Dove, President and CEO, stated, “I want to personally thank
all of our Raton employees for their strong efforts, dedication and the
value they have created for our shareholders. I am pleased that
Evergreen plans to build on this success.”

The assets being sold represent all of Pioneer’s interests in the field,
including all of its producing gas wells and the associated
infrastructure. The sale of Pioneer’s Raton assets is expected to result
in a pretax noncash loss of $65 million to $75 million, which is
expected to be recorded during the second quarter of 2018. Net
production from Raton assets averaged approximately 84 million cubic
feet per day (14 thousand barrels of oil equivalent per day) during the
first quarter of 2018, consisting entirely of natural gas.

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, government regulation or action, the ability to obtain approvals
from third parties and negotiate agreements with third parties on
mutually acceptable terms, completion of planned divestitures and
litigation. 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.

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