Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer” or “the
Company”) applauds the actions taken by the United States Congress and
President Obama to lift the 40-year ban on crude exports. This decision
is a culmination of a two-year effort by Pioneer to educate policymakers
on the benefits to the nation of removing the ban. Working with our
fellow members of the Producers for American Crude Exports (PACE) and
supported by numerous studies from prestigious, independent
organizations across the political spectrum, the Company successfully
demonstrated the positive impacts to jobs, economic growth, national
security and energy security that lifting the ban would bring.
Scott D. Sheffield, Chairman and CEO, stated, “This is a truly historic
day for Pioneer and the domestic oil and gas industry. Congress and the
President have shown their commitment to free trade and have leveled the
playing field for U.S. operators, allowing us to compete freely in the
world market. While current commodity prices may limit exports in the
short run, the long-term benefits are significant. As organizations such
as the Brookings Institute and the Center for Global Energy Policy have
stated, lifting the ban improves the country’s balance of trade, creates
additional jobs and enhances America’s geopolitical position.”
In the spring of 2014, the U.S. Department of Commerce’s Bureau of
Industry and Security confirmed Pioneer’s interpretation that the
distillation process by which the Company’s Eagle Ford Shale condensate
is stabilized was sufficient to qualify the resulting hydrocarbon stream
as a processed petroleum product eligible for export without a license.
Since that time, Pioneer has exported a significant portion of the
Company’s Eagle Ford Shale condensate production.
Timothy L. Dove, President and COO, stated, “After witnessing the
success of condensate exports from the Eagle Ford Shale, the logical
next step was to lift the ban on crude exports. We are pleased that
policy makers on both sides of the aisle engaged collectively on this
issue. Energy policy should not be a partisan issue in this country, and
we are especially thankful for the work of Senators Murkowski and
Heitkamp and Congressmen Barton and Cuellar. Their leadership was
critical in getting this important decision right.”
Pioneer expects to have the ability to physically export crude by the
middle of 2016. The Company has been actively working with its midstream
partners to secure export facilities along the U.S. Gulf Coast, which
will maximize the Company’s crude marketing flexibility going forward.
Europe, Asia and Latin America are potential markets for U.S. crude as
countries from these areas would realize economic and security
advantages by diversifying their sources of supply.
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.
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, and the ability to negotiate
agreements with third parties on mutually acceptable terms. These
and other risks are described in Pioneer's 10-K and 10-Q Reports and
other filings with the U.S. Securities and Exchange Commission (SEC).
In addition, Pioneer may be subject to currently unforeseen risks
that may have a materially adverse impact on it. Pioneer
undertakes no duty to publicly update these statements except as
required by law.
U.S. investors are urged to consider closely the disclosures in the
Company’s periodic filings with the SEC. Such filings are
available from the Company at 5205 N. O'Connor Blvd., Suite 200, Irving,
Texas 75039, Attention: Investor Relations, and the Company’s website at www.pxd.com.
These filings also can be obtained from the SEC by calling
1-800-SEC-0330.
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