-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, GIgSVI4U7FZlOkZFqI1cuJKJWkvSbk8M7LbkMTQ3IktzKUz7SWyxqN5LsMYsXEtN a0FRxWzEeol2y6WhFXYweg== 0001038357-03-000002.txt : 20030114 0001038357-03-000002.hdr.sgml : 20030114 20030110124333 ACCESSION NUMBER: 0001038357-03-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030110 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: FILED AS OF DATE: 20030110 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PIONEER NATURAL RESOURCES CO CENTRAL INDEX KEY: 0001038357 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 752702753 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13245 FILM NUMBER: 03510181 BUSINESS ADDRESS: STREET 1: 1400 WILLIAMS SQUARE WEST STREET 2: 5205 N OCONNOR BLVD CITY: IRVING STATE: TX ZIP: 75039 BUSINESS PHONE: 9724449001 MAIL ADDRESS: STREET 1: 1400 WILLIAMS SQUARE WEST STREET 2: 5205 N OCONNOR BLVD CITY: IRVING STATE: TX ZIP: 75039 8-K 1 jan8k.txt PIONEER NATURAL RESOURCES FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): January 10, 2003 PIONEER NATURAL RESOURCES COMPANY ----------------------------------- (Exact name of Registrant as specified in its charter) DELAWARE 1-13245 75-2702753 - ------------------------------- ------------ ---------------------- (State or other jurisdiction of Commission (I.R.S. Employer incorporation or organization) File Number Identification Number) 5205 N. O'CONNOR BLVD., SUITE 1400, IRVING, TEXAS 75039 - ------------------------------------------------- ----------- (Address of principal executive offices) (Zip code) Registrant's Telephone Number, including area code : (972) 444-9001 Not applicable (Former name, former address and former fiscal year, if changed since last report) PIONEER NATURAL RESOURCES COMPANY TABLE OF CONTENTS Page Item 7. Financial Statements, Pro Forma Financial Information and Exhibits: (c) Exhibits............................................ 3 Item 9. Regulation FD Disclosure................................. 3 Signatures........................................................ 4 Exhibit Index..................................................... 5 2 PIONEER NATURAL RESOURCES COMPANY ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (c) Exhibits 99.1 News Release dated January 10, 2003 ITEM 9. REGULATION FD DISCLOSURE The information in this document includes 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 Natural Resources Company (the "Company") are subject to a number of risks and uncertainties which may cause the Company's actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, volatility of oil and gas prices, product supply and demand, competition, international operations and associated international political and economic instability, government regulation or action, foreign currency valuation changes, foreign government tax and regulation changes, litigation, the costs and results of drilling and operations, the Company's ability to replace reserves, implement its business plans, or complete its development projects as scheduled, access to and cost of capital, uncertainties about estimates of reserves, quality of technical data, environmental and weather risks. These and other risks are described in the Company's 2001 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q that are available from the Company or the Securities and Exchange Commission. On January 10, 2003, the Company issued a news release that is attached hereto as exhibit 99.1. The news release updated the Company's fourth quarter 2002 outlook based on current expectations and partial quarter actual results. 3 PIONEER NATURAL RESOURCES COMPANY S I G N A T U R E S Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PIONEER NATURAL RESOURCES COMPANY Date: January 10, 2003 By: /s/ RICHARD P. DEALY ------------------------------------------ Richard P. Dealy Vice President and Chief Accounting Officer 4 PIONEER NATURAL RESOURCES COMPANY EXHIBIT INDEX Exhibit No. Description 99.1* News Release dated January 10, 2003 - ------------- * filed herewith 5 EX-99 3 jan8kex99.txt PIONEER NATURAL RESOURCES EXH 99 TO FORM 8-K EXHIBIT 99.1 NEWS RELEASE Investor Relations Contact: Susan Spratlen (972) 444-9001 Pioneer Provides Update to Fourth Quarter Guidance Dallas, Texas, January 10, 2003 -- Pioneer Natural Resources Company ("Pioneer")(NYSE:PXD) today updated its fourth quarter 2002 outlook based on current expectations and partial quarter actual results. The following statements are estimates based on current expectations. These forward-looking statements are subject to a number of risks and uncertainties that may cause the Company's actual results to differ materially from the following statements. The last paragraph of this news release addresses certain of the risks and uncertainties to which the Company is subject. Fourth quarter production is expected to average approximately 117 thousand barrels per day on an oil equivalent basis. Pioneer's production from the Canyon Express project was lower than originally estimated as a result of start-up operational issues delaying the production ramp-up until late in the fourth quarter and a delay in initiating production from one of Pioneer's six wells in the project. Pioneer's net Canyon Express production is now achieving expected levels, averaging over 100 million cubic feet per day with five of its six wells producing. The Company expects the sixth well to be brought on production during the first quarter. The Company's fourth quarter realized price for oil, including the effects of hedges, is expected to average approximately $22.90 to $23.10 per barrel. Pioneer's fourth quarter realized price for natural gas liquids is expected to range from $16.00 to $16.20 per barrel. The Company's fourth quarter realized price for gas, including the effects of hedges, is expected to average approximately $2.65 to $2.85 per thousand cubic feet. Fourth quarter lease operating expenses (including production and ad valorem taxes) are expected to average approximately $4.45 to $4.65 per barrel oil equivalent (BOE). Depreciation, depletion and amortization expense is expected to range from $5.50 to $5.75 per BOE. General and administrative expense is expected to be approximately $14 million. Interest expense is expected to be approximately $24 million. Cash taxes for the fourth quarter are expected to be no more than $1 million as the Company continues to benefit from the carryforward of prior years' net operating losses in the U.S. and Canada. Total exploration and abandonment expense is expected to be approximately $27 million after including charges related to an unsuccessful well on the Lightning prospect, the first of three prospects Pioneer is drilling near its Falcon field in the deepwater Gulf of Mexico. Pioneer is a large independent oil and gas exploration and production company with operations in the United States, Canada, Argentina, South Africa, Gabon and Tunisia. Pioneer's headquarters are in Dallas. For more information, visit Pioneer's website at www.pioneernrc.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 Natural Resources Company 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 oil and gas prices, product supply and demand, competition, government regulation or action, foreign currency valuation changes, foreign government tax and regulation changes, litigation, the costs and results of drilling and operations, Pioneer's ability to replace reserves, implement its business plans, or complete its development projects as scheduled, access to and cost of capital, uncertainties about estimates of reserves, quality of technical data, environmental and weather risks. These and other risks are described in Pioneer's 10-K and 10-Q Reports and other filings with the Securities and Exchange Commission. -----END PRIVACY-ENHANCED MESSAGE-----