-----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, M7L0rHMsw8BzDOPeP1Bt44Xm3ZVuA/owwgIs4bV2FEdxJagwbCi7Q64ZfaYcaSGb ZdEVazQ3V3sJLLFAlulErA== 0001038357-04-000012.txt : 20040330 0001038357-04-000012.hdr.sgml : 20040330 20040330151846 ACCESSION NUMBER: 0001038357-04-000012 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040330 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20040330 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: 04700552 BUSINESS ADDRESS: STREET 1: 900 WILLIAMS SQUARE WEST STREET 2: 5205 N OCONNOR BLVD CITY: IRVING STATE: TX ZIP: 75039 BUSINESS PHONE: 9724449001 MAIL ADDRESS: STREET 1: 900 WILLIAMS SQUARE WEST STREET 2: 5205 N OCONNOR BLVD CITY: IRVING STATE: TX ZIP: 75039 8-K 1 mar308k.txt PIONEER NATURAL RESOURCES MARCH 30, 2004 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): March 30, 2004 Pioneer Natural Resources Company ----------------------------------- (Exact name of Registrant as specified in its charter) Delaware 1-13245 75-2702753 - ------------------------------ --------------- ------------------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 5205 N. O'Connor Blvd., Suite 900, Irving, Texas 75039 - ------------------------------------------------ ----------- (Address of principal executive offices) (Zip Code) (972) 444-9001 ------------------------ (Registrant's telephone number, including area code) Not applicable ------------------------------------- (Former name or former address, if changed since last report) PIONEER NATURAL RESOURCES COMPANY TABLE OF CONTENTS Page Item 7. Financial Statements and Exhibits (c) Exhibits.......................................... 3 Item 9. Regulation FD Disclosure............................... 3 Signature........................................................ 4 Exhibit Index.................................................... 5 2 PIONEER NATURAL RESOURCES COMPANY Item 7. Financial Statements and Exhibits (c) Exhibits 99.1 News Release dated March 30, 2004 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, 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, acts of war or terrorism. These and other risks are described in the Company's 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 March 30, 2004, the Company issued a news release that is attached hereto as exhibit 99.1. In the news release, the Company provided a guidance update on first quarter production and exploration and abandonment expense based on current expectations and partial quarter actual results; announced recent drilling results, including information regarding the Company's Juno and Myrtle Beach prospects; and provided certain forward looking information, including the acquisition of additional interests in the Spraberry field and timing of first production from the Company's deepwater Gulf of Mexico Devils Tower, Tomahawk and Raptor fields. 3 PIONEER NATURAL RESOURCES COMPANY S I G N A T U R E 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: March 30, 2004 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(a) News Release dated March 30, 2004 - ------------- (a) filed herewith 5 EX-99 3 mar308k99.txt PIONEER NATURAL RESOURCES MARCH 30, 2004 8-K EXH. 99.1 EXHIBIT 99.1 NEWS RELEASE Investor Relations Contact: Susan Spratlen (972) 444-9001 Pioneer Provides Update to First Quarter Outlook and Announces Recent Drilling Results Dallas, Texas, March 30, 2004 -- Pioneer Natural Resources Company ("Pioneer") (NYSE:PXD) today updated its first quarter 2004 outlook for production and exploration and abandonment expense 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. The Company expects that its first quarter 2004 production will be near the top end of its prior guidance range and average approximately 180,000 to 183,000 barrels oil equivalent per day. Production from the Falcon gas system has exceeded expectations for the quarter as the Harrier field began producing earlier in January than originally forecasted. Oil and gas sales from Argentina have exceeded expectations. Demand for gas has remained strong through the summer season, and gas prices may improve as a result of recently announced increases in utility rates that are expected to take effect by mid-year. Oil production from South Africa is at the high end of expectations as a result of an additional cargo shipment during the quarter. First quarter exploration and abandonment expense is expected to be approximately $72 million to $88 million. Pioneer participated in two deepwater Gulf of Mexico wells during the quarter that were unsuccessful, the Juno prospect (25% working interest) and the Myrtle Beach prospect (10% working interest). Pioneer holds a 12.5% working interest in a well currently drilling on the Thunder Hawk prospect and expects results during the second quarter. Offshore Gabon, Pioneer drilled an unsuccessful wildcat exploration well testing its Dentale prospect on acreage outside the boundaries of its Olowi field. Exploration and abandonment costs for the quarter will also include approximately $15 million to $17 million for seismic related to future exploration activities and administrative expenses. On April 1, Pioneer expects to close an acquisition of approximately $20 million of Spraberry field properties from a private party. The deepwater Devils Tower field is on schedule for first oil production during the latter part of the second quarter, and two satellite fields in the Falcon gas system, Tomahawk and Raptor, are currently ahead of schedule and are expected to begin producing by the end of the second quarter. Pioneer is a large independent oil and gas exploration and production company with operations in the United States, Argentina, Canada, Gabon, South Africa 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 Document 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, acts of war or terrorism. 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-----