EXHIBIT 99.1



                                  NEWS RELEASE

                                                   Investor Relations Contacts:
                                Susan Spratlen or Chris Paulsen  (972) 444-9001

                     Pioneer's Oil and Gas Reserves Rise 30%

Dallas,  Texas, January 27, 2005 -- Pioneer Natural Resources Company (NYSE:PXD)
today  announced  that as of December  31,  2004,  its total  proved oil and gas
reserves were 1.02 billion  barrels oil  equivalent,  or 6.1 trillion cubic feet
(Tcf) natural gas  equivalent,  including  409 million  barrels of crude oil and
natural  gas  liquids  and 3.7 Tcf of natural  gas.  Proved  developed  reserves
account for  approximately  65% of total proved reserves.  The estimated present
value of Pioneer's  proved  reserves,  utilizing a 10% discount  rate,  was $9.0
billion.  The year-end  NYMEX  equivalent  prices  utilized to determine  proved
reserves were $43.33 per barrel of oil and $6.19 per thousand cubic feet of gas.

Netherland,  Sewell  and  Associates,  Inc.  (NSA),  a top oil  and gas  reserve
engineering  firm,  audited  the proved  reserves  of  significant  fields  that
represent  approximately  85% of the present value and  approximately 88% of the
quantity of Pioneer's  proved  reserves at year-end  2004.  NSA also audited the
proved reserves of Pioneer's significant fields at year- end 2003.

Pioneer  added 303 million  barrels oil  equivalent  (MMBOE) of proved  reserves
during 2004,  replacing 441% of production at a finding and development  cost of
$10.48 per barrel oil  equivalent  (BOE).  Pioneer  acquired 278 MMBOE of proved
reserves,  primarily in the Rockies through its merger with Evergreen Resources,
Inc.,  and  added  39  MMBOE of  proved  reserves  from  discoveries  and  field
extensions in the U.S., Argentina, Tunisia and Canada. During 2004, Pioneer also
produced 69 MMBOE,  sold 1 MMBOE and had  downward  revisions  to prior  reserve
estimates of 14 MMBOE.

Costs  incurred  during 2004 totaled $3.2  billion,  including  $557 million for
development and exploration  activities,  $2.6 billion for  acquisitions and $15
million for asset  retirement  obligations.  Of Pioneer's 2004  development  and
exploration  cost incurred,  56% was invested in developing  proved  undeveloped
reserves  booked in prior years,  and 15% was invested in  non-drilling  related
categories including seismic and other geologic and geophysical activities.

Year-end  proved  reserves  and costs  incurred  are  detailed  in the  attached
supplemental schedule.

For the three  years  ending in 2004,  Pioneer's  finding and  development  cost
averaged $8.90 per BOE. Over the three-year period,  Pioneer added 519 MMBOE for
total costs incurred of $4.6 billion. Three-year average reserve replacement was
311%. For the five years ending in 2004,  Pioneer's finding and development cost
averaged $8.27 per BOE. Over the five-year  period,  Pioneer added 678 MMBOE for
total costs incurred of $5.6 billion.  Five-year average reserve replacement was
269%.

Scott D. Sheffield,  Chairman and CEO, stated, "I'm excited about the quality of
the reserves we added to our portfolio in 2004 and the potential  represented by
the  opportunities  we've  generated  over the past year.  We enter 2005 with an
enhanced  long-lived asset base in North America,  additional  opportunities for
development  drilling,  several new fields with significant  unrecorded  reserve
potential  awaiting  final  commercialization  decisions  and an  even  stronger
foundation for our exploration program. In past years, we've invested heavily in
building a broad  portfolio of  exploration  opportunities  in each of our focus
areas,  including the Gulf of Mexico,  Alaska,  North Africa and West Africa. In
2005, we should begin to realize the benefit of these  investments as we step up
the  level of  drilling  and  test the  potential  of our more  mature  prospect
inventory."







Pioneer is a large  independent oil and gas  exploration and production  company
with  operations in the United States,  Argentina,  Canada,  Equatorial  Guinea,
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 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 oil and gas prices,
product  supply  and  demand,  competition,  government  regulation  or  action,
international  operations  and associated  international  political and economic
instability,  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.