Disclosures About Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2011

Disclosures About Fair Value Measurements

Assets And Liabilities That Are Measured At Fair Value On A Recurring Basis


	Fair Value Measurements at Reporting Date Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value at June 30, 2011
	(in thousands)

Assets:
Trading securities	$	289	$	30,149	$	—	$	30,438
Commodity derivatives		—		271,544		—		271,544
Interest rate derivatives (a)		—		24,946		—		24,946
Deferred compensation plan assets		40,223		—		—		40,223

Total assets	$	40,512	$	326,639	$	—	$	367,151


Liabilities:
Commodity derivatives	$	—	$	170,732	$	13,351	$	184,083
Pioneer Southwest credit facility		—		84,542		—		84,542
5.875% senior notes due 2016		482,139		—		—		482,139
6.65% senior notes due 2017		529,972		—		—		529,972
6.875% senior notes due 2018		496,698		—		—		496,698
7.50% senior notes due 2020		512,158		—		—		512,158
7.20% senior notes due 2028		250,000		—		—		250,000
2.875% senior convertible notes due 2038 (b)		742,800		—		—		742,800

Total liabilities	$	3,013,767	$	255,274	$	13,351	$	3,282,392

(a)	Subsequent to June 30, 2011, the Company terminated the interest rate derivatives shown in the table above and received $26.1 million of proceeds. See Note G for additional information about the Company's interest rate derivatives.

(b)	The fair value of the 2.875% senior convertible notes includes the fair value of the conversion privilege.

Fair Value Measurements Using Significant Unobservable Inputs


Fair Value Measurements Using Significant Unobservable Inputs (Level 3)	Three Months Ended June 30, 2011			Six Months Ended June 30, 2011
	(in thousands)

Beginning liability balance	$	(16,675	)	$	(9,556	)
Total gains and losses:
Net unrealized gains (losses) included in earnings (a)		3,324			(3,795	)
Net realized losses included in earnings (a)		(4,629	)		(7,325	)
Settlement payments		4,629			7,325

Ending liability balance	$	(13,351	)	$	(13,351	)

(a)	Non-hedge derivatives gains and losses are included in net derivative (gains) losses in the accompanying consolidated statements of operations.

Fair Values Of The Company Financial Instruments


	June 30, 2011				December 31, 2010
	Carrying Value		Fair Value		Carrying Value		Fair Value
	(in thousands)

Assets:
Commodity price derivatives	$	271,544	$	271,544	$	304,434	$	304,434
Interest rate derivatives (a)	$	24,946	$	24,946	$	18,256	$	18,256
Trading securities	$	30,438	$	30,438	$	467	$	467
Deferred compensation plan assets	$	40,223	$	40,223	$	36,162	$	36,162

Liabilities:
Commodity price derivatives	$	184,083	$	184,083	$	136,867	$	136,867
Interest rate derivatives	$	—	$	—	$	704	$	704
Pioneer credit facility	$	—	$	—	$	49,000	$	58,382
Pioneer Southwest credit facility	$	87,000	$	84,542	$	81,200	$	77,241
5.875 % senior notes due 2016	$	401,037	$	482,139	$	396,880	$	475,194
6.65 % senior notes due 2017	$	484,114	$	529,972	$	484,046	$	516,632
6.875 % senior notes due 2018	$	449,209	$	496,698	$	449,192	$	480,969
7.50 % senior notes due 2020	$	446,572	$	512,158	$	446,433	$	494,145
7.20 % senior notes due 2028	$	249,927	$	250,000	$	249,925	$	259,350
2.875% senior convertible notes due 2038 (b)	$	453,119	$	742,800	$	444,994	$	728,400

(a)	Subsequent to June 30, 2011, the Company terminated the interest rate derivatives shown in the table above and received $26.1 million of proceeds. See Note G for additional information about the Company's interest rate derivatives.

(b)	The fair value of the 2.875% senior convertible notes includes the fair value of the conversion privilege.

- Definition

Tabular disclosure of assets and liabilities by class, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). The disclosures that may be required or desired include: (a) the fair value measurements recorded during the period and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring and/or nonrecurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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