PIONEER NATURAL RESOURCES CO

Pioneer Natural Resources Company is a Delaware corporation with its principal executive office located in Irving, Texas. The company is a large independent oil and gas exploration and production company that focuses on maintaining a strong balance sheet, generating free cash flow, utilizing technological advancements, delivering economic production and reserve growth, and setting high expectations for employee safety. Its primary business is in the Midland Basin in West Texas, where it has interests in the long-lived Spraberry/Wolfcamp oil field. The company's strategy is to maximize the long-term profitability of its physical assets through prudent capital investment decisions, embracing technological innovation, and focusing on price and cost management. Pioneer's website is www.pxd.com, and its common shares are traded on the NYSE under the ticker symbol "PNR." The company's mission is focused on value, safety, the environment, technology, and its people. The company's oil and gas production is marketed using industry practices, and it faces competition from major integrated oil and gas companies, other independent oil and gas companies, and individuals engaged in the exploration and development of oil and gas properties. The industry is highly competitive in the exploration for and acquisition of reserves, marketing of oil, NGLs, and gas production, and the acquisition of equipment and services. The company also faces competition from companies that supply alternative sources of energy.