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 31, 2003
PIONEER NATURAL RESOURCES COMPANY
(Exact name of Registrant as specified in its charter)
DELAWARE 1-13245 75-2702753
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(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
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(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
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PIONEER NATURAL RESOURCES COMPANY
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
99.1 News Release dated March 31, 2003
99.2 News Release dated March 31, 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, acts of war and terrorism. These and other
risks are described in the Company's 2002 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 31, 2003, the Company issued two news releases that are attached
hereto as exhibits 99.1 and 99.2.
The news release included herein as exhibit 99.1 announced, together with
related information, (i) that production began from the Company-operated Falcon
field in the western deepwater Gulf of Mexico on March 15, 2003 and that the
two-well development is currently producing approximately 185 million cubic feet
of gas and 650 barrels of condensate per day, (ii) that the Company has approved
the development of the Harrier discovery, which has estimated gas reserves of 55
to 80 billion cubic feet, as a single-well subsea tie-back to the Falcon field
facilities, and (iii) that the Company has acquired the remaining 25 percent
working interest that it did not already own in 32 blocks in the Falcon area,
including the Falcon field, the Harrier field and related satellite prospects
from Mariner Energy ("Mariner") for a net cash payment of approximately $113
million including normal closing adjustments and the assumption of certain
contractual obligations of Mariner. The Mariner transaction was approved by
Mariner's board of directors and was closed on Friday, March 28, 2003, with
payment into escrow. The transfer from escrow is contingent upon receipt of a no
objection notice from the creditors committee of Enron Corp., which owns an
interest in Mariner.
The news release included herein as exhibit 99.2 announced, together with
related information, (i) that the Company has set a new Company record for North
American gas production with the addition of production from the Falcon field,
the second of five significant projects that the Company plans to bring on
stream through early 2004; and expects that the Company's worldwide daily
production will be up approximately 80 percent from where it started in the
second quarter of 2002 and that U.S. gas production is expected to be up
approximately 180 percent over the same period in 2002 and (ii) provided an
update on operations conducted during the first quarter of 2003, including
results of its development and exploration drilling activities.
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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: March 31, 2003 By: /s/ RICHARD P. DEALY
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Richard P. Dealy
Vice President and Chief Accounting Officer
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PIONEER NATURAL RESOURCES COMPANY
EXHIBIT INDEX
Exhibit No. Description
99.1* News Release dated March 31, 2003
99.2* News Release dated March 31, 2003
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* filed herewith
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