Pioneer Natural Resources Company and Pioneer Southwest Energy Partners L.P. Announce Public Offering of Common Units
December 12 2011 - 4:18PM
Business Wire
Pioneer Natural Resources Company (“Pioneer”) (NYSE:PXD) and
Pioneer Southwest Energy Partners L.P. (“Pioneer Southwest” or “the
Partnership”) (NYSE:PSE) today announced that the Partnership
has commenced a public offering, subject to market and other
conditions, of 4,400,000 common units representing limited partner
interests. Of the 4,400,000 common units offered, the Partnership
will offer 2,600,000 newly issued common units, bringing the total
common units outstanding to 35,713,700 common units after the
offering. In addition, Pioneer, through a wholly-owned subsidiary,
will offer 1,800,000 common units of the 20,521,200 common units it
currently owns. The Partnership will not receive any proceeds from
the sale of common units by Pioneer. Pioneer has also granted the
underwriters a 30-day option to purchase up to an additional
660,000 common units. The Partnership intends to use the net
proceeds from this offering for general partnership purposes,
including the acceleration of its 2012 drilling program with the
addition of a third drilling rig. Pioneer intends to use the
proceeds it receives from this offering for general corporate
purposes, including funding Pioneer’s future capital requirements.
Pioneer’s remaining interest in Pioneer Southwest will be 52.4%
after the sale of 1,800,000 common units, or 50.6% if the
underwriters exercise their option to purchase an additional
660,000 common units in full.
Citigroup, Wells Fargo Securities, BofA Merrill Lynch and
Deutsche Bank Securities are acting as joint book-running managers.
A copy of the preliminary prospectus supplement and prospectuses
relating to the offering may be obtained from the following
addresses: (i) Citigroup, Attention: Prospectus Dept., Brooklyn
Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220,
telephone: (800) 831-9146 or email at batprospectusdept@citi.com,
(ii) Wells Fargo Securities, Attn: Equity Syndicate Dept., 375 Park
Avenue, New York, NY 10152, telephone: (800) 326-5897 or email at
cmclientsupport@wellsfargo.com, (iii) BofA Merrill Lynch, 4 World
Financial Center, New York, NY 10080, Attn: Prospectus Department
or email dg.prospectus_requests@baml.com or (iv) Deutsche Bank
Securities, Attention: Prospectus Department, Harborside Financial
Center, 100 Plaza One, Jersey City, NJ 07311-3988, telephone: (800)
503-4611 or email at prospectus.cpdg@db.com.
You may also obtain these documents for free when they are
available by visiting EDGAR on the SEC web site at www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities described herein,
nor shall there be any sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. The offering may be made
only by means of a prospectus and related prospectus supplement
meeting the requirements of Section 10 of the Securities Act of
1933. The offering will be made pursuant to two effective shelf
registration statements and prospectuses filed by Pioneer Southwest
with the SEC.
Pioneer is a large independent oil and gas exploration and
production company, headquartered in Dallas, Texas, with operations
primarily in the United States.
Pioneer Southwest is a Delaware limited partnership
headquartered in Dallas, Texas, with current production and
drilling operations in the Spraberry field in West Texas.
Statements about the offering may be forward-looking statements
as defined under federal law. These forward-looking statements rely
on a number of assumptions concerning future events and are subject
to a number of uncertainties and factors, many of which are outside
the control of Pioneer and Pioneer Southwest, and a variety of
risks that could cause results to differ materially from those
expected by management of Pioneer and Pioneer Southwest. These and
other risks are described in Pioneer’s and Pioneer Southwest's
respective 10-K and 10-Q Reports and other filings with the
Securities and Exchange Commission. Pioneer and Pioneer Southwest
undertake no duty to publicly update these statements except as
required by law.
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