Pioneer Natural Resources Company and Pioneer Southwest Energy Partners L.P. Announce Pricing of Public Offering of Common Un...
December 13 2011 - 8:46AM
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 the pricing of a public offering of
4,400,000 common units representing limited partner interests in
the Partnership at $29.20 per common unit. Gross proceeds to the
Partnership from the offering of 2,600,000 primary common units
will be $76 million (before underwriting discounts and commissions
and offering expenses). 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. The offering is scheduled to
close December 16, 2011.
In addition to the shares sold by the Partnership, Pioneer,
through a wholly-owned subsidiary, sold 1,800,000 common units in
the offering, for gross proceeds to Pioneer of $53 million (before
underwriting discounts and commissions). 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. Pioneer intends
to use the proceeds it receives from this offering for general
corporate purposes, including funding Pioneer’s future capital
requirements.
Citigroup, Wells Fargo Securities, BofA Merrill Lynch and
Deutsche Bank Securities are acting as joint book-running managers.
A copy of the 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, as amended. 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 and the anticipated closing date
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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