Filed by Pioneer Natural Resources Company
(Commission File No.: 001-13245)
Pursuant to Rule 425 under the Securities Act of 1933
and deemed filed pursuant to Rule 14a-12
of the Securities Exchange Act of 1934
Subject Company: Pioneer Natural Resources Company
(Commission File No.: 001-13245)
The following article was posted by The Midland Reporter-Telegram on January 4, 2024:
New Pioneer CEO focuses on company as ExxonMobil merger awaits
Midland-Reporter Telegram
By Mella McEwen
4 January 2024
As the blockbuster merger of ExxonMobil and
Pioneer Natural Resources moves towards its resolution at some point in the first half of the year, Pioneer is transitioning to a new chief executive officer.
Richard Dealy has assumed the position of chief executive officer, succeeding Scott Sheffield, who has taken the
non-executive role of special advisor to the CEO. Both will continue to serve on Pioneers board of directors.
Dealy, previously Pioneers president and chief executive officer, has been credited with helping Pioneer enjoy a successful period of growth that saw
the company build one of the strongest investment-grade balance sheets in the industry, become the largest oil producer in the State of Texas, report six consecutive years of operational efficiency improvements and successfully integrate the
acquisitions of Parsley Energy and Double Point Energy.
He took a few moments from settling into his new role as CEO to participate in an email interview
to discuss his new role as Pioneer prepares to merge into ExxonMobil.
Q: Pending the acquisition by ExxonMobil, what will your role be in the transition
and what will your role be afterward?
A: At this point, I am not really thinking about any future roles. My focus is directed toward continuing to work
alongside our 2,000 dedicated employees to execute on our program and deliver value to our shareholders. While we are taking steps to plan for an integration with ExxonMobil, we continue to operate as two independent companies until the deal
closes.
Q: As the new CEO, what is your vision for Pioneer, at least until the acquisition is completed?
A: Until the merger is completed, we are continuing to operate as an independent company and focus on the strategy we laid out for our investors. That means
growing annual oil production between three to five percent with total production growing a bit more as efficiently and economically as we can. Of course, at the same time were working constructively with the FTC in its review of
the transaction, and we continue to expect the deal to be completed in 2024, subject to the fulfillment of the closing conditions.
Q: When you spoke at
last years State of Oil and Gas luncheon presented by the Midland Chamber of Commerce, you were upbeat about the industry while also looking beyond your traditional Spraberry activity. What are your feelings for this year?
A: I am still upbeat on the industry and think the world will continue to need low-cost, low-emissions, and reliable energy that the US provides. Moving forward in 2024, we see Brent oil prices averaging $80 or above.
Were not at those price levels today, but I do think were going to see a pickup in the forecasted global demand growth, which will soak up the
incremental supply we have today and contribute to a more balanced market as we progress through 2024 and into 2025.
Q: What about Pioneers
involvement with the communities where you work? Exxon through its XTO subsidiary is also quite active in the communities where it works
A:
There is no change in our philosophy and strong support for our communities. We will continue working to ensure the communities where we live and work flourish. I am confident that after merger, the combined company will continue to be strongly
committed to our communities.
Q: Finally, what are your overall thoughts on the mergers and acquisition market? ExxonMobil-Pioneer kicked off a run of
significant mergers as 2023 came to a close, and 2024 is expected to bring more of the same.
A: My primary focus is on our own business these days. It is
hard to predict what other companies will do given the recent pullback in commodity prices and current interest rate environment.