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): April 9, 2002
PIONEER NATURAL RESOURCES COMPANY
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(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
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(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........................................................ 5
Exhibit Index..................................................... 6
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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 April 9, 2002
99.2 News Release dated April 9, 2002
99.3 News Release dated April 9, 2002
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, litigation, the costs and results of drilling and
operations, the Company's ability to replace reserves or implement its business
plans, access to and cost of capital, uncertainties about estimates of reserves,
quality of technical data, and environmental risks. These and other risks are
described in the Company's 2001 Annual Report on Form 10-K that is available
from the Company or the Securities and Exchange Commission.
Within this Current Report on Form 8-K, the following oil and gas terms
have specific meanings: "Bbl" means a standard barrel of 42 United States
gallons; "MMBtu" means one million British thermal units and is an energy
equivalent measure of natural gas; "Mcf" means one thousand cubic feet and is a
measure of natural gas volume; and, "NYMEX" means The New York Mercantile
Exchange.
On April 9, 2002, the Company issued three news releases. The three April
9 news releases are attached hereto as exhibits 99.1, 99.2 and 99.3 and provide
the following information:
o a news release updating the Company's first quarter 2002 outlook
based on current expectations and partial quarter results,
outlining recent developments in Argentina and providing
information on the status of the Company's hedging program.
o a news release announcing that the Company has purchased an
additional 30% working interest in the Falcon field development
and associated acreage in the deepwater Gulf of Mexico for $55
million; signed an agreement to purchase the remaining 23% of the
rights it does not already own in its core area West Panhandle
field in the Texas Panhandle and is in final negotiations on
another agreement to acquire the related West Panhandle field
gathering system for a total purchase price of $138 million; and
the Company's intention to publicly offer and sell 10,000,000 newly
issued shares of its common stock to fund the acquisitions; and
o a news release announcing that the Company's Awena Marin-1 well
drilled in the shallow water offshore Gabon has successfully
extended the Olowi Field and providing an update on the Company's
other exploration activity.
The following table summarizes, as of April 8, 2002, the Company's (i)
open oil hedge positions, (ii) open gas hedge positions and (iii) deferred gains
and losses on terminated commodity hedges. Deferred gains and losses on
terminated commodity hedges will be recognized as increases or decreases to oil
and gas revenues during the periods in which the hedges were originally
scheduled to mature.
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PIONEER NATURAL RESOURCES COMPANY
SUPPLEMENTAL COMMODITY HEDGE INFORMATION
AS OF APRIL 8, 2002
Open Oil Hedge Positions
2002 2003
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First Second Third Fourth
Quarter Quarter Quarter Quarter Year
-------- -------- -------- -------- --------
Daily oil production:
Swaps:
Existing Volume (Bbl).... 17,000 8,000 8,000 5,000 9,463 2,975
NYMEX price.............. $ 27.41 $ 26.35 $ 24.76 $ 24.45 $ 26.23 $ 24.02
New Volume (Bbl)......... - 6,341 13,000 14,000 8,386 10,000
NYMEX price.............. $ 24.59 $ 23.34 $ 23.46 $ 23.63 $ 24.13
Collars:
Volume (Bbl)............. 6,000 6,000 - - 2,975 -
NYMEX price:
Ceiling............... $ 28.61 $ 28.61 $ 28.61
Floor................. $ 25.00 $ 25.00 $ 25.00
Open Gas Hedge Positions
2002 2003 2004 2005
---------------------------------------------------- -------- -------- --------
First Second Third Fourth
Quarter Quarter Quarter Quarter Year
-------- -------- -------- -------- --------
Daily gas production:
Swaps:
Existing Volume (Mcf).... 140,000 140,000 190,000 190,000 165,205 - - -
NYMEX Price* (MMBtu)..... $ 4.35 $ 4.35 $ 4.25 $ 4.25 $ 4.30
New Volume (Mcf)......... - - - - - 40,000 95,000 70,000
NYMEX Price* (MMBtu)..... $ 3.55 $ 3.65 $ 3.70
Collars:
Existing Volume (Mcf).... 20,000 20,000 20,000 20,000 20,000 - - -
NYMEX Price* (MMBtu):
Ceiling............... $ 6.00 $ 6.00 $ 6.00 $ 6.00 $ 6.00
Floor................. $ 4.50 $ 4.50 $ 4.50 $ 4.50 $ 4.50
New Volume (Mcf)......... - 50,000 83,152 100,000 58,630 - - -
NYMEX Price* (MMBtu):
Ceiling............... $ 3.10 $ 3.20 $ 3.20 $ 3.18
Floor................. $ 2.45 $ 2.50 $ 2.50 $ 2.48
Deferred Gains (Losses) on Terminated Commodity Hedges (in thousands)
2002 2003 2004 2005
---------------------------------------------------- -------- -------- --------
First Second Third Fourth
Quarter Quarter Quarter Quarter Year
-------- -------- -------- -------- --------
Oil**...................... $ 2,302 $ 1,640 $ - $ - $ 3,942 $ - $ - $ -
Gas**...................... (11,390) (11,516) (11,643) (11,643) (46,192) 72,546 43,230 1,220
------- ------- ------- ------- ------- ------ ------- -------
$ (9,088) $ (9,876) $(11,643) $(11,643) $(42,250) $72,546 $ 43,230 $ 1,220
======= ======= ======= ======= ======== ====== ======= =======
* Approximate, based on historical differentials to index prices.
** Cash has been paid on deferred hedge losses and received on deferred hedge
gains except for the following: (i) a $1.6 million receivable for the 2002
oil hedge gains, (ii) a $7.4 million payable for certain 2002 gas hedge
losses and (iii) a $1.3 million receivable for certain of the 2003 gas
hedge gains.
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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: April 9, 2002 By: /s/ RICH DEALY
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Rich 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 April 9, 2002
99.2* News Release dated April 9, 2002
99.3* News Release dated April 9, 2002
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* filed herewith
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