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): January 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
(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 Press Release dated January 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, 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 2000 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.
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 January 9, 2002, the Company issued a news release updating its fourth
quarter 2001 outlook based on current expectations and partial quarter actual
results, outlined recent developments in Argentina and other areas of operation,
and provided information on the status of its hedging program. The news release
is attached hereto as Exhibit 99.1 and incorporated by reference herein.
The following table summarizes, as of January 9, 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 JANUARY 9, 2002
Open Oil Hedge Positions
2002 2003
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First &
First Second Third Fourth Second
Quarter Quarter Quarter Quarter Year Quarters
-------- -------- -------- -------- -------- --------
Daily oil production:
Swaps:
Volume (Bbl).......... 17,000 8,000 12,000 9,000 11,479 6,000
NYMEX price........... $ 27.41 $ 26.35 $ 23.69 $ 23.16 $ 25.40 $ 24.02
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:
Volume (Mcf).......... 140,000 140,000 190,000 190,000 165,205 117,500 105,000 50,000
NYMEX Price* (MMBtu).. $ 4.35 $ 4.35 $ 4.25 $ 4.25 $ 4.30 $ 3.70 $ 3.75 $ 3.60
Collars:
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
Deferred Gains (Losses) on Terminated Commodity Hedges
2002 2003 2004
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First Second Third Fourth
Quarter Quarter Quarter Quarter Year
-------- -------- -------- -------- --------
Oil**................... $ 680 $ - $ - $ - $ 680 $ - $ -
Gas**................... (11,390) (11,516) (11,643) (11,643) (46,192) 49,014 30,791
------- ------- ------- ------- ------- ------- -------
$(10,710) $(11,516) $(11,643) $(11,643) $(45,512) $ 49,014 $ 30,791
======= ======= ======= ======= ======== ======= =======
* 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 $680 thousand receivable for the 2002
oil hedge gains, (ii) a $30.3 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: January 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
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99.1* Press Release dated January 9, 2001
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* filed herewith
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