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NEWS BULLETIN

July 30, 2010 --- Vol. 16, No. 67July 2010

Pioneer reports most productive quarter yet from Oooguruk

Pioneer Natural Resources produced 7,000 barrels per day from the Oooguruk unit in the second quarter of the year, the highest production rates reported from the near shore North Slope oil field since the Texas independent began production two summers ago.

Those results are up by 1,000 bpd from the first quarter and more than double what the company produced in the second quarter of 2009, but about 1,000 bpd lower than forecast because of curtailments caused by a shutdown of the trans-Alaska oil pipeline and pipeline repairs at the Kuparuk River unit, through which Pioneer processes Oooguruk oil, according to Scott D. Sheffield, chairman and chief executive officer of Pioneer.

The company expects production rates to remain up through the rest of the year, projecting a 50 to 60 percent increase over 2009. That forecast is down slightly from the 60 to 70 percent year over year increase the company projected after the first quarter.

Companywide, Pioneer produced 113.5 million barrels of oil equivalent in the quarter.

Pioneer expects to spend $1.2 billion this year, including $960 million for drilling. Of that, about $120 million is budgeted for Alaska, where the company is currently running one rig, making the North Slope the second largest expense area for the company.

See story in Aug. 8 issue, available to subscribers online at noon, Friday, Aug. 6, at www.PetroleumNews.com

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