CORP / Pioneer Announces Stock Option and Stock Purchase Plans
for All Employees and a $100 Million Stock Repurchase
Program
NYSE SYMBOL: PXD
JANUARY 20, 1998
DALLAS, TEXAS--
Employee Stock Option and Stock Purchase Plans
Pioneer Natural Resources Company ("Pioneer") announced that its
Board of Directors has approved one of the oil and gas industry's
first stock option plans for employees at all levels. The Board
further encouraged employee ownership by approving an employee
stock purchase plan through which all employees can purchase
Pioneer shares at a discount.
Under the employee stock option plan, all employees of Pioneer
previously not eligible for stock options will receive an annual
award of options to purchase common stock of Pioneer at the price
prevailing on the date of the grant. Under this plan, the Company
expects to issue approximately 350,000 options to the above group
in 1998 based on current employment levels.
The employee stock purchase plan allows all non-officer employees
to purchase Pioneer stock at a 15 percent discount through payroll
deductions. Under this plan, employees have elected to allocate
approximately $850,000 of their 1998 compensation to purchase
Pioneer stock. Based on current stock prices, approximately
40,000 shares would be issued under this plan.
"The Board has approved these plans to support Pioneer's
philosophy of aligning the interests of employees with the
interests of shareholders. This program is one of the first in
the oil and gas industry and highlights our commitment to foster a
spirit of teamwork and a sense of ownership for all employees of
Pioneer," stated Jon Brumley, Pioneer's Chairman.
Stock Repurchase Program
Pioneer also announced that its Board of Directors has approved a
program allowing the Company to repurchase up to $100 million of
Pioneer common stock in the open market.
Scott Sheffield, Pioneer's President and Chief Executive Officer,
said, "The volatility in commodity prices coupled with our growth
prospects provide Pioneer the opportunity to repurchase its shares
at attractive prices. Additionally, the repurchase program allows
the Company to offset the dilutive effect of the Company's
employee stock option and stock purchase plans."
Headquartered in Dallas, Pioneer is one of the largest independent
(non-integrated) exploration and production oil and gas companies
in North America, with major operations in the United States,
Canada and Argentina.
Safe Harbor for forward-looking statements: Except for historical
information contained herein, the statements in this News Release
are 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, 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 10-K and 10-Q Reports and other filings with the
Securities and Exchange Commission. |
