Pioneer Natural Resources (PXD) and Southeastern Asset Management Announce Agreement To Change Pioneer's Board

March 19, 2009 8:36 AM EDT

Pioneer Natural Resources Company (NYSE: PXD) and Southeastern Asset Management, Inc. announced that they have entered into an agreement that alters the composition of Pioneer's Board of Directors. Southeastern, a value-oriented investment management firm, is Pioneer's largest shareholder and currently holds approximately 23 million shares, or 20% of Pioneer's common stock.

Under the agreement, Pioneer's Board will be reduced from eleven members to ten members, consisting of seven existing Board members and three new directors to be recommended by Southeastern, whose nomination is subject to approval by Pioneer.

"Southeastern is a valued partner and astute investor, and we appreciate their long-term commitment to our vision and continued success," stated Scott Sheffield, Pioneer's Chairman and CEO. "We have always respected the leadership at Southeastern and welcome their insight and ideas, especially during these difficult and challenging economic times. Recognizing Southeastern's ownership of almost 20% of our outstanding shares, Pioneer's Board and management support their efforts to add three new directors to our Board. We look forward to working together with Southeastern and these new directors to enhance value for all Pioneer shareholders."

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