Pioneer Natural Resources Company has entered into purchase and sale agreements to sell all of its assets in the Hugoton field and the Barnett Shale for total cash proceeds of $495 million.

Scott D. Sheffield, Chairman and CEO, stated, 'I want to personally thank all of our Hugoton and Barnett Shale employees for their strong efforts, dedication and the value they have created for our shareholders. The sale of these assets will allow us to strategically redeploy capital to our core, oil-related Spraberry/Wolfcamp assets in the Permian Basin of West Texas where we are successfully transforming the substantial resource potential we delineated in 2013 into strong production growth.'

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