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): October 24, 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 News Release dated October 24, 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, international operations and
associated international political and economic instability, 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 2001 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; "Mcf" means one
thousand cubic feet and is a measure of gas volume; and, "NYMEX" means The New
York Mercantile Exchange.
On October 24, 2002, the Company issued a news release that is attached
hereto as exhibit 99.1. The news release announced the Company's financial and
operating results for the three and nine month periods ended September 30, 2002,
and provides an operational update, the Company's fourth quarter 2002 financial
outlook, based on current expectations, and supplemental commodity hedge
information.
The following table summarizes, as of October 24, 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 the
oil or gas revenues of 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 OCTOBER 24, 2002
Open Oil Hedge Positions
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2002 2003 2004
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Fourth
Quarter
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Daily oil production:
Swaps:
Volume (Bbl).................. 22,000 28,000 14,000
NYMEX price per Bbl........... $ 23.91 $ 24.44 $ 23.11
Worldwide Oil - % Hedged........ 71% 60% 23%
Open Gas Hedge Positions
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2006 &
2002 2003 2004 2005 2007
-------- -------- -------- -------- --------
Fourth
Quarter
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Daily gas production:
Swaps:
Volume (Mcf).................. 140,000 230,000 210,000 90,000 20,000
NYMEX price per MMBtu*........ $ 4.10 $ 3.85 $ 3.85 $ 3.75 $ 3.75
Collars:
Volume (Mcf).................. 120,000 - - - -
NYMEX price per MMBtu*:
Ceiling.................... $ 3.55
Floor...................... $ 2.70
North American Gas - % Hedged... 76% 47% 36%
Deferred Gains (Losses) on Terminated Commodity Hedges (in thousands)
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2002 2003 2004 2005
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Fourth
Quarter
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Deferred gains (losses)** $ (8,645) $ 72,546 $ 45,102 $ 1,220
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* 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 $2.5 million payable for certain 2002
hedge losses and (ii) a $1.3 million receivable for certain of the 2004
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: October 24, 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* News Release dated October 24, 2002
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* filed herewith
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