Pioneer Natural Prices Stock Offering For Proceeds Of About $1 Bln.

(RTTNews) - Oil and gas company Pioneer Natural Resources Coy (PXD) Wednesday priced a public offering of 5.75 million shares of its common stock for proceeds of about $1 billion.

Citigroup and BofA Merrill Lynch are acting as joint book-running managers and have offered the shares from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market or through negotiated transactions at prevailing market prices or at negotiated prices, the company said.

The offering is expected to close on or about November 10.

The company expects to use the net proceeds from the offering for general corporate purposes, including continuing to develop its industry-leading position in the Spraberry/Wolfcamp play in West Texas and construction of front-end loaded infrastructure.