Pioneer Natural Resources Company has entered into an amendment to its purchase and sale agreement with Caelus Energy Alaska LLC, under which it is selling 100% of the equity in Pioneer's subsidiary, Pioneer Natural Resources Alaska, Inc. As a result of the amendment, at closing the Company will receive cash in the amount of $300 million, subject to normal closing adjustments, plus other consideration.

The transaction, as amended, will have an effective date of January 1, 2014, and it is expected to close during the second quarter. The sale continues to be subject to certain conditions, including governmental approvals. As a result of the amendment, the Company expects to recognize an additional noncash loss of approximately $30 million, which will be recorded in the first quarter of 2014.

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