Pioneer Natural Resources Announces January 12, 2021 Special Meeting of Stockholders Relating to the Acquisition of Parsley Energy, Inc.

Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer“ or “the Company“) today announced that the special meeting of stockholders of the Company (the “Pioneer special meeting”) to approve the issuance of Pioneer common stock pursuant to the merger agreement among the Company, Parsley Energy, Inc. (“Parsley”) and certain subsidiaries of the Company and Parsley, and other shares of common stock of the Company reserved for issuance in connection with the transactions contemplated by the merger agreement, is scheduled to take place on January 12, 2021 at 9:00 am Central Time. The record date for Pioneer stockholders entitled to vote at the Pioneer special meeting is the close of business on December 7, 2020.

Pioneer expects to file a definitive joint proxy statement/prospectus with the U.S. Securities and Exchange Commission relating to the proposed acquisition by Pioneer of Parsley and begin mailing the definitive joint proxy statement/prospectus to the Company’s stockholders in early December 2020. The definitive joint proxy statement/prospectus will be available on the “Investors” section of the Company’s website, as well as www.sec.gov.

As announced on October 20, 2020, Pioneer and Parsley have entered into a definitive merger agreement under which Pioneer will acquire all of the outstanding shares of Parsley in an all-stock transaction. Under the terms of the agreement, Parsley stockholders will receive a fixed exchange ratio of 0.1252 shares of Pioneer common stock for each share of Parsley common stock owned. The Pioneer board unanimously recommends that Pioneer stockholders vote “FOR” the Pioneer stock issuance proposal.

Pioneer stockholders who need assistance in completing the proxy card, require additional copies of the proxy materials, or have questions regarding the Pioneer special meeting may contact Pioneer’s proxy solicitor, D.F. King & Co., Inc., 48 Wall Street, 22nd Floor, New York, NY 10005. Banks and brokers can call collect at [phone], and all others call toll-free at [phone]. Additionally, requests can be submitted by email at [e-mail].

Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States. For more information, visit Pioneer’s website at www.pxd.com.

Additional Information and Where to Find It

This communication may be deemed to be solicitation material in respect of the proposed transaction between Pioneer and Parsley. The proposed transaction will be submitted to Pioneer’s stockholders and Parsley’s stockholders for their consideration. Pioneer and Parsley have filed a joint proxy statement/prospectus (the “Joint Proxy Statement/Prospectus”) with the Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies by Pioneer and Parsley in connection with the proposed transaction. Pioneer has filed a registration statement on Form S-4 (the “Form S-4”) with the SEC, in which the Joint Proxy Statement/Prospectus was included. The information in the Form S-4 is not complete and may be changed. Pioneer and Parsley also intend to file other relevant documents with the SEC regarding the proposed transaction. After the Form S-4 is declared effective by the SEC, the definitive Joint Proxy Statement/Prospectus will be mailed to Pioneer’s stockholders and Parsley’s stockholders. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE PROPOSED TRANSACTION, INVESTORS AND STOCKHOLDERS OF PIONEER AND INVESTORS AND STOCKHOLDERS OF PARSLEY ARE URGED TO READ THE DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND OTHER RELEVANT MATERIALS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY DO AND WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.