Pioneer Natural Resources Responds To FTC Settlement Complaint Filed As Part Of Approval Of Proposed Transaction With ExxonMobil

We disagree and are surprised by the FTC's Complaint saying that Mr. Sheffield's record and statements on matters of public interest should disqualify him from serving on the ExxonMobil Board of Directors. Notwithstanding, Pioneer and Mr. Sheffield are not taking any steps to prevent the merger from closing. As he has for his entire career, Mr. Sheffield is electing to place the interests of investors, employees and the competitive health of the U.S. energy industry ahead of his own.