Energy Prospectus

Your Nov 30 View from Houston seems like ancient history with some of the price moves the last couple of weeks. One thing that confuses me is the pxd/pe merger. I find it very difficult to understand what pe holders would receive per share if the deal were to close at today's respective closing prices, for instance: pxd-110/pe-14.76. Can you explain? Thx.

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.

Stock for stock mergers are tax free. Your tax basis in PE becomes your tax basis in PXD.

Thx. Simple enough.