Southeastern Asset Management seeks to influence Pioneer Natural Resources

By Lisa Kerner

Charlotte, N.C., May 28 - Pioneer Natural Resources Co. investor Southeastern Asset Management, Inc. said it intends to discuss with management, the board of directors and various third parties opportunities to maximize the value of the company for all shareholders.

In addition, Southeastern seeks to influence the company's board and management to hedge "a meaningful portion" of Pioneer's oil production.

The investor urged the board to consider "the benefit of guaranteeing price realizations dramatically higher than any price previously contemplated in Pioneer's planning history."

Southeastern also wants company shareholders to "consider the merits of collars and then convey those opinions to management," according to a schedule 13D filing with the Securities and Exchange Commission.

The investor reported the sale of 176,500 shares of Pioneer Natural Resources between May 8 and May 23 priced from $66.93 to $72.24 each.

Southeastern Asset Management and its affiliates beneficially own 23,347,057 shares, or 19.5%, of the Irving, Texas, oil and gas company.

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