Pioneer Natural Resources (NYSE: PXD) has commenced a public offering of 8 million shares of its common stock.

The company expects to grant the underwriters an option for 30 days to purchase up to an additional 1.2 million shares.

Net proceeds will be used for general corporate purposes, including the acceleration of horizontal appraisal drilling in the northern portion of the company’s Wolfcamp/Spraberry acreage position in West Texas. Pending such use, a portion will be used to repay the outstanding borrowings under the company’s credit facility, with the remaining proceeds to be invested in money-market funds or US treasuries.

Citigroup, Goldman, Sachs & Co., J.P. Morgan and RBC Capital Markets are joint book-running managers.

Pioneer is a large independent oil and gas E&P company, headquartered in Dallas, with operations in the US.