Pioneer Natural Resources Co. (NYSE: PXD) has given notice to holders of its 2.875% convertible senior notes due 2038 that it will redeem all of the outstanding notes on May 16 at a redemption price equal to 100% of the aggregate principal amount of the notes and accrued, but unpaid interest, if any, to, but excluding, the redemption date.

In lieu of surrendering notes for redemption, holders may elect to convert the notes at any time before May 15. Holders who wish to convert their notes must comply with the procedures set forth in the agreements governing the notes and surrender their notes to Wells Fargo Bank, National Association, as conversion agent, through the facilities of The Depository Trust Co.

As of April 12, notes in an aggregate principal amount of US $198 million were outstanding, excluding an aggregate principal amount of US $20 million of notes for which the holders have delivered elections to convert their notes and which are pending settlement.

Pioneer is an independent E&P company with operations in the US. The company is headquartered in Dallas.