Mesa Offshore Trust (fka MOSH)

[looking backwards]

I have no specific information; but my past experience suggests that this MAJOR CHANGE in the composition of PXD's Board of Directors did NOT occur easily or because PXD management thought it was a "good idea".

Management is hired by the Board of Directors(BOD)to run the company for the benefit of the shareholders. It's the BOD that sets management's compensation and must approve mangement's plans for the direction of the company.

This is a Done Deal ... Southeastern Asset Management is NOW directing those affairs/activities which it considers essential to the survival and performance of PXD. The language of the press release and the timing are not material as to who is now in charge. The shareholders of PXD should be very very thankful; PXD will now be run for their benefit also.

I doubt that Southeastern wanted this level of involvemnt; it comes with added reponsibities and expenses. They clearly must have believed that they NEEDED to protect their investment.

As to "subject to approval by Pioneer" ... Southeastern already has the ownership/equity/votes to approve whom they nominate. Management has a pitifully small equity position ... they have historically sold at every opportunity ... they have sold company assets in order to buy-back stock and not use the funds to invest in the business or substantially reduce debt. And we know what they have perpetrated with regard to MOSH.