In late February, the Pioneer Natural Resources Co. team wrapped the year-end earnings call and was filing the 10-K while readying to refinance senior notes due 2021 and 2022.

In January, it had paid off its $450 million of 7.5% senior notes due this year, using cash on hand.

It had an undrawn $1.5 billion bank revolver. The 2021 maturing notes totaled $500 million. After that, it had $600 million maturing in 2022; $500 million in 2026; and $250 million in 2028.

Cash on hand was $631 million.

It was now Friday, Feb. 21. “We had our 10-K ready to be filed, along with a new bond offering ready to go—five- and 10-year bonds,” said Rich Dealy, president and COO.

The 10-K was filed on Monday. The bond offerings wouldn’t happen, though.

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