Pioneer Natural Resources Company Announces Sale of South Texas Sinor Nest Oil Assets for $132 Million
Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer” or “the
Company”) today announced that it has signed a purchase and sale
agreement with an undisclosed third party to sell approximately 2,900
net acres in the Sinor Nest (Lower Wilcox) field for net proceeds of
$132 million, subject to normal closing adjustments. The transaction is
expected to close during the fourth quarter of 2018, subject to the
satisfaction of customary closing conditions.
The acreage is located in Live Oak County, Texas, and averaged net
production of approximately 3,100 barrels of oil equivalent per day
during the second quarter of 2018. The assets being sold represent all
of Pioneer’s interests in the field, including all of its producing
wells and the associated infrastructure.
Pioneer is a large independent oil and gas exploration and production
company, headquartered in Dallas, Texas, with operations in the United
States. For more information, visit www.pxd.com.
Except for historical information contained herein, the statements in
this news release are forward-looking statements that are made pursuant
to the Safe Harbor Provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements and the business
prospects of Pioneer are subject to a number of risks and uncertainties
that may cause Pioneer's actual results in future periods to differ
materially from the forward-looking statements. These risks and
uncertainties include, among other things, volatility of commodity
prices, government regulation or action, the ability to obtain approvals
from third parties and negotiate agreements with third parties on
mutually acceptable terms, completion of planned divestitures and
litigation. These and other risks are described in the Company's Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings
with the Securities and Exchange Commission. In addition, the Company
may be subject to currently unforeseen risks that may have a materially
adverse impact on it. Accordingly, no assurances can be given that the
actual events and results will not be materially different than the
anticipated results described in the forward-looking statements. Pioneer
undertakes no duty to publicly update these statements except as
required by law.
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Source: Business Wire
(October 31, 2018 - 8:30 AM EDT)
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