Pioneer Natural Resources Company Receives Final $500 Million Payment from Enterprise for EFS Midstream
Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer” or “the
Company”) today announced that it has received the second, and final,
installment payment of $500 million from Enterprise Products Partners
L.P. for the sale of the Company’s interests in EFS Midstream LLC (Eagle
Ford Shale midstream business). The Company agreed to sell its 50.1%
interest in EFS Midstream to Enterprise in June 2015 for $1,030 million
after debt repayment. The initial $530 million payment from Enterprise
was received at the closing in July 2015. Pioneer expects to use the
proceeds from the sale for general corporate purposes, including funding
of the drilling program across the Company’s extensive acreage position
in the Spraberry/Wolfcamp play in the Permian Basin of West Texas.
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, product supply and demand, competition, the ability to obtain
environmental and other permits and the timing thereof, other government
regulation or action, the ability to obtain approvals from third parties
and negotiate agreements with third parties on mutually acceptable
terms, the costs and results of drilling and operations, availability of
equipment, services, resources and personnel required to perform the
Company’s drilling and operating activities, access to and availability
of transportation, processing, fractionation and refining facilities,
Pioneer's ability to implement its business plans or complete its
development activities as scheduled, quality of technical data,
environmental and weather risks, including the possible impacts of
climate change, and acts of war or terrorism. These and other
risks are described in Pioneer's 10-K and 10-Q Reports and other filings
with the U.S. Securities and Exchange Commission (SEC). In
addition, Pioneer may be subject to currently unforeseen risks that may
have a materially adverse impact on it. Pioneer undertakes no
duty to publicly update these statements except as required by law.
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Copyright Business Wire 2016
Source: Business Wire
(July 11, 2016 - 4:30 PM EDT)
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