Pioneer Natural Resources Company Announces Sale of Selected Eagle Ford Shale Acreage for $102 Million
DALLAS–(BUSINESS WIRE)–Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer” or “the
Company”) today announced that it has signed a purchase and sale
agreement with Sundance Energy, Inc. to sell approximately 10,200 net
acres in the western portion of Pioneer’s Eagle Ford Shale acreage
position for $102 million, subject to normal closing adjustments. The
acreage is located in Atascosa, LaSalle, Live Oak and McMullen Counties,
Texas. Current net production is approximately 1,100 barrels of oil
equivalent per day.
After the sale closes, which is expected during the second quarter of
2018 and is subject to the satisfaction of customary closing conditions,
Pioneer’s acreage position in the Eagle Ford Shale will be approximately
59,000 net acres, all of which is held by production. As previously
announced, the remaining Eagle Ford Shale acreage position is also being
divested, with a data room expected to open next week.
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.
Contacts
Pioneer Natural Resources
Investors:
Frank
Hopkins, 972-969-4065
or
Neal Shah, 972-969-3900
or
Trey
Muir, 972-969-3674
or
Tom Fitter, 972-969-1821
or
Media
and Public Affairs:
Tadd Owens, 972-969-5760
or
Robert
Bobo, 972-969-4020