Pioneer Natural Resources Company Announces Sale of Raton Assets for $79 Million
June 13 2018 - 4:15PM
Business Wire
Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer”
or “the Company”) today announced that it has signed a purchase and
sale agreement with Evergreen Natural Resources LLC to sell all of
its assets in the Raton Basin in southeastern Colorado for $79
million, subject to normal closing adjustments. The transaction is
expected to close by the end of July 2018, subject to the
satisfaction of customary closing conditions.
Timothy L. Dove, President and CEO, stated, “I want to
personally thank all of our Raton employees for their strong
efforts, dedication and the value they have created for our
shareholders. I am pleased that Evergreen plans to build on this
success.”
The assets being sold represent all of Pioneer’s interests in
the field, including all of its producing gas wells and the
associated infrastructure. The sale of Pioneer’s Raton assets is
expected to result in a pretax noncash loss of $65 million to $75
million, which is expected to be recorded during the second quarter
of 2018. Net production from Raton assets averaged approximately 84
million cubic feet per day (14 thousand barrels of oil equivalent
per day) during the first quarter of 2018, consisting entirely of
natural gas.
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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version on businesswire.com: https://www.businesswire.com/news/home/20180613006136/en/
Pioneer Natural ResourcesInvestorsNeal Shah,
972-969-3900orTom Fitter, 972-969-1821orMedia and Public
AffairsTadd Owens, 972-969-5760orRobert Bobo, 972-969-4020
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