Pioneer Natural Resources Company Announces Sale of West Panhandle Assets for $201 Million
July 31 2018 - 8:45AM
Business Wire
Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer”
or “the Company”) today announced that it has signed a purchase and
sale agreement with an undisclosed buyer to sell all of its assets
in the West Panhandle field in Texas for $201 million, before
normal closing adjustments. The transaction is expected to close
during the third quarter, subject to the satisfaction of customary
closing conditions and receipt of specified regulatory
approvals.
Timothy L. Dove, president and CEO, stated, “Throughout
Pioneer’s history, the West Panhandle field has been a core asset
that has added significant value for our shareholders and
consistently generated excess cash flow for reinvestment. I want to
personally recognize and thank the West Panhandle field employees
for their dedication and all of their efforts in making this field
an important part of Pioneer’s success.”
The assets being sold represent all of Pioneer’s interests in
the field, including all of its producing wells and the associated
infrastructure. The sale of Pioneer’s West Panhandle assets is
expected to result in a pretax gain of $155 million to $170
million, which is expected to be recorded during the third quarter
of 2018. Net production from West Panhandle field averaged
approximately 6,000 barrels of oil equivalent per day during the
first quarter of 2018.
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/20180731005537/en/
Pioneer Natural ResourcesInvestors:Neal Shah,
972-969-3900orTom Fitter, 972-969-1821orMedia and Public
Affairs:Tadd Owens, 972-969-5760orRobert Bobo, 972-969-4020
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