Pioneer Pursuing Divestment of Barnett Shale Assets

Source: www.gulfoilandgas.com 9/6/2012, Location: North America

Pioneer Natural Resources Company (PXD) (Pioneer) announced the Company is pursuing the divestment of its properties in the Barnett Shale.

Since entering the Barnett Shale in 2007, Pioneer has accumulated approximately 155,000 gross acres, of which approximately two-thirds are located in the liquids-rich Barnett Shale Combo play. The remaining one-third are located in the dry gas area of the play. The Company has grown production to approximately seven thousand barrels oil equivalent per day, of which approximately 55% is liquids (oil and natural gas liquids) and 45% is dry gas.

Scott Sheffield, Chairman and CEO, stated, “The sale of our Barnett Shale properties will allow us to strategically reallocate capital to our higher-return, core assets in the Spraberry vertical play, the horizontal Wolfcamp Shale play and the Eagle Ford Shale. We plan to utilize the net proceeds from the divestiture to reduce indebtedness under Pioneer's credit facility.”

Pioneer expects to open a data room in October and is targeting completion of the divestiture process during the first quarter of 2013. RBC Richardson Barr has been engaged to market the assets for the Company.


United States >>  6/10/2022 - Schlumberger and Subsea 7 announced that the Subsea Integration Alliance has been renewed for another seven years. ...
United States >>  6/1/2022 - Subsea 7 today announced the award of a sizeable(1) contract by Chevron for the development of the Ballymore project offshore US Gulf of Mexico, in wa...

United States >>  5/30/2022 - Fugro services will support both inshore and offshore towing of the 24,000-ton structure as it leaves the coast of Texas and travels 800 km to the Vit...

Related Categories: Coalbed Methane  General  Heavy Oil  Methane Clathrate  Oil Sands  Oil Shale  Shale Gas  Tight Gas  Tight Oil 

Related Articles: Coalbed Methane  General  Heavy Oil  Methane Clathrate  Oil Sands  Oil Shale  Shale Gas  Tight Gas  Tight Oil 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.