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.