Pioneer Closes the Sale of South Africa Business to PetroSA

Source: www.gulfoilandgas.com 8/20/2012, Location: Africa

Pioneer Natural Resources Company announced that the Company closed its previously announced sale of its South Africa business to The Petroleum Oil and Gas Corporation of South Africa (SOC) Ltd. (PetroSA) for net consideration of $52 million.

The transaction was effective January 1, 2012. Since that date, Pioneer has received cash of $37.5 million from ongoing operations. The remaining cash proceeds from the sale of $14.5 million were received at closing. Pioneer does not expect any cash tax obligation on this remaining amount. The Company expects to recognize a pre-tax gain in discontinued operations from the sale of $29 million to $35 million when it reports earnings for the third quarter of 2012.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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