Pioneer Natural Resources : Wired News – Pioneer Natural Resources Divests Eagle Ford Shale Acreage to Sundance Energy
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LONDON, UK / ACCESSWIRE / March 29, 2018 / Active-Investors.com has just released a free research report on Pioneer Natural Resources Co. (NYSE: PXD) ("Pioneer") If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=PXD as the Company's latest news hit the wire. On March 27, 2018, the Company announced that it has signed an agreement with Sundance Energy, Inc. ("Sundance") to divest a portion of the Company's Eagle Ford Shale acreage position. The divested portion covers roughly 10,200 net acres of the western portion of Pioneer's Eagle Ford Shale acreage. The deal is valued approximately $102 million, subject to adjustments at the time of closing. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Details of the divestment
The divested acreage is in Atascosa, LaSalle, Live Oak, and McMullen Counties, Texas. At present the net production from this acreage is approximately 1,100 barrels of oil equivalent per day. The deal is expected to close in Q2 2018 subject to regulatory approvals and other closing conditions. On completion of the current divestment, Pioneer's acreage position in the Eagle Ford Shale will be approximately 59,000 net acres.
The Company plans to share further details of the remaining assets being divested in Eagle Ford the next week.
In February 2018, the Company had revealed its divestment plans for assets in South Texas, Raton, and the West Panhandle field. Once these assets are divested the Company will be a pure Permian Basin player. The Company believes that by focusing purely in the Permian Basin it would be able to increase revenues, reduce operating expenses, and improve profit margins significantly.
Most of the Company's assets are in Eagle Ford Shale acreage in South Texas with approximately 70,000 net acres. The assets in Eagle Ford Shale acreage being planned for divestment represents 46% of the Company's working interest in the area and includes producing wells and associated infrastructure. The net production from this asset was approximately 27 thousand barrels oil equivalent per day (MBoepd) in Q4 2017. The composition of the production was approximately one-third oil, one-third natural gas liquids (NGLs), and one-third gas. Apart from the Eagle Ford acreage, the Company also has plans to divest its acreage in the Sinor Nest Wilcox field, South Texas separately.
The Company's assets in Raton and West Panhandle include 100% interests in the field, including its producing wells and associated infrastructure. In Q4 2017, the net production from Raton was approximately 86 million cubic feet of gas per day and from West Panhandle assets was approximately 7 MBOEPD of which 20% was oil; 55% was NGLs; and 25% was gas.
Sundance builds assets base in Eagle Ford Shale
While Pioneer has been looking at divestments, Sundance has plans to build-up its assets in Eagle Ford Shale. In March 2018, the Company had revealed that it is looking to raise $331 million from sale of new equity to acquire assets in Eagle Ford Shale in Texas from Companies like Pioneer, Reliance Eagle Ford Upstream Holdings and Newpek.
Earlier on March 15, 2018, Sundance Energy Australia had agreed to acquire the Eagle Ford assets from Pioneer and its joint venture partner, Reliance Industries Ltd, for $221.5 million. The transaction included approximately 21,900 net acres in McMullen, Live Oak, Atascosa and La Salle counties, Texas. The acquired assets have a current production capacity of 1,800 barrels of oil equivalent per day (boe/d). These assets are near Sundance's existing assets in McMullen, Live Oak, Atascosa, and La Salle counties, Texas. On completion of the acquisition, Sundance will own a total of 56,600 net acres, nearly 132 wells and 716 gross undrilled locations across the Eagle Ford Shale acreage. The acquisition is expected to have a positive financial impact and increase the Sundance's scale, production, and cash flows and execute its development plans for FY18 and FY19.
About Sundance Energy
Sundance Energy Australia Limited is an Australian independent energy exploration Company, with a wholly-owned US subsidiary, Sundance Energy Inc., based in Denver, Colorado. The Company is focused on the acquisition and development of large, repeatable oil and natural gas resource plays in North America, especially Eagle Ford.
About Pioneer Natural Resources Co.
Dallas, Texas-based Pioneer is a large independent oil and gas exploration and production Company. The Company is focused on developing two oil-rich shale plays in Texas: the Spraberry / Wolfcamp in the Permian Basin and the Eagle Ford Shale in South Texas.
Stock Performance Snapshot
March 28, 2018 - At Wednesday's closing bell, Pioneer Natural Resources' stock declined 2.46%, ending the trading session at $167.52.
Volume traded for the day: 1.95 million shares, which was above the 3-month average volume of 1.60 million shares.
Stock performance in the previous six-month period ? up 13.51%
After yesterday's close, Pioneer Natural Resources' market cap was at $28.51 billion.
Price to Earnings (P/E) ratio was at 141.01.
The stock has a dividend yield of 0.19%.
The stock is part of the Basic Materials sector, categorized under the Independent Oil & Gas industry.
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