Pioneer expects to utilize the proceeds from the divestiture for general corporate purposes, including share repurchases, debt reduction and possibly additional bolt-on acquisitions in existing operating areas. The transaction is not expected to have a significant impact on fourth quarter after-tax earnings.
"We thank all of our Canadian employees for the value they have created for our shareholders since we acquired these assets ten years ago. The sale of these assets now will allow us to effectively redeploy capital and enhance our financial flexibility," said Scott D. Sheffield, Chairman and CEO.
Pioneer Natural Resources Company is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States, South Africa and Tunisia.
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