Pioneer Closes Acquisitions of Two Onshore U.S. Core Assets
Pioneer Natural Resources has closed the previously announced purchase of assets in two of its U.S. onshore core areas, the Permian Basin and South Texas, for a combined purchase price of $177 million. The Permian Basin assets were purchased from an affiliate of Occidental Petroleum Corporation, which recently acquired these assets in a larger transaction from an affiliate of Exxon Mobil Corporation. The South Texas assets were acquired from an undisclosed seller.
These purchases add approximately 70 million barrels of
substantially undeveloped proved oil equivalent reserves with daily
production of approximately 1,800 barrels of oil equivalent (BOE) and
an estimated 800 undrilled locations. The Company expects to
accelerate the pace of drilling in each of these low-risk core areas
beginning later this year and anticipates that production from the
acquired assets could exceed 10,000 BOE per day upon full development
of the proved reserves.
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