Pioneer Natural Resources Company completes merger of Pioneer Southwest Energy Partners L.P.

Wednesday, December 18, 2013
  • Shares of Pioneer common stock will continue to be traded on the New York Stock Exchange under the ticker symbol 'PXD.'

Pioneer Natural Resources Company (NYSE: PXD) and Pioneer Southwest Energy Partners L.P. (NYSE: PSE) jointly announced the completion of the merger of Pioneer Southwest with a wholly-owned subsidiary of Pioneer, with Pioneer Southwest surviving the merger as an indirect wholly-owned subsidiary of Pioneer, effective today, December 17, 2013. Under the merger agreement, each Pioneer Southwest unitholder eligible to receive the merger consideration will receive 0.2325 of a share of Pioneer common stock for each Pioneer Southwest common unit owned by such unitholder, plus, after aggregating all fractions of shares to which such unitholder would be entitled, a whole share of Pioneer common stock in lieu of any fractional share of Pioneer common stock otherwise issuable to such unitholder in the merger. As a result of the completion of the merger, common units of Pioneer Southwest will cease trading at the close of business today. Shares of Pioneer common stock will continue to be traded on the New York Stock Exchange under the ticker symbol 'PXD.'

The consolidation of the properties of Pioneer and Pioneer Southwest in the Midland Basin in West Texas pursuant to the merger is expected to facilitate Pioneer's plans to fully and optimally develop the area utilizing horizontal drilling and is expected to provide organizational, operational and administrative efficiencies.

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

Related News

Join 70,000 other oil and gas professionals

Network with others, build your profile, and receive the latest oil and gas news in your inbox. It's free!

Your details are never shared or sold. We hate spam too.

» More Jobs       » Upload a free Job       » Upload your CV

More Europe Jobs

More Global Jobs

Opinion & Commentary

  • Eight pieces of our oil price predicament
    A person might think that oil prices would be fairly stable. Prices would set themselves at a level that would be high enough for the majority of producers, so ...
  • Give us a break...
    I see that Oil & gas UK has been talking again about the need for George Osborne to ‘put his money where his mouth is’ (I paraphrase!) and change the fiscal terms operati ...
  • Why it's different this time
    Is this downturn in oil prices going to be different for investors? I think it might. In fact, I think North American energy companies have a good chance of withstanding th ...

» More Opinion & Commentary         » Write for us             RSS RSS

Oil & Gas Training

Mastering 4D Seismic
Ian Jack, London, 06 Nov 2014

Petroleum Geology of West Africa
Duncan Macgregor, London, 12 Nov 2014

Introduction to Contingency Planning: The value to oil and gas companies in high-risk areas
Mark Theobald, London, 18 Nov 2014

All Upcoming Training


Opinions & Commentary

De-marginalising small oil fields

by Edward Marriott

Read More »