Pioneer Natural Resources discontinuing divesture process for Barnett Shale properties

Wednesday, January 30, 2013
  • Pioneer commenced a divestiture process for these properties in September 2012.
  • Pioneer holds approximately 155,000 gross acres in the play, of which approximately two-thirds are located in the liquids-rich Barnett Shale Combo play.

Pioneer Natural Resources Company (NYSE:PXD) announced the Company has discontinued efforts to divest its properties in the Barnett Shale.

Pioneer commenced a divestiture process for these properties in September 2012. Several bids were received in December, but none were representative of the value Pioneer places on these properties. As a result, Pioneer will retain operatorship of this asset.

Pioneer holds approximately 155,000 gross acres in the play, of which approximately two-thirds are located in the liquids-rich Barnett Shale Combo play. The remaining one-third is located in the dry gas area of the play. Production in the fourth quarter of 2012 was approximately nine thousand barrels oil equivalent per day, of which approximately 55% was liquids (oil and natural gas liquids) and 45% was dry gas. Pioneer is currently operating one rig in the Combo Play and plans to continue to focus its drilling activities in this area.

As a result of the planned divestiture, Pioneer's Barnett Shale properties were reclassified to discontinued operations in the third quarter of 2012. With the discontinuance of the divestment process, the financial and operating results for these properties will be reclassified back to continuing operations beginning in the fourth quarter of 2012.


Article Tags

Pioneer Natural Resources United States North America Operations Update


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

Popular Headlines View all
Latest Opinion View all
Join 80,000 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!

Create profile

About

OilVoice, established in 2002, is your leading source of upstream news, jobs and industry information.


Newsletter

Each week we send our weekly industry round-up. Why not try it? You may unsubscribe at any time.

Contact Us

Milton Keynes
United Kingdom
Phone: +44 207 993 5991
Contact Us


Stay Connected


2014 © OilVoice  .  Privacy Policy  .  Terms of Service  .  Oil Careers  .  Advertise with us