Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer” or “the Company”) today announced that it has signed a purchase and sale agreement with an undisclosed buyer to sell its previously-announced acreage package in northeastern Martin County, Texas, for $266 million, subject to normal closing adjustments. The sale is effective January 1, 2017. Current net production is approximately 1,500 barrels oil equivalent per day.
The northeastern Martin County acreage sale, when combined with previously-announced acreage sales in Upton and Andrews counties and ongoing acreage trades, continues to advance the high-grading of Pioneer’s premier acreage position in the Midland Basin.
The sale is expected to close by the end of April 2017.
Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States. For more information, visit www.pxd.com.