Sterne Agee CRT Maintains Neutral After Pioneer Natural Resources (PXD) Announces Sale of Interest in Eagle Ford Shale Midstream

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Go back to Sterne Agee CRT Maintains Neutral After Pioneer Natural Resources (PXD) Announces Sale of Interest in Eagle Ford Shale Midstream

Pioneer Natural Resources Announces Sale of Eagle Ford Shale Midstream Business for $2.15 Billion

June 1, 2015 9:00 AM EDT

DALLAS--(BUSINESS WIRE)-- Pioneer Natural Resources Company (NYSE: PXD) (Pioneer or the Company) today announced that the Company and Reliance Holding USA, Inc. (Reliance) have entered into a purchase and sale agreement with an affiliate of Enterprise Products Partners L.P. (Enterprise) to sell their Eagle Ford Shale Midstream business (EFS Midstream) for $2.15 billion, subject to regulatory approvals and normal closing adjustments. Pioneer owns 50.1% of EFS Midstream and Reliance owns the remaining 49.9%.

Pioneer and Reliance will also benefit from fee reductions under existing downstream processing and transportation contracts with Enterprise in exchange for extending the... More