Pioneer Natural Resources (PXD) Announces Large Midland Basin Acquisition; Will Add Five Horizontal Rigs in H216
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Pioneer Natural Resources Company to Acquire Approximately 28,000 Midland Basin Acres for $435 Million and to Add 5 Horizontal Rigs During the Second Half of 2016
June 15, 2016 4:05 PM EDTDALLAS--(BUSINESS WIRE)-- Pioneer Natural Resources Company (NYSE: PXD) (Pioneer or the Company) today announced that it has signed a purchase and sale agreement with Devon Energy Corporation to acquire approximately 28,000 net acres in the Midland Basin for $435 million, subject to normal closing adjustments. The acreage is located in Martin, Midland, Upton, Reagan, Glasscock, Andrews, Dawson, Gaines and Howard counties. Current net production is approximately 1,000 barrels of oil equivalent per day (BOEPD), with oil comprising approximately 70% of the production. Substantially all of the acreage is held by production.
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