Pioneer Natural Resources Co. (PXD) Posts Q2 EPS of 41c

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LINN Energy Announces $340 Million Acquisition From Pioneer Natural Resources

August 4, 2014 4:09 PM EDT

HOUSTON, Aug. 4, 2014 (GLOBE NEWSWIRE) -- LINN Energy, LLC (Nasdaq: LINE) ("LINN" or "the Company") and LinnCo, LLC (Nasdaq: LNCO) ("LinnCo") announced today that LINN has signed a definitive purchase agreement to acquire assets in the Hugoton Basin from Pioneer Natural Resources Company (NYSE: PXD) ("Pioneer") for a contract price of $340 million. The assets are currently producing approximately 40 MMcfe/d, approximately 60 percent of which is natural gas, with a shallow base decline of approximately six percent. Total proved reserves are estimated to be approximately 340 Bcfe... More