Pioneer Natural Resources Co. (NYSE: PXD) recently made headway on its goal of becoming a Permian pure-play with an agreement to sell a portion of its Eagle Ford assets to Sundance Energy Australia Ltd. (NASDAQ: SNDE). Sundance said March 15 it had agreed to acquire Eagle Ford assets in the volatile oil window from Pioneer and its joint venture partner, Reliance Industries Ltd., for $221.5 million. The deal included 21,900 net acres in McMullen, Live Oak, Atascosa and La Salle counties, Texas, and current production of 1,800 barrels of oil equivalent per day (boe/d). The sale is Pioneer’s first move in a strategy announced in early February to sell all assets outside of the Permian, where the E&P plans to focus its entire $2.9 billion capex in 2018.
Source: Daily Dose of ShaleDirectories.com News