Pioneer selling West Texas assets for $266 million

Pioneer Natural Resources said this week it’s signed a purchase-sale agreement with an undisclosed buyer to sell an acreage package in northeastern Martin County, in West Texas, for $266 million.

Current net production from the sold assets in the Permian Basin is roughly 1,500 barrels oil-equivalent per day (BOE/d), Kallanish Energy learns.

The acreage, when combined with previously-announced acreage sales in Texas’ Upton and Andrews counties and ongoing acreage trades, are part of Pioneer’s upgrading of its portfolio in the Midland Basin, the Irving, Texas-based independent producer said.

The sale, effective Jan. 1, 2017, is expected to close by May 1.