Another energy company is wiping its hands of its assets and properties in west Texas and the Panhandle and focusing solely on the Permian Basin.
Pioneer Natural Resources Company, an independent based in Dallas announced the divestiture plans. Up for sale are 70,000 net acres in the Eagle Ford Shale of South Texas. Those assets represent all of Pioneer’s 46% working interest in the play including its producing wells. Net production from those wells averaged nearly 27,000 barrels oil equivalent a day in the 4th quarter 2017.
Pioneer says it’s also separately divesting its acreage in the Sinor Nest Wilcox field. The Raton assets represent all of Pioneer’s interests in the field located in southeastern Colorado and northern New Mexico. Net production from the Raton averaged nearly 86 million cubic feet of gas a day in the last quarter of 2017.
Pioneer’s West Panhandle properties represent 100% of its working interest in the field.
Timothy L. Dove, President and CEO, stated “I want to personally thank all of our South Texas, Raton and West Panhandle employees for their commitment and dedication to the continuing strong performance of these assets. They have created significant value for our shareholders over the many years we have owned these assets. After these divestitures are completed, Pioneer’s operations will be solely in the Permian Basin.”
Prior to the divestiture announcement, Pioneer had focused on development of its operations in the Spraberry/Wolfcamp in the Permian Basin and the Eagle Ford Shale in southern Texas.
The company maintains it is the largest producer in the Spraberry/Wolfcamp and a top operator in the Eagle Ford Shale.
