Pioneer unveils plan to sell US oil and gas assets

US-based independent exploration and production company Pioneer Natural Resources Company is planning to sell its properties in South Texas, Raton and the West Panhandle field in order to solely focus on the Permian Basin operations.

The divestment comprises the company’s Eagle Ford Shale acreage covering around 70,000 net acres and held by production.

The Eagle Ford assets sold had an average net production of around 27,000 barrels of oil equivalent per day (boepd) during the fourth quarter of last year.

Additionally, Pioneer is also expected to offload its acreage in the Sinor Nest Wilcox field.

Pioneer Natural Resources Company president and CEO Timothy Dove said: “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.”

The divestiture of Raton assets covers all of Pioneer’s interests in the field, including its producing gas wells and all other associated infrastructure.

During the fourth quarter of last year, the company achieved average net production of around 86 million cubic feet of gas per day from Raton.

Located in the panhandle region of Texas, the West Panhandle asset had an average net production of about 7,000boepd.

The West Panhandle properties under sale consideration include producing wells and associated infrastructure.