Bracewell LLP advised Pioneer Natural Resources Company on the deal
Pioneer Natural Resources Company (NYSE:PXD) has entered into an agreement withProPetro Holding Corp. (NYSE:PUMP) by which ProPetro will become a strategic long-term service provider to Pioneer providing pressure pumping and related services for up to 10 years. Under the agreement, Pioneer will divest its pressure pumping assets (“PPS”) to ProPetro in exchange for total consideration of $400 million comprised of $110 million of cash and 16.6 million shares of PUMP common stock representing approximately 17% ownership in ProPetro following issuance. The transaction is expected to close during the fourth quarter of 2018, subject to the satisfaction of customary closing conditions, including regulatory approval.
Bracewell advised with a team including G. Alan Rafte (Picture), Jason M. Jean, Troy L. Harder, Bruce R. Jocz, Rebecca L. Baker, Elizabeth L. McGinley, Daniel E. Hemli, Matt Paulson, Amy Karff Halevy, Jeffrey B. Andrews, Steven J. Lorch, Sidney Troy Nuñez, W. Jared Berg, Shannon L. Baldwin and Patrick K. Johnson.
Involved fees earner: Alan Rafte – Bracewell; Jason Jean – Bracewell; Troy Harder – Bracewell; Sidney Troy Nuñez – Bracewell; Jared Berg – Bracewell; Patrick Johnson – Bracewell; Bruce Jocz – Bracewell; Rebecca Baker – Bracewell; Amy Karff Halevy – Bracewell; Elizabeth McGinley – Bracewell; Steven Lorch – Bracewell; Daniel Hemli – Bracewell; Matt Paulson – Bracewell; Jeffrey Andrews – Bracewell;
Law Firms: Bracewell;
Clients: Pioneer Natural Resources Company;