Pioneer Natural Resources Company’s $132 Million Sale of South Texas Sinor Nest Oil Assets

Vinson & Elkins advised Pioneer Natural Resources Company on the deal

Pioneer Natural Resources Company (NYSE:PXD) has signed a purchase and sale agreement with an undisclosed third party to sell approximately 2,900 net acres in the Sinor Nest (Lower Wilcox) field for net proceeds of $132 million, subject to normal closing adjustments. The transaction is expected to close during the fourth quarter of 2018, subject to the satisfaction of customary closing conditions.

The acreage is located in Live Oak County, Texas, and averaged net production of approximately 3,100 barrels of oil equivalent per day during the second quarter of 2018. The assets being sold represent all of Pioneer’s interests in the field, including all of its producing wells and the associated infrastructure.

Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States.

Vinson & Elkins advised Pioneer Natural Resources Company with a team including John Grand (Picture) with senior associate Elena Sauber and associate Danny Nappier.

Involved fees earner: John Grand – Vinson & Elkins LLP; Elena Sauber – Vinson & Elkins LLP; Daniel Nappier – Vinson & Elkins LLP;

Law Firms: Vinson & Elkins LLP;

Clients: Pioneer Natural Resources Company;