74.7 F
Fort Worth
Sunday, September 27, 2020
- Advertisements -
Energy Pioneer, Sinochem close $1.7B Wolfcamp shale transaction

Pioneer, Sinochem close $1.7B Wolfcamp shale transaction

Other News

Closing prices for crude oil, gold and other commodities

The Associated Press Benchmark U.S. crude oil for September delivery rose 31 cents to settle at $41.60 a barrel Monday. Brent crude...

Trump to discuss energy, tour oil rig, raise money in Texas

By DARLENE SUPERVILLE Associated PressWASHINGTON (AP) — President Donald Trump will shift his focus to American energy dominance during a stop in...

Basic Energy Services makes organizational changes

Fort Worth-based Basic Energy Services, Inc. (OTCQX: BASX) in late May announced the implementation of changes to the organizational structure of the...

Texas oil producers were cutting output before Railroad Commission chose not to, Commissioner Christi Craddick says

By Cassandra PollockMay 12, 2020 Texas Railroad Commissioner Christi Craddick on Tuesday doubled down on the agency’s recent decision...
Robert Francis
Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

A. Lee Graham Reporter

Pioneer Natural Resources Co. has closed its previously announced transaction with Sinochem Petroleum USA LLC, a U.S. subsidiary of the Sinochem Group. The deal sees Dallas-based Pioneer sell 40 percent of its interest in about 207,000 net acres leased by the company in the Wolfcamp Shale play in West Texas for $1.7 billion. At closing, Sinochem paid to Pioneer $631 million in cash, of which $522 million was the up-front portion of the transaction price, with $109 million representing Sinochem’s 40 percent share of net expenditures in the joint interest area. Sinochem will pay the remaining $1.2 billion by carrying 75 percent of Pioneer’s share of future drilling and facilities costs until the drilling carry is fully utilized. Production from the joint interest area is approaching 10,000 barrels oil equivalent per day, and Sinochem will commence receiving its share effective immediately. Sinochem is acquiring 82,800 net acres of Pioneer’s leasehold, with Pioneer retaining 60 percent of its interest in the Wolfcamp and deeper horizons, and Sinochem receiving 40 percent of Pioneer’s interest. Pioneer will continue serving as operator and will conduct all leasing, drilling, operations and marketing activities in the joint interest area. The joint interest area spans certain portions of Upton, Reagan, Irion, Crockett and Tom Green counties. Pioneer Natural Resources Co. is an independent oil and gas exploration and production company. More information is available at www.pxd.com. Sinochem is a Chinese conglomerate whose core businesses comprise energy, agriculture, chemicals, real estate and financial services. More information is available at www.Sinochem.com.  

- Advertisements -
- Advertisements -

Latest News

Permian investments grow as market shows signs of recovery

CARLSBAD, N.M. (AP) — An American energy investment company has pledged $8.5 million to develop oil and gas assets in the Permian...

Closing prices for crude oil, gold and other commodities

The Associated Press Benchmark U.S. crude oil for November delivery rose 33 cents to $39.93 a barrel Wednesday. Brent crude oil for...

Closing prices for crude oil, gold and other commodities

The Associated Press Benchmark U.S. crude oil for October delivery rose 81 cents to $40.97 a barrel Thursday. Brent crude oil for...

U.S. Energy Development Corp. announces $8.5 million deal in the Permian Basin

U.S. Energy Development Corporation, an exploration and production firm that provides direct investments in energy, has announced an interest in a horizontal...

Closing prices for crude oil, gold and other commodities

The Associated PressBenchmark U.S. crude oil for October delivery fell 7 cents to $37.26 a barrel Monday. Brent crude oil for November...