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News Breaks
January 30, 2013
08:03 EDTPXDPioneer Natural discontinuing divesture process for Barnett Shale properties
Pioneer Natural has discontinued efforts to divest its properties in the Barnett Shale. Pioneer commenced a divestiture process for these properties in September 2012. Several bids were received in December, but none were representative of the value Pioneer places on these properties. As a result, Pioneer will retain operatorship of this asset. Pioneer holds approximately 155,000 gross acres in the play, of which approximately two-thirds are located in the liquids-rich Barnett Shale Combo play. With the discontinuance of the divestment process, the financial and operating results for these properties will be reclassified back to continuing operations beginning in Q4 2012.
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