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Stock Market & Financial Investment News

News Breaks
January 30, 2013
08:07 EDTPXDPioneer Natural to sel 40% of Wolcamp Shale interest to Sinochem for $1.7B
Pioneer Natural has signed an agreement with Sinochem Petroleum USA LLC, a U.S. subsidiary of the Sinochem Group, to sell 40% of Pioneer’s interest in approximately 207,000 net acres leased by the company in the horizontal Wolfcamp Shale play in the southern portion of the Spraberry Trend Area Field for a total price of $1.7B. Sinochem will pay $500M in cash to Pioneer, before normal closing adjustments, and will pay the remaining $1.2B by carrying a portion of Pioneer’s share of future drilling and facilities costs. The transaction is expected to close during Q2. Pioneer will continue as operator. Sinochem has agreed to fund 75% of Pioneer’s portion of drilling and facilities costs after closing until the $1.2B of drilling carry is fully utilized. Pioneer and Sinochem have agreed to a development plan which forecasts the drilling of 86 horizontal Wolfcamp Shale wells during 2013, increasing to 120 wells in 2014 and 165 wells in 2015.
News For PXD From The Last 14 Days
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July 1, 2015
18:20 EDTPXDShell CEO says Opec production has pressured shale companies, FT reports
In an interview with the Financial Times, Shell (RDS.A, RDS.B) CEO Ben van Beurden said Opec's decision not to cut production has sent a "powerful signal... to shale oil companies as well as their financiers that they cannot forget the price risk. The industry will remember it for some time." The CEO noted that industry efforts to boost efficiency and cut costs should keep production going for "a while to come... until the sweet spots start running out." Publicly traded companies in the space include Chevron (CVX), Anadarko Petroleum (APC), Exxon Mobil (XOM), BP (BP), Marathon Oil (MRO), BHP Billiton (BHP), ConocoPhillips (COP), Pioneer Natural Resources (PXD), EOG Resources (EOG), Concho (CXO), Whiting Petroleum (WLL), and Continental Resources (CLR). Reference Link

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