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Wednesday, January 30, 2013

Pioneer Natural signs $1.7 billion shale deal with China's Sinochem, (NYSE: PXD)

Oil and gas producer Pioneer Natural Resources Co said it will sell 40 percent of its interest in the Wolfcamp shale field in Texas to China's state-run Sinochem Group Co Ltd for $1.7 billion. Sinochem will pay $500 million in cash and will fund a portion of Pioneer's share of drilling and facilities costs.

Pioneer Natural Resources Company (Pioneer) is an independent oil and gas exploration and production company with operations in the United States and South Africa. Shares of PXD remained unchanged at $117.37. In the past year, the shares have traded as low as $77.41 and as high as $119.19. On average, 1384930 shares of PXD exchange hands on a given day and today's volume is recorded at 57730.