Pioneer Natural Resources Discontinuing Divesture Process for Barnett Shale Properties
DALLAS--(BUSINESS WIRE)--Jan. 30, 2013-- Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer” or “the Company”) today announced the Company 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. The remaining one-third is located in the dry gas area of the play. Production in the fourth quarter of 2012 was approximately nine thousand barrels oil equivalent per day, of which approximately 55% was liquids (oil and natural gas liquids) and 45% was dry gas. Pioneer is currently operating one rig in the Combo Play and plans to continue to focus its drilling activities in this area.
As a result of the planned divestiture, Pioneer’s Barnett Shale properties were reclassified to discontinued operations in the third quarter of 2012. With the discontinuance of the divestment process, the financial and operating results for these properties will be reclassified back to continuing operations beginning in the fourth quarter of 2012.
Pioneer’s future plans for its Barnett Shale properties will be discussed further during Pioneer’s quarterly conference call on Thursday, February 14, 2013, at 9:00 a.m. Central Time, when Pioneer will also discuss its fourth quarter and full-year 2012 financial results and 2013 Capital Budget, with an accompanying presentation. Instructions for listening to the call and viewing the presentation are shown below.
Select “Investors,” then “Earnings & Webcasts,” to listen to the discussion, view the presentation and see other related material.
Telephone: Dial (877) 718-5108, confirmation code: 7431932 five minutes before the call. View the presentation via Pioneer’s internet address above.
A replay of the webcast will be archived on Pioneer’s website. A telephone replay will be available through March 11, 2013 by dialing (888) 203-1112, confirmation code: 7431932.
Pioneer Natural Resources Company is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States. For more information, visit Pioneer’s website at www.pxd.com.
Except for historical information contained herein, the statements, charts and graphs in this presentation are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements and the business prospects of Pioneer are subject to a number of risks and uncertainties that may cause Pioneer's actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things, volatility of commodity prices, product supply and demand, competition, the ability to obtain environmental and other permits and the timing thereof, other government regulation or action, litigation, the costs and results of drilling and operations, availability of equipment, services, resources and personnel required to complete the Company's operating activities, access to and availability of transportation, processing and refining facilities, Pioneer's ability to replace reserves, implement its business plans or complete its development activities as scheduled, access to and cost of capital, quality of technical data, environmental and weather risks, including the possible impacts of climate change, and acts of war or terrorism. These and other risks are described in Pioneer's 10-K and 10-Q Reports and other filings with the Securities and Exchange Commission. In addition, Pioneer may be subject to currently unforeseen risks that may have a materially adverse impact on it. Pioneer undertakes no duty to publicly update these statements except as required by law.
Source: Pioneer Natural Resources Company