Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer” or “the Company”) today announced that the Company has entered into an amendment to its purchase and sale agreement with Caelus Energy Alaska LLC, under which it is selling 100% of the equity in Pioneer’s subsidiary, Pioneer Natural Resources Alaska, Inc. As a result of the amendment, at closing the Company will receive cash in the amount of $300 million, subject to normal closing adjustments, plus other consideration. The transaction, as amended, will have an effective date of January 1, 2014, and it is expected to close during the second quarter. The sale continues to be subject to certain conditions, including governmental approvals. As a result of the amendment, the Company expects to recognize an additional noncash loss of approximately $30 million, which will be recorded in the first quarter of 2014.
Pioneer 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 in
this news release 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, government regulation or
action, the ability to obtain approvals from third parties and negotiate
agreements with third parties on mutually acceptable terms, completion
of planned divestitures, and Pioneer's ability to implement its business
plans as scheduled.
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
Pioneer undertakes no duty to publicly update these
statements except as required by law.
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