Sinochem and Pioneer Natural Resources sign $1.7-billion shale deal

Sinochem (Beijing) and Pioneer Natural Resources (Irving, TX) say that they have signed an agreement, under which Sinochem will acquire 40% of Pioneer’s interest in about 207,000 net acres leased by Pioneer in the horizontal Wolfcamp shale play in the southern portion of the Spraberry Trend Area Field, in Texas, for a total price of $1.7 billion. The transaction is expected to close during the second quarter of 2013. At closing, Sinochem will pay $500 million in cash to Pioneer, and will pay the remaining $1.2 billion by carrying a portion of...

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