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

8:30 AM MDT | June 11, 2013 | Deepti Ramesh

Pioneer Natural Resources (Irving, TX) and Sinochem (Beijing) say that they have closed a previously announced deal under which Sinochem acquires 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. At closing, Sinochem paid $631 million in cash to Pioneer, of which $522 million was the up-front portion of the transaction price and $109 million was Sinochem’s 40% share of expenditures in the...

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