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A&D - Pioneer sells non-core Midland Basin acreage for $65MM - August 2019

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Permian pure-play Pioneer Natural Resources recently sold 3,300 net acres in northern Martin County, Texas, for $65 million cash, amounting to nearly $20,000/acre. Pioneer considered the acreage non-core and had no near-term development plans there. In its Q2 earnings call, CEO Scott Sheffield contextualized the $20,000/ acre transaction cost with other recent deals in the area, mainly Occidental Petroleum’s $57 billion acquisition of Anadarko and EcoPetrol’s new JV with OXY: “For the Oxy transaction,......
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