Pioneer Natural to acquire Pioneer SouthWest to consolidate Permian basin activity

8/12/2013

Pioneer Natural to acquire Pioneer SouthWest to consolidate Permian basin activity 

BY MELODIE WARNER 

DALLAS -- Pioneer Natural Resources is acquiring Pioneer SouthWest Energy Partners in a boosted all-stock deal that values Pioneer SouthWest at roughly $1.46 billion. Both Pioneer Natural and Pioneer Southwest have horizontal drilling operations in the Midland basin in West Texas.

Pioneer Natural first offered in May to buy the Pioneer Southwest interest it didn't already own in a stock-for-unit exchange that valued the company at about $1.1 billion. Pioneer USA owns 100% of the membership interests in the general partner of Pioneer Southwest and about 52% of Pioneer Southwest's units outstanding.

Pioneer Natural is a Dallas-based oil and gas exploration and production company with operations in the U.S. Pioneer Southwest, also based in Dallas, has production and drilling operations in the Spraberry field in West Texas.

Dow Jones Newswires

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