Pioneer Natural Resources Co. (PNR) expects to open a data room in October in its efforts to sell its assets in the Barnett shale, where PNR has operated since 2007.
Currently, the Dallas independent has 155,000 gross acres, of which two-thirds are in the liquids-rich Barnett shale play and the rest is in the play’s dry gas area.
PNR has Barnett shale production of 7,000 boe/d, of which 55% is liquids and 45% is dry gas.
Scott Sheffield, PNR chairman and chief executive officer, said, “The sale of our Barnett shale properties will allow us to strategically reallocate capital to our higher-return, core assets in the Spraberry vertical play, the horizontal Wolfcamp shale play, and the Eagle Ford shale.”
PNR said it hopes to complete the divestiture process during first-quarter 2013.