Pioneer Natural Resources Co. (PNR) discontinued efforts to divest its properties in the Barnett shale saying that several bids were received during December but none matched the value PNR places on the assets.
As a result, PNR will retain operatorship of the assets. The Dallas independent holds 155,000 gross acres in the play.
PNR’s Barnett shale properties were reclassified to discontinued operations in the third quarter of 2012 (OGJ Online, Sept. 18, 2012).
With the discontinuance of the divestment process, the financial and operating results for these properties will be reclassified back to continuing operations beginning in the fourth quarter of 2012.
PNR’s future plans for its Barnett shale properties will be discussed during a quarterly conference call on Feb. 14.