Linn Energy LLC, Houston, has closed on its purchase of Hugoton field assets in Kansas from Pioneer Natural Resources Co., Dallas, for cash proceeds of $340 million.
The deal, reported in August, includes all of Pioneer’s interests in the field, along with its producing oil and gas wells, its interest in the Satanta gas processing plant, and other associated infrastructure (OGJ Online, Aug. 4, 2014).
Pioneer expects the sale to result in a pretax noncash loss of $20 million to be recorded in the third quarter.