Pioneer Natural Resources Co. (PNR), Dallas, has closed on the sale of its Eagle Ford shale and remaining South Texas assets to Ensign Natural Resources LLC (ENR).
PNR will receive as much as $475 million in total proceeds, of which $25 million was received at closing and $450 million is contingent on future commodity prices.
The deal includes 59,000 net acres in Bee, DeWitt, Karnes, and Live Oak counties, Tex., with net production of 14,400 boe/d in this year’s first quarter. The assets sold represent all of PNR’s remaining interests in the field including all of its producing wells and the associated systems.
The deal marks ENR’s first acquisition. The company was formed in 2017 with private equity firm Warburg Pincus. The company is funded through Warburg Pincus and the Kayne Private Energy Income Funds platform.
