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Pioneer (PXD) to Sell Martin County Acreage for $266 Million

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Pioneer Natural Resources Company (PXD - Free Report) has recently inked a purchase and sale agreement to divest its earlier announced acreage package in northeastern Martin County, TX, effective Jan 1, 2017. The total sale consideration amounts to $266 million, subject to normal closing adjustments. The identity of the buyer was not disclosed.

Current net production from the assets being sold is about 1,500 barrels oil equivalent per day. Pioneer Natural Resources’ commitment to improve its premier acreage position in the Midland Basin is evident from the northeastern Martin County acreage sale as well as the previously announced acreage sales in Upton and Andrews counties and ongoing acreage trades.

The Martin County acreage sale is anticipated to close by the end of Apr 2017.

Shares of the company have outperformed the Zacks categorized Oil & Gas-U.S Exploration & Production industry in the last three months. During the period, Pioneer Natural Resources’ shares lost 0.9% while the broader industry registered a decrease of 14.7%.

Pioneer Natural Resources is an independent oil and gas exploration and production company. Its asset base is anchored by the Spraberry oil field located in West Texas, the Hugoton gas field in Southwest Kansas and the West Panhandle gas field in Texas Panhandle. Complementing these areas, the company has exploration and development opportunities and/or oil and gas production activities in the U.S. and offshore South Africa.

The company provides industry-leading production and reserve growth through onshore, unconventional, oil and gas resource development in the U.S., while offering opportunities for growth and enrichment for its business partners, employees and the communities in which they operate.

Pioneer Natural Resources sports a Zacks Rank #1 (Strong Buy). Other well-ranked players in the same space include Energy Transfer Equity, L.P. ETE, Crescent Point Energy Corp. CPG and Cenovus Energy Inc. CVE. All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Energy Transfer Equity posted a negative earnings surprise of 16.00% in the preceding quarter. It had an average negative earnings surprise of 9.62% in the four trailing quarters.

Crescent Point Energy posted a positive earnings surprise of 244.44% in the preceding quarter. It beat estimates in all the four trailing quarters with an average positive earnings surprise of 127.16%.

Cenovus Energy posted a positive earnings surprise of 583.33% in the preceding quarter. It beat estimates in two of the four trailing quarters with an average positive earnings surprise of 74.89%.

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