Pioneer Natural Resources Completes Acquisition of DoublePoint Energy
Summary
DALLAS--(BUSINESS WIRE)--Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer” or “The Company”) today announced that it has completed its previously announced acquisition of the leasehold interests and related assets of DoublePoint Energy in the Midland Basin, adding approximately 97,000 high-return, highly contiguous net acres in the core of the Midland Basin. As previously announced, at the closing, the Company paid the seller total consideration of $6.2 billion, including $1.0 billion in cash, issuing 27.2 million shares of Pioneer common stock and assuming $890 million of debt. Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States. These risks and uncertainties include, among other things, volatility of commodity prices; product supply and demand; the impact of a widespread outbreak of an illness, such as the COVID-19 pandemic, on global and U.S. economic activity; competition; the ability to obtain environmental and other permits and the timing thereof; the effect of future regulatory or legislative actions on Pioneer or the industry in which it operates, including the risk of new restrictions with respect to development activities; the ability to obtain approvals from third parties and negotiate agreements with third parties on mutually acceptable terms; potential liability resulting from pending or future litigation; the costs and results of drilling and operations; availability of equipment, services, resources and personnel required to perform the Companys drilling and operating activities; access to and availability of transportation, processing, fractionation, refining, storage and export facilities; Pioneers ability to replace reserves, implement its business plans or complete its development activities as scheduled; the risk that the Company will not be able to successfully integrate the business of Double Eagle III Midco 1 LLC or fully or timely realize the expected synergies and accretion metrics from the Parsley Energy, Inc. and Double Eagle III Midco 1 LLC acquisitions; access to and cost of capital; the financial strength of counterparties to Pioneers credit facility, investment instruments and derivative contracts and purchasers of Pioneers oil, natural gas liquids and gas production; uncertainties about estimates of reserves, identification of drilling locations and the ability to add proved reserves in the future; the assumptions underlying forecasts, including forecasts of production, cash flow, well costs, capital expenditures, rates of return, expenses and cash flow from purchases and sales of oil and gas, net of firm transportation commitments; sources of funding; tax rates; quality of technical data; environmental and weather risks, including the possible impacts of climate change; cybersecurity risks; the risks associated with the ownership and operation of the Companys water services business and acts of war or terrorism. These and other risks are described in Pioneers Annual Report on Form 10-K for the year ended December 31, 2020, and other filings with the United States Securities and Exchange Commission.