Sterne Agee CRT Maintains Neutral After Pioneer Natural Resources (PXD) Announces Sale of Interest in Eagle Ford Shale Midstream
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Pioneer Natural Resources Announces Sale of Eagle Ford Shale Midstream Business for $2.15 Billion
June 1, 2015 9:00 AM EDTDALLAS--(BUSINESS WIRE)-- Pioneer Natural Resources Company (NYSE: PXD) (Pioneer or the Company) today announced that the Company and Reliance Holding USA, Inc. (Reliance) have entered into a purchase and sale agreement with an affiliate of Enterprise Products Partners L.P. (Enterprise) to sell their Eagle Ford Shale Midstream business (EFS Midstream) for $2.15 billion, subject to regulatory approvals and normal closing adjustments. Pioneer owns 50.1% of EFS Midstream and Reliance owns the remaining 49.9%.
Pioneer and Reliance will also benefit from fee reductions under existing downstream processing and transportation contracts with Enterprise in exchange for extending the... More
