Pioneer Natural Resources Company announced earlier this week it has signed a purchase agreement to sell its assets in the western Texas Panhandle. The sale, which is to an undisclosed buyer, is for $201 million, according to Pioneer’s website.
In a statement, company President and CEO Timothy L. Dove thanked the employees of the West Panhandle field for “their dedication and all of their efforts in making this field an important part of Pioneer’s success.”
Included in the sale is all of Pioneer’s processing wells and associated infrastructure.
The West Panhandle field has a significant footing in Moore County. According to Pioneer’s website, the company employed approximately 119 people in Moore County, based on 2015 figures. In addition, Pioneer’s production taxes were around $7 million annually. On average, an additional $2.2 million in ad valorem taxes were paid to counties in the Texas Panhandle annually.
Pioneer made a similar announcement in June of this year relating to a purchase and sale agreement with Evergreen Natural Resources LLC for its assets in the Raton Basin in southeastern Colorado.
The sale of its Texas Panhandle assets is “subject to the satisfaction of customary closing conditions and receipt of specified regulatory approvals,” according to Pioneer.