Pioneer Natural Resources Announces Closing of Sale of South Africa Business to PetroSA for $52 Million
DALLAS--(BUSINESS WIRE)-- Pioneer Natural Resources Company (PXD) (Pioneer or the Company) today announced that the Company closed its previously announced sale of its South Africa business to The Petroleum Oil and Gas Corporation of South Africa (SOC) Ltd. (PetroSA) for net consideration of $52 million.
The transaction was effective January 1, 2012. Since that date, Pioneer has received cash of $37.5 million from ongoing operations. The remaining cash proceeds from the sale of $14.5 million were received at closing. Pioneer does not expect any cash tax obligation on this remaining amount. The Company expects to recognize a pre-tax gain in discontinued operations from the sale of $29 million to $35 million when it reports earnings for the third quarter of 2012.
Pioneer Natural Resources Company is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States. For more information, visit Pioneers website at www.pxd.com.
Pioneer Natural Resources
Frank Hopkins, 972-969-4065
Eric Pregler, 972-969-5756
Media and Public Affairs
Susan Spratlen, 972-969-4018
Suzanne Hicks, 972-969-4020
Source: Pioneer Natural Resources CompanyCopyright Business Wire 2012