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Report: Reliance seeks sale of Eagle Ford JV stake with Pioneer for $4.5B

Oct. 10, 2014 6:34 PM ETReliance Industries Ltd. (RLNIY) StockPXD, RLNIYBy: Carl Surran, SA News Editor
  • India's Reliance Industries (OTC:RLNIY) is seeking a buyer for its stake in the Eagle Ford Basin oil and natural gas joint venture with Pioneer Natural Resources (NYSE:PXD), a sale that could raise up to $4.5B, Reuters reports.
  • PXD is the operator of the wells in the JV, which could complicate the sale process; it owns 46% of the venture and sold a 45% interest to Reliance for $1.2B in 2010.
  • The property for sale produces 115K boe/day, with 60% of the production in liquids rather than gas.

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