Pioneer amends sale agreement for Alaska subsidiary

Pioneer Natural Resources Co.

Pioneer Natural Resources Co. (NYSE:PXD) has entered into an amendment to its purchase and sale agreement with Caelus Energy Alaska LLC, under which it is selling 100% of the equity in Pioneer’s subsidiary, Pioneer Natural Resources Alaska Inc.

As a result of the amendment, at closing the company will receive cash in the amount of $300 million, subject to normal closing adjustments, plus other considerations. The transaction, as amended, will have an effective date of January 1, 2014, and it is expected to close during the second quarter. The sale continues to be subject to certain conditions, including governmental approvals. As a result of the amendment, Pioneer expects to recognize an additional noncash loss of approximately $30 million, which will be recorded in the first quarter of 2014.

 

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