Pioneer Paid Final Settlement By Enterprise Products Partners

Pioneer Natural Resources Company (NYSE:PXD) has received the second and final installment payment of $500 million from Enterprise Products Partners L.P. (NYSE:EPD) .

The payment pertains to the sale of Pioneer Natural Resources’ interests in EFS Midstream LL (Eagle Ford Shale midstream business).

In Jun 2015, Pioneer Natural Resources agreed to sell its 50.1% interest in EFS Midstream to Enterprise Products Partners for $1,030 million after debt repayment.

Enterprise Products Partners paid the first installment of $530 million at the end of Jul 2015. The company intends to use the proceeds for general corporate purposes, such as funding its drilling program across the huge acreage in the Spraberry/Wolfcamp play in the Permian Basin of West Texas.

PIONEER NAT RES Price

PIONEER NAT RES Price | PIONEER NAT RES Quote

Pioneer Natural Resources is an independent oil and gas exploration and production company. Its the asset base is mainly concentrated in the Spraberry oil field located in West Texas, the Hugoton gas field in Southwest Kansas and the West Panhandle gas field in Texas Panhandle. The company is also engaged in exploration and development opportunities and/or oil and gas production activities in other areas of the U.S. and offshore South Africa.

The company provides industry-leading production and reserve growth through onshore, unconventional, oil and gas resource development in the U.S. It also offers opportunities for growth and enrichment to its business partners, employees as well as the communities in which they operate.

Pioneer Natural Resources holds a Zacks Rank #2 (Buy). Other well-ranked players from the energy sector include Murphy USA Inc. (NYSE:MUSA) and ReneSola Ltd. (NYSE:SOL) . Both of these stocks sport a Zacks Rank #1 (Strong Buy).

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