Pioneer axes Barnett sale plans

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Eoin O'Cinneide

 30 January 2013 15:34 GMT

Pioneer Natural Resources has pulled the plug on a planned shale acreage sale on the same day it agreed a $1.7 billion farm-out deal with Sinochem Petroleum.

The Dallas-based player now has to reevaluate what to do with its properties in the Barnett Shale after indicating in September that it was turning its back on the acreage as a possible future core asset.

Pioneer put the ‘For Sale’ sign on its entire holding in the Barnett Shale Combo play in early September to concentrate on other core assets in the US.

On Wednesday, however, it said it has now “discontinued efforts to divest” the properties as the unspecified number of bids received in December undervalued the assets, in the company’s opinion.

 Pioneer holds approximately 155,000 gross acres…

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