The Dallas-based operator has agreed to sell the assets of subsidiary Pioneer Natural Resources Alaska to Caelus Energy Alaska for $550 million.
Pioneer will, however, book a $350 million non-core loss on the deal in the fourth quarter.
The all-cash deal will see Pioneer redeploy the capital to the core Spraberry/Wolfcamp tight oil play in Texas.
Pioneer's Alaska assets being sold have produced an average of 4000 barrels of oil equivalent per day in the first nine months of this year.
Pioneer