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Pioneer Natural Resources To Sell 45% Stake In Eagle Ford Shale Acreage To Reliance Industries: Reliance's Presence In North American Shale Play Will Increase As A Result Of This Move
GlobalData, July 2010, Pages: 8
Pioneer Natural Resources To Sell 45% Stake In Eagle Ford Shale Acreage To Reliance Industries: Reliance’s Presence In North American Shale Play Will Increase As A Result Of This Move - Deal Analysis From GlobalData
Summary
Pioneer Natural Resources Company, (Pioneer) and its partner Newpek, LLC, (Newpek) agreed to sell 45% of their respective interest in approximately 212,000 net acres leased by the company in the highly prospective Eagle Ford Shale play to Reliance EagleFord Upstream LP, a wholly-owned U.S. subsidiary of Reliance Industries Limited, (Reliance) for a consideration of $1,350 million. Reliance will pay $266 million in cash to Pioneer at closing and will pay an additional $879 million to carry Pioneer's share of future drilling costs.
Following the transactions, Pioneer, Reliance and Newpek will own 46%, 45% and 9% in the EagleFord Shale play, respectively. The joint venture will have an approximate net working interest of 91% in 289,000 gross acres implying 263,000 net acres. The transaction implies deal value of $14,165.79 per acre of land.
Scope
- Rationale behind Reliance acquiring assets from Pioneer
- Strategic Benefits for the companies involved
- Geography covered - US
- Deal Financials and Valuations
- Information on Reliance, Pioneer
Reasons to buy
- Develop a sound undestanding of the major M&A's, Partnerships, And Joint Ventures taking place in North American Oil & Gas industry
- Identify the most lucrative segments to leverage on the growth oppurtunities available in the US oil & gas market
- Get a detailed analysis of a deal to enable you to take better decisions
- Know about the major companies, which are adopting a divestment or acquisition strategy to enhance their business portfolios
- Learn about the key fiancial advisors in a particular segment in the Oil & Gas Industry
- Understand the various means of raising funds from the market.
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