Oil & Gas Exploration & Production M&A » By The Online Investor Staff, updated Fri., Apr. 26, 2:02 PM
Recent mergers and acquisitions in the Oil & Gas Exploration & Production M&A category.
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Slide #70. Pioneer Natural Resources Company — Publicly-Held Units of Pioneer Southwest Energy Partners L.P.
Acquirer:
Pioneer Natural Resources Company (PXD)
Acquiree:
Publicly-Held Units of Pioneer Southwest Energy Partners L.P. (PSE)
Details:
Pioneer Natural Resources Company (NYSE:PXD) ("Pioneer") today announced that it has submitted a proposal to the chairman of the Conflicts Committee of the board of directors of the general partner of Pioneer Southwest Energy Partners L.P. (NYSE:PSE) ("Pioneer Southwest") to purchase all of Pioneer Southwest's outstanding publicly-held units through a stock-for-unit exchange. Subject to negotiation and execution of a definitive agreement, Pioneer is proposing consideration of 0.2234 of a share of Pioneer common stock for each outstanding publicly-held Pioneer Southwest common unit. In proposing the 0.2234 exchange ratio, Pioneer has assumed that a regular quarterly common unit distribution of $0.52 per common unit will be declared in July and that, thereafter, common unit distributions will be suspended while the transaction is pending. The proposed transaction would be structured as a merger of Pioneer Southwest with a wholly-owned subsidiary of Pioneer. The proposal was referred to the Conflicts Committee of the general partner of Pioneer Southwest, which will study, review and evaluate the proposal. There can be no assurance that a definitive agreement will be executed or that any transaction will be approved or consummated.
Pioneer Natural Resources is a holding company. Through its subsidiaries, Co. is an independent oil and gas exploration and production company that explores for, develops and produces oil, natural gas liquids and gas in the Midland Basin in West Texas.
Pioneer Natural Resources SEC Filing Email Alerts Service
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Pioneer Natural Resources is a holding company. Through its subsidiaries, Co. is an independent oil and gas exploration and production company that explores for, develops and produces oil, natural gas liquids and gas in the Midland Basin in West Texas.
Pioneer Natural Resources SEC Filing Email Alerts Service
Open the PSE Page at The Online Investor »
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