Pioneer Natural Resources (PXD: Quote) announced Wednesday morning that it has signed an agreement with Sinochem Petroleum USA LLC to sell 40% of Pioneer’s interest in approximately 207,000 net acres leased by the Company in the horizontal Wolfcamp Shale play in the southern portion of the Spraberry Trend Area Field for $1.7 billion.Pioneer Natural Resources gapped up Wednesday and has continued to rise in early trade. Shares are now up 4.88 at $122.25. The stock has broken out to a new high for the year.
Click here to receive FREE breaking news email alerts for Pioneer Natural Resources Co. and others in your portfolio
by RTT Staff Writer
For comments and feedback: editorial@rttnews.comBusiness News