Deals
Pioneer Goes ‘Bold’ as Devon Retreats in Top U.S. Oil Field
- Shale driller Pioneer to accelerate drilling in Permian Basin
- Devon says sales mean divestitures plan is ahead of schedule
This article is for subscribers only.
Pioneer Natural Resources Co. is purchasing drilling rights from Devon Energy Corp. in a Texas shale field that’s home to some of the buyer’s biggest gushers.
Investors panned the $435 million transaction that is being financed with new Pioneer stock that will dilute the value of their holdings. Pioneer was one of the worst-performing oil producers in the S&P 500 Index on Thursday, declining more than 5 percent after announcing the deal late Wednesday to acquire Devon’s rights to explore 28,000 acres in Permian Basin in Texas.