Deals
Pioneer to Buy DoublePoint in $6.4 Billion Permian Deal
- Deal boosts Pioneer position to more than 1 million net acres
- Agreement is one of the biggest American oil deals this year
Photographer: Eddie Seal/Bloomberg
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Pioneer Natural Resources Co. is buying DoublePoint Energy LLC in a deal valued at $6.4 billion, less than three months after completing its purchase of fellow shale driller Parsley Energy Inc. as it expands in the U.S. Permian Basin.
The deal is comprised of approximately 27.2 million shares of Pioneer common stock, $1 billion of cash and assumption of approximately $900 million of debt and liabilities, according to a statement from Pioneer. The transaction is expected to close in the second quarter. Bloomberg News reported earlier that the companies were close to an agreement.